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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 takes option on Caspiche Gold-Copper Project from Anglo American

15th Feb 2011, 9:01 am

It came as no surprise to the market this morning that Exeter Resource Corporation (TSE:XRC, AMEX:XRA) has exercised its option to acquire the mineral properties of the Caspiche Gold-Copper Project in Chile from Anglo American (LON:AAL).


Exeter Resource Corp has chalked up a tremendous amount of shareholder wealth at Caspiche, which is the company’s sole focus.  Anglo American will still retain a 3% net smelter royalty (NSR) on production at the project, and Exeter confirmed that it had made its first annual advance royalty payment of $250,000.


Exeter’s Chairman, Yale Simpson said: “We are fortunate that the geometry of the project includes a +100 metre thick gold only oxide “blanket” at surface, which immediately overlies the huge sulphide gold copper deposit. The gold only oxide provides us with excellent potential for an early start-up, modest cost operation that may produce in excess of 150,000 ounces of gold per annum”


Exeter recently announced that it had secured an option over a 300 litre per second water source which should provide adequate water for the potential development of the oxide only part of the Caspiche project.


The company is armed with cash too, with some $87 million in the coffers.  The cash pile is currently being directed at two pre-feasibility studies underway at Caspiche. One considering a oxide gold operations targeting the upper part of the deposit and a second considering a significantly larger development of both the oxide and deeper sulphide ore. 

The two studies are due to be competed in the second and third quarters of 2011, respectively.

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