🕐14.09.09 - 14:51 Uhr
Exeter Reports Resource Estimate of 19.6 Million Ounces Gold And 4.8 Billion Pou
nds of Copper For Caspiche Project in Chile
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Exeter Reports Resource Estimate of 19.6 Million Ounces Gold And
4.8 Billion Pounds of Copper For Caspiche Project in Chile
Vancouver, B.C., September 14, 2009 - Exeter Resource Corporation
(NYSE-AMEX:XRA, TSX-V:XRC, Frankfurt:EXB - "Exeter" or the
"Company") is pleased to provide an updated National Instrument
43- 101 compliant inferred mineral resource estimate for its
Caspiche Project of 1,117 Mt (million metric tons) at a grade of
0.55 g/t gold (grams per metric ton) and 3.81 g/t silver
including 1,017 Mt at a grade of 0.22% copper.
This equates to
in-situ inferred resources of 19.6 million ounces of gold, 137
million ounces of silver and 4.84 billion pounds of copper (a
total of 33.7 million gold equivalent ounces*).
The resource
estimate uses all data available to the end of the 2008/2009
drilling campaign in May.
TABLE 1 Caspiche Inferred Mineral Resource Estimate September
2009.
Material AMEC
Gold
Equivalent
Cut-off** Million
metric
tons Gold
(g/t) Gold
(million
ounces) Silver
(g/t) Silver
(million
ounces) Copper
(%) Copper
(billion
pounds) EXETER
Gold
Equivalent
(g/t)* EXETER
Gold
Equivalent
(million
ounces)* Oxide 0.2 100 0.50 1.6 2.49 8 0.5 1.7 Sulphide 0
.3 1,017 0.55 18.0 3.94 129 0.22 4.84 0.98 32.0 Totals 1,117
0.55 19.6 3.81 137 0.94 33.7
TABLE 2 Caspiche Inferred Mineral Resource Estimate September
2009 - HIGHER CUT-OFF FOR SULPHIDE MATERIAL.
Material AMEC
Gold
Equivalent
Cut-off** Million
metric
tons Gold
(g/t) Gold
(million
ounces) Silver
(g/t) Silver
(million
ounces) Copper
(%) Copper
(billion
pounds) EXETER
Gold
Equivalent
(g/t)* EXETER
Gold
Equivalent
(million
ounces)* Sulphide 0.9 499 0.78 12.5 4.16 67 0.3 3.30 1.35 21
.8
Exeters Chairman, Yale Simpson, stated "This updated resource
estimate places Caspiche firmly among the worlds largest gold
–copper discoveries in recent years and clearly supports our
decision to aggressively drill the property, despite the global
economic decline.
"We expect that the very substantial copper and silver credits
will be extremely important, and will markedly impact the
potential viability of Caspiche.
Specifically, using metal
prices of US$2.00/pound copper, US$800/ounce gold and US$12
/ounce silver, the 4.84 billion pounds of copper and 137 million
ounces of silver are equivalent to 12.1 and 2.0 million ounces
of gold respectively.
As shown in Table 1 above, these by
-product metals increase the resource estimate to 33.7 million
gold equivalent ounces*.
"Our recent drilling has defined what appears to be a coherent
higher grade central zone associated with a definable early
stage diorite intrusion.
We expect this zone will be important
in developing various mining and economic models for the project
.
"Assuming favourable weather conditions, drilling is scheduled to
recommence early in October and is expected to carry through the
southern summer until May, 2010.
The program will have two
objectives: firstly to expand the resource estimate by drilling
to the southeast and to depth, and secondly to upgrade the
higher grade central zone to "indicated resource" status.
"Exeter intends to enhance the value of Caspiche by continuing to
de-risk the project through ongoing exploration, metallurgy,
engineering, water and environmental studies.
These studies will
continue through the next 12 months and will lead to a
conceptual development study.
A timeline for the release of that
study is presently being formulated.
The project budget for the
next 12 months is C$14 million."
Click here to view related plan and sections
*Gold ("Au") equivalence for copper ("Cu") and silver ("Ag") was
calculated by Exeter using assumed metal prices of US$800/ounce
("oz") for Au, US$12/oz for Ag and US$2/pound ("lb") for Cu.
The
formula to calculate Au equivalence for Cu was pounds of Cu
multiplied by 2 and divided by 800; Au equivalence for Ag was
calculated using the formula oz of Ag multiplied by 12 and
divided by 800, and in both cases assumes 100% recovery.
Reported grades and tonnes have been rounded.
**AMEC chose to report the contained inferred resource above a Au
equivalent cutoff.
For this they used prices of US$825/oz for Au
and $2.07/lb for Cu.
The formula used to calculate Au
equivalents is Au(g/t) + Cu (%) * (Cu Price [$/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 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.
Resource Estimate Methodology
This updated National Instrument 43-101 ("NI 43-101") compliant
resource estimation completed for the Caspiche porphyry follows
an interim inferred resource estimate released on March 24, 2009
.
The Caspiche inferred mineral resource estimate was prepared
under the supervision of Mr.
Rodrigo Marinho, CPG-AIPG,
Principal Geologist of AMEC International (Chile) S.A.
("AMEC"),
and Francisco Castillo, AMEC Senior Modeller.
The mineral
resource estimates were prepared under Canadian Institute of
Mining Metallurgy and Petroleum (CIM) Definition Standards (2005
) and CIM Best Practice Guidelines for preparing mineral
resources and mineral reserves.
