Exeter Resource Corporation: EXETER GRANTED SURFACE RIGHTS TO THE CASPICHE GOLD-COPPER PROJECT
Exeter Resource Corporation: EXETER GRANTED SURFACE RIGHTS TO THE CASPICHE GOLD-COPPER PROJECT
VANCOUVER, BC -- (Marketwired) -- 06/10/13 -- Exeter Resource Corporation (NYSE-MKT:XRA, TSX:XRC, Frankfurt:EXB - "Exeter" or the "Company") is pleased to announce that its application for surface rights, referred to in Chile as a surface land use easement, has been granted by the Chilean Government. Exeter already has a lease agreement with the Chilean Government for the surface rights that correspond to its initial mineral rights in the area, and the new easement extends this area to cover most of its additional tenements as well as all surfaces that may be required for Caspiche development.
President & CEO Wendell Zerb states, "We are very pleased to receive government approval of the easement and consider this to be a significant milestone for the Caspiche project. This easement secures surface access and land use for potential development, construction and mining operations at Caspiche".
Following the completion of the January 2012 Pre-feasibility Study (PFS), Exeter applied for the surface rights over state owned land, to include an area large enough to cover all the development options under consideration for a mine at Caspiche. The easement excludes specific surface rights in areas owned by the indigenous community, the Comunidad Colla Rio Jorquera y sus afluentes (CCRJ). Exeter has an access agreement with CCRJ and expects to maintain a good relationship, including open communications with the CCRJ and other indigenous communities in the Maricunga area.
For a map outlining the approximate location of the easement please click this link.
The easement gives Exeter the right to carry out work and install all of the infrastructure and surface modifications required for the potential development of a mining operation, including roads, excavations, stockpiles, buildings, pipelines, power lines, tailings storage facilities and the like. In consideration for securing the easement rights, Exeter will make annual payments through to 2022, with an initial payment of US$1.5 million.
Co-Chairman Yale Simpson states, "With this easement in hand, the construction of a Caspiche mine is a step closer. This agreement, in concert with our progress in securing our own water sources, is a credit to our technical team, a team committed to de-risking this very significant asset."
Exeter is a Canadian mineral exploration and development company. Its principal focus is the advancement of its 100% owned Caspiche gold-copper project in Chile. The deposit hosts one of the largest undeveloped gold-copper reserves in the Americas, and is strategically situated between the Maricunga mine (Kinross Gold Corp.) and the Cerro Casale gold-copper deposit (Barrick Gold Corp. and Kinross Gold Corp.). The Company has completed pre-feasibility studies that demonstrate the potential for commercializing the discovery.
Exeter recently announced drill results from the Angeles gold property, the first of two Joint venture agreements in Mexico. The Company continues to review exploration and potential mine development opportunities in the Americas.
The Company currently has cash reserves of CAD$47 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 extent and timing of its drilling programs, various studies including pre-feasibility studies, engineering, environmental, infrastructure and other studies, and exploration results, budgets for its exploration programs, the potential tonnage, grades and content of deposits, timing, establishment and extent of resources estimates, potential for financing its activities, potential production from and viability of its properties, availability of water, power, surface rights and other resources, permitting submission and timing, 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; fluctuations in metal prices; title matters; 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 in the Company's Annual Information Form for the financial year ended December 31, 2011 dated March 30, 2012 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.
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Source: Exeter Resource Corporation via Thomson Reuters ONE
For further information, please contact: Wendell Zerb CEO or Rob Grey VP Corporate Communications Tel: 604.688.9592 Fax: 604.688.9532 Toll-free: 1.888.688.9592 Suite 1660, 999 West Hastings St. Vancouver, BC Canada V6C 2W2 firstname.lastname@example.org