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Company Statement
Exeter Resource Corporation is a Canadian public company listed on the Toronto Stock Exchange (TSX) under the symbol XRC and NYSE Amex exchange with the symbol XRA. Our focus is the discovery, evaluation and development of gold deposits in Chile and Argentina.
As of January 24, 2010 the company had $75 million dollars, a cash reserve considered sufficient to fund expenditure over at least the next year at current levels of activity, including drilling on the Company’s Caspiche and Cerro Moro projects. Exeter plans to retain sufficient cash reserves so that the longer term viability of the Company is ensured.
Current Operations
Projects Overview
ARGENTINA AND CHILE
Maricunga
In October of 2005 Exeter signed an option agreement with Anglo American Chile Limitada and Mantos Blancos S.A. (collectively "Anglo American") over a number of prospective gold projects in the Maricunga metallogenic belt of Chile, including the Caspiche Project comprising an area of over 12.6 square kilometres. The terms of the agreement provide for increasing annual drilling and exploration commitments over five years.
Following discovery of the Caspiche central porphyry style gold-copper mineralisation in May 2007, Exeter has drilled over 25,000m on the property including a number of widely spaced deep drillholes which have intersected potentially ore grade mineralisation to depths of over 1000 vertical metres (3,300 feet). On Spetember 14,2009 an updated NI43-101 compliant resource statement was released using all available drilling conducted to end 2008-2009 drill season. The inferred resource is 19.6 million ounces gold, 4.84 billion pounds of copper, and 137 million ounces of silver.
Exeter has now fulfilled the total expenditure and drilling requirements for the full term of the option agreement. It currently proposes to exercise the option for 100% ownership in January, 2010 which will trigger advance annual payments of $250,000 deductible from future royalties. Anglo American will be entitled to a 3% net smelter return from production.
A new $13 million dollar work program is planned for the next 12 month period to September 2010 designed to expand and upgrade the resource along with concurrent infrastructure, metallurgical, engineering and environmental studies.
Patagonia
Exeter has executed a strategic agreement with Cerro Vanguardia S.A. (CVSA) to acquire subject to a due diligence, the rights to all CVSA'S exploration projects, except those surrounding its Cerro Vanguardia gold mine in Patagonia, Argentina. The agreement provides Exeter with a unique opportunity to explore and develop an entire suite of partially tested gold properties in a very promising, yet little explored mineral district of South America. CVSA is owned 92.5% by AngloGold Ltd. (AngloGold) and 7.5% by Fomicruz S.E., the Santa Cruz provincial mining company. For further information on the CVSA agreement, click here.
Cerro Moro (Exeter 100%) is the most advanced of 12 epithermal gold and silver properties. Drilling is continuing with 3 rigs currently on site at Cerro Moro, with a view to establishing a high grade gold-silver resource amenable to open pit mining. The Company has drilled over 25,000 meters on the property to March 2008, and is commencing internal resource and scoping studies.
In March 2008, the Company announced a deal with the Santa Cruz Government owned mining company Fomento Minera de Santa Cruz Sociedad del Estado (“Fomicruz SE”) whereby Fomicruz SE will acquire a 5% interest in the Cerro Moro project upon receipt of all required development and mining permits. The Company also has a right to earn up to 80% equity in Fomicruz SE’s exploration leases adjoining Cerro Moro, by funding US$10 million exploration expenses.
In addition to drilling Cerro Moro, the company has focused drilling to date on Verde and Cerro Puntudo projects in Santa Cruz Province. Drilling and advanced exploration on projects in Rio Negro province has been deferred. Prior to November, 2006, a total of 7820 meters were drilled by Exeter at Cerro Puntudo and Verde.
Rosarita
The project is located 110 kilometers west-northwest of San Juan City, the provincial capital of San Juan Province in western Argentina. Estelar Limited (Exeter's wholly owned subsidiary) holds mining rights to 29.3 sq. km. of mineral property. The property has excellent road access year round. The Rosarita property was initially explored by Argentina Mineral Development (AMD) and Battle Mountain Gold. BMC withdrew from the joint venture after its take-over by Newmont. Intrepid Minerals later acquired the Casposo gold-silver discovery, located immediately north of Rosarita. There is a 2% NSR due to AMD from production on the project.
Quispe
Exeter has identified porphyry-style gold and copper mineralization at the Quispe prospect in Catamarca Province. Exploration on the property has included geological mapping, Landsat interpretation, an airborne magnetic/radiometric geophysical survey, ground geophysical surveys (magnetics, gradient array and dipole-dipole IP), rock chip and trench geochemical sampling. This work has provided several well defined exploration targets.
