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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.

Pdf

Exeter Resource expands footprint in Chile with option agreement

8th Mar 2011, 8:00 pm

Exeter Resource Corp (AMEX:XRA)(TSE:XRC) said it has entered into an option agreement with Xstrata Copper (LON:XTA) to acquire the Sideral project, located next to Exeter's Caspiche gold-copper property in the Maricunga gold district in Chile.

"Global exploration has repeatedly demonstrated that one of the best places to find a new porphyry system is near an existing one. This has been evidenced by recent discoveries close to a number of known porphyry deposits elsewhere in Chile," said Caspiche project manager, Justin Tolman.

The Sideral property, which covers 2,941 acres, has been the subject of previous exploration work that identified anomalies on site. Exeter said that additional geophysical work and sampling has already begun to expand and further define these anomalies. Preliminary drill testing is expected to begin within days, with a minimum of 3,000 metres of discovery drilling anticipated for the project before the season closes in May.

Under the terms of the option agreement, Exeter can acquire 100% of Sideral by meeting annual drilling requirements, for a total of 15,000 metres within four years. After this is complete, Xstrata has a one-time back-in right to acquire a 60% stake in the property for three times Exeter's expenditures.

Exeter's Caspiche project is located between Kinross Gold's (TSE:K)(NYSE:KGC) Refugio mine and Barrick (TSE:ABX) (NYSE:ABX) and Kinross' Cerro Casale gold deposit.

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