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Exeter Initiates Pre-Feasibility Studies at Caspiche
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Exeter Initiates Pre-Feasibility Studies at Caspiche
Vancouver, B.C., November 22, 2010 - Exeter Resource Corporation
(NYSE-AMEX:XRA, TSX:XRC, Frankfurt:EXB - "Exeter" or the "Company
") ") has engaged Aker Solutions of Santiago, Chile, an
internationally recognised engineering group, to carry out two
pre-feasibility studies for its Caspiche gold-copper project in
Chile.
The first study which will consider a stand-alone "oxide
gold" project to mine the upper part of the deposit is scheduled
to be available in early Q2-2011.
The second study, to be run
concurrently with the oxide study, will consider mining both the
oxide and sulphide deposits.
That study is scheduled to be
available in Q3-2011.
The decision to proceed to the pre-feasibility study stage (PFS)
follows Exeters September 2010 resource update, which reported
that 80% of the total Caspiche resource fell within the Measured
and Indicated (M&I) resource categories.
Specifically, the
update reported M&I* resources of 21.3M (million) ounces of gold
, 48.4M ounces of silver and 5.3B (billion) pounds of copper.
This resource is based on 1,316Mt (million metric tons) at a
grade of 0.50 g/t gold (grams per metric ton) and 1.14 g/t
silver, including 1,217Mt at a grade of 0.20% copper.
In
addition to the M&I mineral resources, Exeter reported an
Inferred* mineral resource of 5.1M ounces of gold, 14.5M ounces
of silver and 1.4B pounds of copper, based on 458Mt at a grade
of 0.35 g/t gold and 0.98 g/t silver, including 449Mt at a grade
of 0.15% copper.
Yale Simpson, Exeters Executive Chairman said, "The commencement
of the PFS process is clearly a milestone for Exeter as we
transition from the high risk "discovery stage" of exploration
into project development.
We are very pleased therefore to
secure and appoint Aker Solutions for the Caspiche pre
-feasibility studies.
"Aker has an excellent track record, having recently completed a
number of pre-feasibility and feasibility studies, including the
basic engineering for Pan Pacific Coppers (now Nippon-Mitsui) +
$2 billion Caserones copper project south of Caspiche.
Aker is
also the construction management contractor for Kinross Golds
Maricunga Mine expansion project, located immediately north of
the Caspiche site.
Akers familiarity with local operating
conditions was an important factor in selecting the firm for the
two studies.
"Interestingly, we see two mining scenarios for Caspiche, a
smaller oxide gold mine that we could potentially develop
quickly to generate cash flow, or a much larger, and longer term
"total project" to realise the ultimate value of the deposit.
The oxide gold study will examine the economics of a stand-alone
project to develop the shallow gold "blanket" that over lies the
sulphide deposit.
This upper, gold-only deposit is potentially
exploitable by open pit mining combined with conventional heap
leaching.
Importantly, the waste to ore ratio is anticipated to
be less than 0.3:1, with much of the waste being available for
heap leach pad construction.
The advantage of an oxide gold mine
is the expected modest capital requirement for such a project
and the compatibility of a project at this scale to fit within
existing local infrastructure.
"The PFS for the total deposit involves +20,000 man-hours of
engineering.
It will examine three mining options.
The first
option is a "super pit" to a depth of up to 1,000 metres, mining
both the oxide and sulphide zones entirely by open pit methods.
The second option is an open pit mine to develop only the oxide
deposit, followed by underground mining (block caving) of the
central higher grade section of the sulphide deposit.
The third
option is a hybrid operation to open pit mine the oxide deposit
and the upper part of the sulphide deposit, followed by
underground mining of the lower sulphide zone."
Exeters Vice President – Development Mr.
Jerry Perkins commented
, "Exeter is pleased to have appointed Mr.
John Wells as the in
-house study leader for the PFS studies.
John is a senior
engineer with an excellent reputation for the successful
implementation of large scale mining projects in South America.