El Salado
The El Salado prospect is located in the Uspallata Graben which is a major extensional basin developed in the Precordillera of Argentina. The Graben is over 300 kilometers long in a north-south direction, extending from Uspallata in northern Mendoza province, to north of Rodeo in San Juan province. The Graben is host to a number of mineralized porphyry and epithermal systems, the location of which is controlled by north-westerly and north-easterly fault structures. Examples of porphyry copper districts include Paramillos, San Jorge-Yalguaraz, Castano Nuevo, and Chita, with El Salado near the northern extremity of the Graben. Exeter intends to re-examine the results from previous detailed drilling of the El Salado project in the light of escalating metal prices.
Magallanes
The company has an agreement with Rio Tinto Mining and Exploration Limited ("Rio Tinto"), of Santiago, Chile, an affiliate of the Rio Tinto group of companies. Exeter has the right to acquire the mineral rights to, and explore some 48 gold geochemical anomalies identified by Rio Tinto in the Magallanes area in southern Chile. Rio Tinto will then have once only right on any project to take a 60% interest after 500 meters have been drilled, or retain a 1% NSR the anomalies were generated in the course of a reconnaissance exploration program by Rio Tinto in 1990/1991 that covered a large area of southern Chile. Mineral rights have recently been secured on behalf of Exeter.
Cochrane
Exeter has five concessions covering 15 square kilometers at Confluencia in the Cochrane area which cover a low sulphidation epithermal vein system. No drilling has yet been carried out on the property. These are held solely by Exeter. Exploration mapping and sampling was completed over a portion of the project in February 2007.
Don Sixto (La Cabeza)
As a result of political developments in Mendoza Province, Argentina, the further development of the advanced Don Sixto Gold Project has been put on hold. The Company is reviewing its legal recourse for damages suffered and will continue to work with authorities in Mendoza, and with representatives of other mining companies, to effect legislative change.
The project now has over 60,000 meters of drilling and preliminary development studies have been completed. It is located in southern Mendoza Province in central western Argentina at an altitude of 1200 meters. The climate is semi-arid, allowing good year-round access. Exeter has the right to 100% of the property subject only to a royalty, capped at US$1.0 million.
Geographical Spread
Board of Directors and Key Management
| Directors | |
| Yale Simpson | Executive Chairman |
| Bryce Roxburgh | President |
| Louis Montpellier | Director |
| Roger Walsh | Director |
| Robert Reynolds | Director |
| Douglas Scheving | Director |
| Management & Operations | |
| Bryce Roxburgh | Chief Executive Officer |
| Cecil Bond | Chief Financial Officer |
| Louis Montpellier | Vice President - Corporate Development and Legal Counsel |
| Gonzalo Damond | Commercial Manager |
| Patrick Esnouf | Advisor to the Board |
| Matthew Williams | Exploration Manager |
| Jerry Perkins | VP Development & Operations |
| Eric Roth Geology | Manager - Development Team |
| Glen Van Kerkvoort | Chief Geologist |
| Justin Tolman | Caspiche Project Manager |
| Rob Grey Vice President | Investor Relations |
| Fernando Chacon | Cerro Moro Site Manager |
| Susan McLeod | Corporate Secretary |
| Patricia Inzirillo | Argentina-Manager Admin and Legal |
Company AddressP.O. Box 41, AXA Place,
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Additional Address/Key ContactContact Head Office |
CapitalAs of December 4, 2009
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Year EndExeter's fiscal year end is December 31st. |
Related News
09/02/10 - Exeter Resources Splits To Create Two Separate Companies, Each With Highly Attractive Flagship Assets22/09/09 - Exeter Resource Corporation Delivers A 19.6 Million Ounce Resource At The Caspiche Gold-Copper Project In Chile
27/07/09 - Exeter Resources Has Successfully Ridden Out The Downturn And Is Now Cranking Up Gold Exploration In Argentina Once Again
06/04/09 - Exeter Resource Is Enjoying The Best Of Both Worlds Thanks To High Tonnage At Caspiche and High Grade At Cerro Moro
02/03/09 - Exeter Resource Corporation Has The Ideal Strategy For Current Market Conditions
Most Recent Statement
15/03/10 - Exeter shareholders approve spin-out to create two independent companies12/03/10 - Exeter shareholders approve spin-out to create two independent companies
18/02/10 - Exeter Provides Update on Proposed Spin-Out to Create Two Independent Companies
11/02/10 - EXETER PROVIDES UPDATE ON PROPOSED SPIN-OUT TO CREATE TWO INDEPENDENT COMPANIES
03/02/10 - Exeter Continues to Intersect Bonanza Grades at Cerro Moro
01/02/10 - EXETER ADDS LOUIS MONTPELLIER TO SENIOR MANAGEMENT