Exeter Resource Corporation: Water Drilling Program Identifies
Important Water Resources
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 27, 2014) -
Exeter Resource Corporation (NYSEMKT:XRA)(TSX:XRC)(FRANKFURT:EXB)
("Exeter" or the "Company") is pleased to announce the completion
of three large, production diameter, water drill holes at the
Company's water exploration concession (option for 90% interest) in
northern Chile. All three drill holes have intersected potentially
significant quantities of water based on preliminary evaluation
using airlift testing. Down hole pump testing, a more definitive
measurement technique to quantify water flow rates and the recharge
rate, is now in progress. Subject to favourable weather conditions,
these tests are expected to be completed within the next month and
results will be released once all data is received.
On May 6th, 2014 Exeter released the results of a preliminary
economic assessment (PEA) for its Caspiche gold-copper project in
northern Chile. The PEA identifies three new low capex potential
development options, all of which require modest quantities of
water to support mining operations. Current expectations, based on
the PEA, is that the 30,000 tonne per day ("tpd") standalone oxide
operation requires peak water requirements of less than 50 litres
per second ("L/s"); while a 60,000 tpd open pit and 27,000 tpd gold
copper sulphide pit expansion requires peak water of less than 190
L/s and a 60,000 tpd open pit and 27,000 tpd underground gold
copper operation requires peak water consumption of approximately
150 L/s. The previous, January 2012 pre-feasibility study for the
large scale open pit mining operation, indicated water requirements
of approximately 1,000 L/s. See Exeter News Release NR 14-03 dated
May 6th, 2014.
Exeter's President/CEO Wendell Zerb states "These preliminary
water results are very encouraging. Securing a source of water in
the Maricunga would be a significant step in de-risking the
Caspiche project. In addition, the new, low capex, staged
alternatives outlined in our recent PEA, and securing quantities of
water to support all of these alternatives, would open a realistic
pathway to potential development for the Caspiche project."
Exeter's current water exploration objective is to secure
sufficient water to meet the requirements outlined in the PEA.
Terraqua, a specialist Chilean water drilling contractor, was
contracted to complete a US$1.5 million exploration drilling
program. Pump tests, currently in progress are expected to provide
the basis for an application for water rights to the Dirección
General de Aguas (DGA), the Chilean water authority.
Exeter's Chilean subsidiary, Minera Eton ("Eton") and the
Chilean subsidiary of Canadian company Atacama Pacific Gold
Corporation ("Atacama") are jointly exploring for water in Northern
Chile where Eton is earning an aggregate 90% interest in the Peñas
Blancas (Laguna Verde) concession and other water concessions. See
Exeter news release NR 14-02 dated February 27th, 2014.
Jerry Perkins, Exeter´s VP Development and Operations and a
"qualified person" (¨QP¨) within the definition of that term in
National Instrument 43-101, Standards of Disclosure for Mineral
Projects, has reviewed and approved the technical information in
this news release.
About Exeter
Exeter Resource Corporation is a Canadian mineral exploration
company focused on the exploration and development of the Caspiche
project in Chile. The project is situated in the Maricunga gold
district, between the Maricunga mine (Kinross Gold Corp.) and the
Cerro Casale gold deposit (Barrick Gold Corp. and Kinross Gold
Corp.). The discovery represents one of the largest mineral
discoveries made in Chile in recent years. The recently completed
PEA was initiated with the aim of indicating the development
optionality of this world class discovery. The securing of water
required for potential project development is a priority and
exploration is ongoing.
The Company currently has cash reserves of C$36 million and no
debt.