"The PFS studies will benefit significantly from the relatively
advanced mine planning and metallurgical studies already
completed by consultants NCL Ingenieria, McLelland Laboratories,
G&T Metallurgical Services, SNC Lavelin and SGS Mineral Services
, Lakefield ("SGS")."
Current Metallurgical Program
To facilitate ongoing testwork on sulphide material, the Company
recently shipped 12 tons of representative drill core to SGS
Lakefield Laboratories in Canada for pilot plant testing which
is now underway.
This program will use the process flowsheet
developed at G & T and SGS to provide detailed process criteria
for engineering design.
The large concentrate sample being
produced will be sufficient for a testwork program to confirm
both reductive roasting and/or HPOX as alternatives for
concentrate treatment.
Column leach testwork at McClelland Laboratories on 11 oxide
composites is well advanced with preliminary results providing
encouraging leaching kinetics.
It is anticipated that the flow
of results will allow the Company to provide results on the
testwork by year end.
Current Drilling Program
Drilling resumed at Caspiche in late October.
Two drill rigs are
on site drilling part of a planned 10,000 metre program.
The
objectives of the program are as follows:
To complete the conversion of higher grade mineralization within
the current Inferred resource to the M&I resource categories.
To
perform additional metallurgical and geotechnical drilling in
support of the proposed mining options being considered in the
PFS.
To test regional targets within the Exeter property that
could possibly represent additional Caspiche style gold-copper
porphyries.
Justin Tolman, Exeters Caspiche Project Manager and a "qualified
person" within the definition of that term in NI 43-101, has
supervised the preparation of the technical information
contained in this news release.
About Exeter
Exeter, with a treasury of $90 million, is a Canadian mineral
exploration company focused on the exploration and development
of the Caspiche project in Chile.
Exeter has the rights to 100% of the Caspiche project which is
situated in the Maricunga gold district, between the Refugio
mine (Kinross Gold Corp.) and the giant 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.
Exeter recently initiated pre
-feasibility studies with the aim of demonstrating the commercial
viability of this world class discovery.
The measured and indicated* mineral resource at Caspiche equates
to a total of 35.9M gold equivalent ounces** plus an inferred*
mineral resource which equates to 9.0M gold equivalent ounces**.
**AMEC chose to report the resource above a Au equivalent cutoff.
For this they used prices of US$950/oz for Au and $2.30/lb for
Cu.
The formula used to calculate Au equivalence is Au(g/t) + Cu
(%) * (Cu Price [$/lb]/Au Price [$/oz]) * (Rec Cu/Rec Au)*0
.06857*10000.
Where Rec = % recovery and 0.06857 = conversion g
*lb/oz.
Au and Cu are the 3 block kriged Au and Cu grades.
Projected metallurgical recoveries were 75% and 85% for Au and
Cu respectively in sulphide material and 50% for Au in the oxide
zone.
Recoveries are based on benchmarking of similar deposits.
See news release NR10-17 dated September 13, 2010.
You are invited to visit the Exeter web site at www
.exeterresource.com
EXETER RESOURCE CORPORATION
Bryce Roxburgh
President and CEO
For further information, please contact:
B.
Roxburgh, President or
Rob Grey, VP Corporate Communications
Tel: 604.688.9592 Fax: 604.688.9532
Toll-free: 1.888.688.9592
Suite 1260, 999 West Hastings St.
Vancouver, BC Canada V6C 2W2
[]
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 Companys 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, permitting submission and
timing 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 and copper, changing foreign exchange rates and actions by
government authorities, uncertainties associated with legal
proceedings and negotiations and misjudgements in the course of
preparing forward-looking information.
In addition, there are
known and unknown risk factors which could cause the Companys
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 Companys 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 Companys common share price and
volume; tax consequences to U.S.
investors; and other risks and
uncertainties, including those described in the Companys Annual
Information Form for the financial year ended December 31, 2009
dated March 25, 2010 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
Commissions (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.,
unless such information is required to be disclosed by the law
of the Companys 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
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