Mr.
Marinho is "independent" and
"qualified persons" as such terms are defined in NI 43-101.
A total of 25,187 metres ("m") of drilling, including 44 drill
holes completed by both Exeter and earlier third parties, was
used in the preparation of this resource estimate.
The cut-off
date for drill hole information in the resource model database
was 30 July 2009.
AMEC was provided with solid models, surfaces and density data by
Exeter representing the major lithological, alteration and
weathering boundaries.
These were used to provide the main
support for the selection of estimation domains.
AMEC estimated
gold, total copper and silver using Ordinary Kriging ("OK") for
most domains with the exception of the volumetrically small and
poorly mineralized DTB unit which was estimated using the
inverse distance squared ("ID2") estimation method.
These
methods were considered appropriate given the low variability of
gold and copper within the deposit.
To determine prospects of economic extraction the results were
tabulated and are reported within several permutations of break
-even open pit and/or underground resource shapes.
Only
mineralized material contained within the mining shells has been
reported as mineral resources.
Mining and process costs and
process recoveries were estimated from benchmark studies of
similar projects in Chile.
The resource figures quoted above
come from a large open pit scenario with no underground
component which provided the largest tonnage scenario of those
modelled ( Click here to view Figure 4 for the AMEC Mineral
Resource Statement
).
Table 2 uses the same large open pit and reports the
contained material at a higher cutoff.
The base case reported
mineral resource uses an approximation of the marginal cut- off
values as defined by AMEC.
The cut-off was calculated based on gold equivalent values using
gold and copper and determined for oxide and sulphide material.
Considering the current drill grid spacing and associated
uncertainty in the geological model AMEC classified the Caspiche
mineral resource in the "inferred" category.
AMEC note that the
deposit remains open at depth, to the south and to the west.
The block model consists of regular blocks (25 m x 25 m x 12 m)
and is rotated to a 057o azimuth.
The estimation plan for gold
is the same for oxide and sulphide domains.
The estimation plan
for all elements includes restricted searches for high grade
values and a multi pass approach.
The estimation plan for copper
includes a hard boundary between the oxide and sulphide boundary
.
Inter domain boundaries and sample sharing were determined
based on geological relationships, contact profiles and
statistical analysis.
AMEC validated the Caspiche model using summary statistics
checking for global estimation bias, drift analysis, and visual
inspection.
AMEC also generated a nearest neighbour (NN) model
to validate the OK model.
Grade variation between estimates for
both methods was considered acceptable.
AMEC is currently finalizing a NI 43-101 compliant technical
report, which will be available shortly on SEDAR at
and on the Companys website noted below.
A technical report summarizing the work and status of programs
at Caspiche to March 27, 2009 is also available on SEDAR and the
Companys website.
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 Resource Corporation is a Canadian mineral exploration
company focused on the discovery and development of gold and
silver properties in South America.
The Company has C$30 million
in its treasury.
The Caspiche gold-copper discovery is situated in the Maricunga
gold district of Chile, between the Refugio mine (Kinross Gold
Corp.) and the giant Cerro Casale gold deposit (Barrick Gold
Corp.
and Kinross Gold Corp.).
Drilling to expand and upgrade
the existing resource estimate is scheduled to recommence in
October 2009.
On its Cerro Moro Project in Argentina, Exeter recently announced
an initial inferred mineral resource estimate of 646,000 ounces
gold equivalent*** at a grade of 18 g/t gold equivalent***.
Exeter has drilled over 150 infill holes on the Escondida vein
structure in order to upgrade the sectors of the inferred
resource that might be scheduled for early mining.
Drilling will
continue through 2009.
Drilling recently commenced for possible
extensions of the Escondida zone on the adjacent Fomicruz joint
venture property.
Engineering, environmental and infrastructure
studies are being advanced ahead of a scoping study in 2010.
No site work is planned on the Don Sixto gold-silver project in
Argentina over the next quarter.
The Company will continue to
work with provincial authorities and with representatives of
other mining companies, to effect amendment to the 2007
legislation that banned the use of cyanide in mining operations
in Mendoza Province.
***Inferred mineral resource estimate of 1,098,000 containing 371
,000 ounces gold at a grade of 10.5 g/t and 19.2 million ounces
silver at a grade of 545 g/t for 646,000 ounces gold equivalent
at a grade of 18 g/t gold equivalent.
Gold equivalent is
calculated by dividing the silver assay result by 70, adding it
to the gold value and assuming 100% metallurgical recovery (see
news release NR 9-14 dated July 8, 2009).
You are invited to visit the Exeter web site at
view the video version of
this press release along with many others click here "Watch
Video News"
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 V6C2W2
[]
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 the Company
s belief as to the extent and timing of its drilling programs
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 and expected cash reserves.
These
forward-looking statements are made as of the date of this news
release.
Users of forward-looking statements are cautioned that
actual results may vary from the forward-looking statements
contained herein.
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 of the Companys future performance and are
subject to risks, uncertainties, assumptions and other factors
which could cause actual results to differ materially from
future results expressed or implied by such forward-looking
statements.
Such factors and assumptions include, amongst 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 legal
proceedings and negotiations and misjudgements in the course of
preparing forward-looking information.
In addition, there are
also 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;
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, 2008,
dated March 27, 2009 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.
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PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
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