EXETER RESOURCE CORPORATION
Wendell Zerb, P.Geol., President and CEO
Safe Harbour Statement - This news release contains
"forward-looking information" and "forward-looking statements"
(together, the "forward-looking statements") within the meaning of
applicable securities laws and the United States Private Securities
Litigation Reform Act of 1995, including in relation to the
Company's belief as to the potential significance of water
discovered, the potential to establish new opportunities for the
advancement of Caspiche, results from preliminary economic
assessment including estimated annual production rates, capital and
production costs, water and power requirements and metallurgical
recoveries, expected taxation rates, timing of water exploration
and securing adequate water, potential to acquire new projects and
expected cash reserves. These forward-looking statements are made
as of the date of this news release. Readers are cautioned not to
place undue reliance on forward-looking statements, as there can be
no assurance that the future circumstances, outcomes or results
anticipated in or implied by such forward-looking statements will
occur or that plans, intentions or expectations upon which the
forward-looking statements are based will occur. While the Company
has based these forward-looking statements on its expectations
about future events as at the date that such statements were
prepared, the statements are not a guarantee that such future
events will occur and are subject to risks, uncertainties,
assumptions and other factors which could cause events or outcomes
to differ materially from those expressed or implied by such
forward-looking statements. Such factors and assumptions include,
among others, the effects of general economic conditions, the price
of gold, silver and copper, changing foreign exchange rates and
actions by government authorities, uncertainties associated with
negotiations and misjudgments in the course of preparing
forward-looking information. In addition, there are known and
unknown risk factors which could cause the Company's actual
results, performance or achievements to differ materially from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Known risk factors include risks
associated with project development; including risks associated
with the failure to satisfy the requirements of the Company's
agreement with Anglo American on its Caspiche project which could
result in loss of title; the need for additional financing;
operational risks associated with mining and mineral processing;
risks associated with metallurgical recoveries, water and power
availability and changes in legislation affecting the use of those
resources; fluctuations in metal prices; title matters; uncertainty
and risks associated with the legal challenge to the easement
secured from the Chilean government; uncertainties and risks
related to carrying on business in foreign countries; environmental
liability claims and insurance; reliance on key personnel; the
potential for conflicts of interest among certain officers,
directors or promoters of the Company with certain other projects;
the absence of dividends; currency fluctuations; competition;
dilution; the volatility of the Company's common share price and
volume; tax consequences to U.S. investors; and other risks and
uncertainties, including those described herein and in the
Company's Annual Information Form for the financial year ended
December 31, 2013 dated March 14, 2014 filed with the Canadian
Securities Administrators and available at www.sedar.com. Although
the Company has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The Company is
under no obligation to update or alter any forward-looking
statements except as required under applicable securities laws.
Cautionary Note to United States Investors - The information
contained herein and incorporated by reference herein has been
prepared in accordance with the requirements of Canadian securities
laws, which differ from the requirements of United States
securities laws. In particular, the term "resource" does not equate
to the term "reserve". The Securities Exchange Commission's (the
"SEC") disclosure standards normally do not permit the inclusion of
information concerning "measured mineral resources", "indicated
mineral resources" or "inferred mineral resources" or other
descriptions of the amount of mineralization in mineral deposits
that do not constitute "reserves" by U.S. standards, unless such
information is required to be disclosed by the law of the Company's
jurisdiction of incorporation or of a jurisdiction in which its
securities are traded. U.S. investors should also understand that
"inferred mineral resources" have a great amount of uncertainty as
to their existence and great uncertainty as to their economic and
legal feasibility. Disclosure of "contained ounces" is permitted
disclosure under Canadian regulations; however, the SEC normally
only permits issuers to report mineralization that does not
constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures.
NEITHER THE TSX
NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN
THE POLICIES OF THE TSX) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS NEWS RELEASE.
Wendell Zerb, CEO orRob Grey, VP Corporate CommunicationsTel:
604.688.9592 Fax: 604.688.9532Toll-free: 1.888.688.9592Suite 1660,
999 West Hastings St.Vancouver, BC Canada V6C
2W2exeter@exeterresource.com
Exeter Resource Corp. Ordinary Shares (Canada) (AMEX:XRA)
Historical Stock Chart
From Nov 2024 to Dec 2024
Exeter Resource Corp. Ordinary Shares (Canada) (AMEX:XRA)
Historical Stock Chart
From Dec 2023 to Dec 2024
