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Market: TSX, AMEX
Sector: General Mining - Gold
EPIC: XRC
Latest Price: C$2.06  (0.49% Ascending)
52-week High: C$5.40
52-week Low: C$1.72
Market Cap: C$181.75M
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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's stand alone PFS for Caspiche to be released in Q2

18th Mar 2011, 4:12 pm

Exeter Resource Corp (AMEX:XRA) (TSE:XRC) said Tuesday that its stand-alone oxide ore pre-feasibility study for the Caspiche gold-copper project in Chile is on track to be completed by the second quarter, with encouraging gold recovery results to date.

The Caspiche project, situated in the Maricunga gold district, includes 100 million metric tons of gold-only shallow oxide ore that overlies the main Caspiche gold-copper resource. The oxide deposit contains 1.4 million ounces of gold, with virtually no contained copper.

The stand-alone study of the oxide deposit is based on a model of a heap leach operation processing 35,000 metric tons of ore per day, at a waste to ore ratio of 0.3:1, to recover roughly 1.0 million ounces of gold and 1.5 million ounces of silver over eight years. Projected gold production will be some 150,000 ounces per year in the early years, decreasing to 120,000 ounces per year in the later years.

According to Exeter, testwork so far has confirmed that the ore type from the deposit is responsive to conventional heap leaching, with heap leach gold recoveries of 70% to 75% based on a 50 mm crush size. Silver recoveries averaged 25%, the company said.

"Our heap leaching simulations are providing very good recoveries for the oxide deposit that forms a gold-only blanket of mineralization overlying the main Caspiche gold-copper resource," said chairman Yale Simpson.

"As the oxide deposit must be removed to access the lower sulphide ores, we are encouraged that the potential exists for an economically viable stand-alone project, independent of the much larger oxide-sulphide project."

Exeter also said that a 40 metric ton pilot plant sample recently collected from various mineralized sites within the oxide deposit indicated 70% of the mined material may not need crushing, as the material breaks naturally to -50mm.

Should the outcome of the oxide pre-feasibility be positive, the company plans to immediately move into detailed feasibility studies and mine permitting, which could lead to a far shorter timeline to production than the full oxide-sulphide project.

The full project pre-feasibility study is due to be released in the third quarter.

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