VANCOUVER,
Dec. 15 /PRNewswire/ - Exeter
Resource Corporation (AMEX:XRA, TSX:XRC, Frankfurt: EXB - "Exeter" or the
"Company") is pleased to provide an update on progress at the
Caspiche gold-copper project in the Maricunga district,
Chile.
On November 22,
2010 Exeter announced the
appointment of Aker Solutions ("Aker") of Santiago, Chile to carry out two
pre-feasibility studies for its Caspiche gold-copper project. The
first study will consider a stand-alone "oxide gold" project to
mine the upper part of the deposit and is scheduled to be available
in early Q2-2011. The second study, to be run concurrently with the
oxide study, will consider mining both the oxide and sulphide
deposits. That study is scheduled to be available in Q3-2011.
Current activities relate to defining the mining
and mineral processing options to be adopted by Aker in the
pre-feasibility studies ("PFS"). Work in progress is a follows:
Heap Leach Testwork
- The oxide gold PFS is considering a heap leach gold mine to
develop the upper portion of the Caspiche deposit. McClelland
Laboratories, Nevada has now
completed a 29 column leaching program on selected materials
sourced from diamond drill cores. Detailed analyses of the column
residues and reagent usage calculations are in progress.
- A metallurgical test program on drill core samples from the
MacNeill zone started this week at McClelland Laboratories. This
portion of the Caspiche deposit contains sulphides but is low in
copper. The program will examine whether this type of
mineralization is best suited to heap leaching or flotation
recovery.
Sulphide Zone Testwork
- The sulphide zone flotation pilot plant program at SGS
Lakefield laboratories in Canada
was completed early in December. Approximately 10 metric tons of
sulphide material broadly representative of the Caspiche Indicated
Resource was treated to provide design information for the PFS and
to provide large samples for further investigations into
concentrate treatment and recovery optimisation testwork. A
subsequent test program has started with a scheduled completion
date set for the end of January
2011.
Mining, Infrastructure and Water Studies
- NCL Ingenieria ("NCL") of Santiago has completed detailed pit designs
for the oxide heap leach gold PFS. In addition Aker have now
completed trade-off studies to evaluate production rates and crush
sizes. More detailed work will now start on the selected
options. The study remains on track for completion in the
second quarter of 2011.
- Work is well underway for the main oxide-sulphide PFS for
Caspiche. NCL and geotechnical consultants AKL are close to
finalising mine design and scheduling for a "Superpit" option,
which assumes open-cut mining to a depth of approximately 1,000
metres ("m"). Aker have developed initial flowsheets and
design criteria for a sustainable production rate of 150,000
tonnes/day (+50Mtpa). Production rates will be firmed up when final
mining schedules are available.
- NCL and Aker are also advancing an "all underground" option
which will look at developing a lower tonnage, higher grade case
using modern block caving techniques. This scenario has
potential to significantly reduce the quantity of mechanical mining
equipment and the number of people working above 4,000m
altitude.
- A specialist consultant for tailings storage and bulk
earthworks design, Knight Piesold of Elko, Nevada, has carried out a site
inspection to locate and rank suitable sites for overburden and
tailings storage. Their report should allow Aker to finalise
locations for the placement of major infrastructure for the
PFS.
- Geophysical surveys over one of the Company's regional
exploration properties located outside of the Copiapo Basin have
indicated some potential for development of a high altitude water
resource. The Company has applied for water exploration
rights over this property. High altitude water has excellent
potential to be sustainable through annual snow melt, and any water
discovery at similar or higher altitudes than the Capsiche project
has potential to reduce pumping costs.
Exploration Drilling
- The Company is in-fill drilling higher grade material currently
classified as Inferred Resources in the Caspiche resource model.
The objective is to generate the data necessary to bring some of
this material into the Indicated Resource category for inclusion in
the PFS.
- On completion of the in-fill drilling within the main Caspiche
deposit, a number of exploration targets will be drill tested to
assess the potential for ancillary resources on the
property.
Jerry Perkins,
Exeter's VP Development and
Operations said, "Exeter has
commissioned a broadly based series of sub-studies to provide Aker
with a realistic information platform for the pre-feasibility
studies. Aker are fully involved in the coordination and
specifications of all such studies to ensure the best study
outcome. In addition to Exeter's study management team headed by
John Wells, we continue to bring in
experienced specialist consultants to review progress and
contribute initiatives to the studies."
