Click here to close now.




















Welcome!

News Feed Item

Exeter's Water Entitlement Expanded and Corporate Update for the Caspiche Gold-Copper Project

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/27/14 -- Exeter Resource Corporation (NYSE MKT: XRA)(TSX: XRC)(FRANKFURT: EXB) ("Exeter" or the "Company") is pleased to announce that its Chilean subsidiary, Minera Eton ("Eton"), has negotiated new joint venture ("JV") terms (see News Release dated June 3, 2013) with the Chilean subsidiary of Canadian company Atacama Pacific Gold Corporation ("Atacama"). The amended JV allows Eton to earn an additional 40% interest, for an aggregate 90% interest, in water exploration tenements Cuenca Two and Laguna Verde (West, East) in the Maricunga region, northern Chile. Importantly, the JV has approved the camp mobilization and water drilling is expected to commence within 10 days.

President and CEO of Exeter, Wendell Zerb, states, "Based on historical water exploration and new geophysical studies at Laguna Verde, we are optimistic this drilling campaign will identify new water resources that could, in due course, lead to securing our water requirements at Caspiche".

To earn the additional 40% interest, Eton is required to incur an additional 40% (total of 90%) of all expenditures relating to exploration and potential development of water on the Cuenca Two and Laguna Verde water tenements. In addition, upon the discovery and approval of water rights by the General Directorate of Water Resources ("DGA"), Eton will assume Atacama's obligation to pay Hydro Exploranciones SpA ("Hydro"), an Atacama affiliate, US$15,000 per litre per second ("l/s") of DGA approved water rights. Atacama will remain obligated to pay Hydro US$15,000 per l/s on its 10% interest. Regardless of the total amount of DGA approved water acquired by the JV, payments to Hydro are capped at US$1 million. These payments are not applicable to Eton's original 50% interest in the JV.

The JV partners have hired Terraqua, a specialist Chilean water drilling contractor, to complete a US$1.5 million drilling program, consisting of up to 3, 12 inch diameter production holes, on the Laguna Verde water tenement.

To view a location map of Exeter's water exploration tenements and applications click here.

The objective of the water program is to identify, evaluate, and secure water sources to support a potential initial heap leach gold stage and a follow-on gold-copper sulphide stage of mining at the Company's Caspiche gold-copper project in Chile.

Preliminary internal studies relating to developing Caspiche as a smaller scale, staged mine indicate potential for a significantly lower water requirement from that outlined in previous studies. Previous studies for the large scale open pit mining operation indicated water requirements of approximately 1,000 l/s. Current expectations, based on the preliminary objectives outlined, are that water requirements could be 50 l/s for the standalone oxide operation(ii) and potentially as low as 150 l/s to 250 l/s for the sulphide mine development(ii).

Caspiche Project Update

The Company's review of lower capital alternatives for the potential development of the Caspiche project are progressing (see News Release dated September 23, 2013). Options being assessed include open pit mining of the near surface oxide zone (gold only), followed by a deepening of the open pit and underground mining of the central, higher grade portion of the gold-copper sulphide deposit.

Preliminary studies conducted by Santiago based engineering consultancies, NCL Construccion y Ingenieria and Alquimia Conceptos S.A. are ongoing. Trade off studies continue as a means to determine the most viable alternatives for potential development. As part of these initial studies, Exeter is reviewing production options that not only provide the best economics, but also lead to best industry practice for water conservation and environmental impact. Further information regarding these reviews is expected over the next quarter.

Development Concept for the Oxide Gold Zone

In the Company's January 2012 Pre-Feasibility Study, gold within oxidized material was to be mined as part of the large scale open pit operation. High throughput (70,000 tonnes per day) levels provided solid economics under the framework of a large scale operation. In order to reduce initial capital while expanding the oxide mine life, Exeter is evaluating a reduced throughput mine, targeting 100,000 ounces of gold production per year (30,000 tonnes per day) over a 10 year mine life(ii).

Oxide Gold Study Objectives(ii):


--  Target a 10 year mine life to produce 100,000 ounces gold annually.
--  A reduced initial capital requirement.
--  Maintain a very low strip ratio and the rapid leach kinetics achieved in
    previous studies.
--  Reduce the project water requirements.
--  Consider the trade off potential for on-site power generation versus
    grid power.

Development Concept for the Gold-Copper Sulphide Zone

The higher grade gold-copper sulphide zone at Caspiche has dimensions of up to 500 metres ("m") by 300 m by +1,000 m vertically. It is associated with a defined, strongly mineralized diorite porphyry unit. Both copper and gold recoveries have been shown to be higher in this unit and higher concentrate grades can be achieved, according to existing test work.

The preliminary studies continue to evaluate options for more selective mining of the higher grade zone. This includes trade off studies evaluating initial open pit access to the zone by deepening the open pit, followed by underground development. New modeling for the underground operation assumes selective, top-down, open stope mining methods, rather than the bottom-up (block cave) approach set out in the January 2012 Pre-Feasibility Study. The objective is to accelerate access to the higher grade zone and the deferral of capital expenditures.

Targeted peak throughput is 27,000 tonnes per day(ii), representing a potential scale of peak annual gold equivalent(i) production from the underground operation of 350,000 ounces(ii).

Sulphide Study Objectives(ii):


--  Review the uniformity of the higher grade sulphide zone.
--  Confirm that it lends itself to large scale, sub-level open stope
    mining.
--  Confirm the practicality of underground access using two declines, one
    of which is dedicated to high capacity conveyor haulage and determine
    that an underground crushing and conveying system will support the large
    scale mining initiative.
--  Confirm that a top down mining approach will reduce the development time
    compared to other underground bulk mining alternatives.
--  Confirm the conceptual practicality of using tailings for paste fill of
    the primary and secondary stopes.
--  Reduce initial capital requirements.
--  Reduce the project footprint - minimal waste rock, a smaller tailings
    requirement, and a smaller concentrator plant.
--  Reduce electricity and water requirements.

