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Market: TSX, AMEX
Sector: General Mining - Gold
EPIC: XRC
Latest Price: C$2.05  (0,00%)
52-week High: C$5.40
52-week Low: C$1.72
Market Cap: C$180.86M
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Exeter Resource Corporation
www.exeterresource.com

Exeter, a Canadian exploration company, controls 100% of the world class Caspiche gold-copper discovery in Chile. The Company has a treasury of $74 million and no debt.

Full Exeter Resource Corporation profile here
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Exeter Resource Corp options water rights for Caspiche

9th Feb 2011, 8:48 am

Exeter Resource Corp (TSE:XRC)(NYSE AMEX: XRA)(FSE: EXB) said Tuesday it has optioned water rights for the Caspiche gold-copper project from a private Chilean company for US$15 million.

Under the terms of the deal, the company has optioned water rights to a total volume of 300 litres per second, payable in stages.

Exeter said it has also applied for water exploration concessions over three separate water basins. Both the optioned water rights and the nearest basin are located some 100 km north of the Caspiche project.

According to the company, Aker Solutions has already begun work on two concurrent pre-feasibility studies for the project, the first of which is designed to provide economics for the development of a shallow, heap leachable gold-only oxide deposit. The second will focus on the development of a complete Caspiche resource.

At this stage, preliminary studies indicate that a gold-only heap leach project would require a water supply of less than 100 litres per second.

"Water is a fundamental component for any potential mining operation at Caspiche. The optioned water rights are more than sufficient to meet the needs of a gold-only oxide project at Caspiche," said executive chairman, Yale Simpson.

"Based on the measured and indicated resource for the oxide deposit, the gold-only oxide project could produce +150,000 ounces of gold per year for five years, providing early cash flow for the project."

The Caspiche project is situated in the Maricunga gold district in Chile, between Kinross Gold's (TSE:K) Refugio mine and Barrick Gold (TSE:ABX) and Kinross' Cerro Casale gold deposit.

Exeter rallied more than 4% on Tuesday to trade at $5.65 as of 12:40pm EST.

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