Jerry Perkins,
Exeter's VP Development and
Operations and a "qualified person" within the definition of that
term in National Instrument 43-101, Standards of Disclosure for
Mineral Projects, has supervised the preparation of the technical
information contained in this news release.
About Exeter
Exeter Resource Corporation, with a treasury of $90m, is a Canadian mineral exploration company
focused on the exploration and development of the Caspiche project
in Chile. The project is situated
in the Maricunga gold district, between the Refugio mine (Kinross
Gold Corp.) and the giant Cerro
Casale gold deposit (Barrick Gold Corp. and Kinross Gold Corp.). The discovery represents
one of the largest mineral discoveries made in Chile in recent years. Exeter has initiated pre-feasibility studies
with the aim of demonstrating the commercial viability of this
world class discovery.
You are invited to visit the Exeter web site at www.exeterresource.com.
EXETER RESOURCE CORPORATION
Bryce Roxburgh
President and CEO
Safe Harbour Statement - This news
release contains "forward-looking information" and "forward-looking
statements" (together, the "forward-looking statements") within the
meaning of applicable securities laws and the United States Private
Securities Litigation Reform Act of 1995, the Company's belief as
to the extent and timing of its PFS, drilling programs, various
studies including engineering, environmental, infrastructure and
other studies, and exploration results, budgets for its exploration
programs, the potential tonnage, grades and content of deposits,
timing, establishment and extent of resources estimates, potential
for financing its activities, potential production from and
viability of its properties, permitting submission and timing and
expected cash reserves. These forward-looking statements are made
as of the date of this news release. Readers are cautioned not to
place undue reliance on forward-looking statements, as there can be
no assurance that the future circumstances, outcomes or results
anticipated in or implied by such forward-looking statements will
occur or that plans, intentions or expectations upon which the
forward-looking statements are based will occur. While the
Company has based these forward-looking statements on its
expectations about future events as at the date that such
statements were prepared, the statements are not a guarantee that
such future events will occur and are subject to risks,
uncertainties, assumptions and other factors which could cause
events or outcomes to differ materially from those expressed or
implied by such forward-looking statements. Such factors and
assumptions include, among others, the effects of general economic
conditions, the price of gold, silver and copper, changing foreign
exchange rates and actions by government authorities, uncertainties
associated with legal proceedings and negotiations and
misjudgements in the course of preparing forward-looking
information. In addition, there are known and unknown risk factors
which could cause the Company's actual results, performance or
achievements to differ materially from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Known risk factors include risks
associated with the ability to obtain any necessary approvals,
waivers, consents and other requirements necessary or desirable to
permit or facilitate the proposed Arrangement, the risk that any
applicable conditions of the proposed transaction may not be
satisfied, risks associated with project development; the need for
additional financing; operational risks associated with mining and
mineral processing; fluctuations in metal prices; title matters;
uncertainties and risks related to carrying on business in foreign
countries; environmental liability claims and insurance; reliance
on key personnel; the potential for conflicts of interest among
certain officers, directors or promoters of the Company with
certain other projects; the absence of dividends; currency
fluctuations; competition; dilution; the volatility of the
Company's common share price and volume; tax consequences to U.S.
investors; and other risks and uncertainties, including those
described in the Company's Annual Information Form for the
financial year ended December 31,
2009, dated March 30, 2010
filed with the Canadian Securities Administrators and available at
www.sedar.com. Although the Company has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company is under no obligation to
update or alter any forward-looking statements except as required
under applicable securities laws.
Cautionary Note to United States Investors
- The information contained herein and incorporated by
reference herein has been prepared in accordance with the
requirements of Canadian securities laws, which differ from the
requirements of United States
securities laws. In particular, the term "resource" does not equate
to the term "reserve". The Securities Exchange Commission's (the
"SEC") disclosure standards normally do not permit the inclusion of
information concerning "measured mineral resources", "indicated
mineral resources" or "inferred mineral resources" or other
descriptions of the amount of mineralization in mineral deposits
that do not constitute "reserves" by U.S., unless such information
is required to be disclosed by the law of the Company's
jurisdiction of incorporation or of a jurisdiction in which its
securities are traded. U.S. investors should also understand that
"inferred mineral resources" have a great amount of uncertainty as
to their existence and great uncertainty as to their economic and
legal feasibility. Disclosure of "contained ounces" is permitted
disclosure under Canadian regulations; however, the SEC normally
only permits issuers to report mineralization that does not
constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures.
NEITHER THE TSX NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS NEWS RELEASE
SOURCE Exeter Resource Corporation
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