To view a level plan of the higher grade core at Caspiche click here.

To view a cross section of Caspiche click here.

Expanded Column Leach Test Work

To enhance previous metallurgical studies relating to Caspiche oxide gold mineralization, Exeter has engaged McClelland Laboratories International ("MLI") of Reno, Nevada to conduct a series of new studies. MLI are currently leaching 11 large diameter columns (10" to 12" diameter, each up to 280 kilograms). The sample composites were selected to be representative of a conceptual open pit mining schedule. In addition, data will be forthcoming on near-surface gold-bearing material that had not been part of previous conceptual mine plans.

The composites are comprised of individual 8 m intercepts, each of which will be tested in 96 hour, 1.7 mm bottle roll tests. Previous MLI work indicated a useful correlation between relatively quick bottle roll tests and column tests. Confirmation of this trend may allow mine blast hole cuttings to be bottle roll leached to provide a reasonable prediction of heap leach recoveries. Additional physical studies form part of the program to confirm crushing parameters and heap stability. Final results are expected to be available in Q2/14.

Earlier column testwork indicated an optimum crush size of 50 mm, relatively rapid leach kinetics and an average gold recovery of 78%.

Caspiche Surface Easement Update

On June 6, 2013 the Chilean government granted Eton a surface easement (access right) over both the Caspiche project and adjacent lands considered suitable for potential mine infrastructure. Since that time Eton has been making cash payments to the government to fulfill its obligations under the easement agreement. On January 27, 2014, Eton was served with a court claim filed by a private Chilean mineral exploration company, Compania Minera Cerro del Medio SCM ("Cerro del Medio") challenging the Chilean Government's granting of the surface easement to Eton. The claim, filed before the Santiago Civil Court, is against the Chilean Government and Eton.

Under Chilean law there are provisions to provide necessary surface access for the development of mineral deposits. The Caspiche easement includes surface access rights over sections of Cerro del Medio's adjacent mineral tenements. Cerro del Medio is citing "non-compliance by the Chilean Government of certain legal formalities required to approve the easement" and "that the easement granted overlaps Cerro del Medio's Santa Cecilia project mining properties". Based on public disclosure, there are currently no defined mineral resources associated with Cerro del Medio's mining tenements.

A review of the claim by Eton's Chilean legal counsel has concluded that the Cerro del Medio claim has no grounds under Chilean law and should be rejected.

La Buena Joint Venture Project - Mexico

Exeter has informed San Marco Resources Inc. that results from exploration at the La Buena project have not met Company objectives and that it is terminating the joint venture agreement.

The Phase I Drill Program at La Buena included the completion of four drill holes. The drilling targeted both geological and geophysical targets without returning economically significant results.


(i)   Gold equivalent (AuEq) value is based on gold, silver and copper
      revenues (prices and recoveries involved). AuEq (troy oz) = (Au g/t
      (i) Rec Au (i) throughput annual tonnes)/31.1 + ((Cu% (i) Rec Cu (i)
      throughput annual tonnes)(i)2204) (i) copper price lbs/gold price troy
      oz. Assumed recoveries for Au 72% and 89.5% for Cu. Assumed prices
      $1250 for Au and $2.75 for Cu.
(ii)  Disclaimer: These are initial guidelines or concepts and objectives of
      the proposed studies that require detailed evaluation and engineering
      work to determine logistical and economic viability. These figures
      could change and should not be relied upon. There is no certainty that
      the figures or objectives outlined in this press release will be
      realized in the studies.

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 is a Canadian mineral exploration and development company. Its principal focus is the advancement of its 100% owned Caspiche gold-copper project in Chile. Caspiche is one of the largest known undeveloped gold-copper deposits in the America's and is situated in the Maricunga gold district, between the Maricunga mine (Kinross Gold Corp.) and the Cerro Casale gold-copper deposit (Barrick Gold Corp. and Kinross Gold Corp.). The Company continues to evaluate new opportunities related to the advancement of Caspiche.

The Company currently has cash reserves of C$38 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 potential to establish new opportunities or realize the concepts or objectives of current studies for the advancement of Caspiche, exploration results, timing of water exploration and drilling, potential to acquire adequate quantities of water and 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, 2012 dated April 1, 2013 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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The Cloud industry has moved from being more than just being able to provide infrastructure and management services on the Cloud. Enter a new era of Cloud computing where monetization’s services through the Cloud are an essential piece of strategy to feed your organizations bottom-line, your revenue and Profitability. In their session at 16th Cloud Expo, Ermanno Bonifazi, CEO & Founder of Solgenia, and Ian Khan, Global Strategic Positioning & Brand Manager at Solgenia, discussed how to easily o...
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
"ProfitBricks was founded in 2010 and we are the painless cloud - and we are also the Infrastructure as a Service 2.0 company," noted Achim Weiss, Chief Executive Officer and Co-Founder of ProfitBricks, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world...
Public Cloud IaaS started its life in the developer and startup communities and has grown rapidly to a $20B+ industry, but it still pales in comparison to how much is spent worldwide on IT: $3.6 trillion. In fact, there are 8.6 million data centers worldwide, the reality is many small and medium sized business have server closets and colocation footprints filled with servers and storage gear. While on-premise environment virtualization may have peaked at 75%, the Public Cloud has lagged in adop...