South American focused gold explorer, Exeter Resource Corporation (AMEX: XRA, TSX: XRC) has been added to Standard and Poor’s Global Gold Index and the Global Mining Index. The duel listed gold company has two primary development projects, the Caspiche in Chile and the Cerro Morro in Argentina.
“Exeter’s inclusion in the prestigious S&P / TSX indices is another milestone for the Company”, Executive Chairman Yale Simpson said, “We did not anticipate being included before mid next year, so this is a particularly pleasant surprise for shareholders.”
Exeter in late November successfully closed a C$50 million equity financing; the mineral explorer sold 8.55 million shares at C$5.85 to a syndicate of underwriters. The syndicate raised a further C$7.5 million for the company through the full exercise of over-allotment option. The proceeds are being used to progress the work on the company’s primary properties.
On the Caspiche project in Chile, Exeter recently announced an inferred mineral resource estimate of 1,117 million tonnes at a grade of 0.55 grams per metric ton gold and 1.12 grams per metric ton silver, including 1,017 million tonnes at a grade of 0.22 percent copper. This equates to in-situ inferred resources of 19.6 million ounces of gold, 40 million ounces of silver and 4.84 billion pounds of copper.
At the Cerro Moro project in Argentina, Exeter recently announced an initial inferred mineral resource estimate of 646,000 ounces gold equivalent at a grade of 18 g/t gold equivalent.
The Company has drilled over 200 infill holes on the Escondida vein structure, principally to upgrade the sectors of the inferred resource that might be scheduled for early mining. Drilling to expand the deposit has recently been initiated and will continue through 2009. Engineering, environmental and infrastructure studies are being advanced ahead of a scoping study in 2010.