🕐15.03.11 - 14:27 Uhr
Exeter Reports Progress on the Caspiche Stand-Alone Oxide Pre-Feasibility Study
You can view online version http://exeterresource.createsend1.com/t/y/e/fkkbt/yukhjujui/ik/ or unsubscribe
http://exeterresource.createsend1.com/t/y/u/fkkbt/yukhjujui/iu/ from our list.
Exeter Reports Progress on the Caspiche Stand-Alone
Oxide Pre-Feasibility Study
Vancouver, B.C., March 15, 2011 – Exeter Resource Corporation
(AMEX:XRA, TSX:XRC, Frankfurt: EXB – "Exeter" or the "Company")
is pleased to report on the progress of a stand-alone oxide ore
pre-feasibility study ("PFS") that is expected to be completed
in Q2 2011.
The oxide ore PFS will be followed by the full
project PFS in Q3-2011.
The later PFS will include mining and
leaching of the oxide material but on a far shorter timeline.
Highlights of the metallurgical program completed to date are as
follows:
The oxide project contains 1.4 million ounces gold and 5.9
million ounces silver* with a 0.3:1 waste to ore ratio.
The
stand-alone oxide PFS will model a 35,000 metric tons/day valley
-fill heap leach operation to recover approximately 1.0 million
ounces of gold and 1.5 million ounces of silver over 8 years.
Projected gold production will be some 150,000 ounces/year in
the early years, decreasing to 120,000 ounces/year in later
years.
A large scale column leaching program on oxide ore
samples, involving 29 separate column tests provided data
supporting heap leaching gold recoveries of 70% to 75%, based on
a 50mm (2 inch) crush size.
Silver recoveries averaged 25%.
A 40
metric ton pilot plant sample recently collected from various
mineralized sites within the oxide deposit indicated 70% of the
mined material may not need crushing as the material breaks
naturally to -50mm.
The column reagent consumptions averaged 1.5
kg/tonne sodium cyanide and 3 kg/tonne lime.
Typically, heap
leach operations consume approximately 40 to 65% of the cyanide
consumed in column tests.
The PFS will provide capital and
operating cost estimates for the complete development of the
oxide project.
It is due to issue in Q2-2011.
Exeters Chairman, Yale Simpson stated "our heap leaching
simulations are providing very good recoveries for the oxide
deposit that forms a gold-only blanket of mineralization
overlying the main Caspiche gold-copper resource.
As the oxide
deposit must be removed to access the lower sulphide ores, we
are encouraged that the potential exists for an economically
viable stand-alone project, independent of the much larger oxide
-sulphide project.
"Should the outcome of the oxide PFS study be positive, it will
provide the option of moving immediately into detailed
feasibility studies and mine permitting.
This option could
provide a far shorter timeline to production than the full oxide
-sulphide project".
Oxide Ore Treatment
The Caspiche deposit includes 100 million metric tons of shallow
oxide ore containing 1.4 million ounces of gold with virtually
no contained copper, allowing a simple treatment by cyanide
leaching to be considered.
Exeter is performing a PFS on a stand
-alone valley-fill style heap leach operation processing 35,000
metric tons/day of ore at a waste to ore ratio of 0.3:1.
Almost
all the waste from this shallow open pit will be spread and
compacted to line the heap leach valley-fill site prior to
putting down an impermeable plastic liner.
Testwork at McClelland Laboratories of Sparks, Nevada, confirms
that the ore type is very responsive to conventional heap
leaching, with indicated column leach gold recoveries of 70% to
75% for ore crushed to 80% passing 50mm.
The leach kinetics were
rapid with 80% of the soluble gold generally leached within 30
days.
In all, McClelland received 5.5 metric tons of large diameter PQ
core from 7 metallurgical drill holes which tested the extent
and depth of the oxide zone.
11 composites made from this
material were tested at 12.5mm (needing agglomeration), 25mm and
50mm, depending on the composite weight available.
The finer crush sizes provided more rapid kinetics, but because
the overall gold recovery was not significantly greater than the
50mm crush, the latter was chosen as the optimum case.
The
coarser crush size has the advantage of not requiring
agglomeration, a simpler crushing configuration, lower capital
costs and lower energy requirements.
The ore, at a 50 mm crush,
can be placed directly on a plastic membrane without the need
for a protective layer.
Cyanide consumption in the 50mm tests averaged 1.5 to 2.5 kg
/tonne over the 100 to 130 day test period, however the planned
leach cycle for pad construction will be 30 or possibly 40 days,
and operational consumptions are expected to be well under 1.0
kg/tonne.
Lime consumption averaged 3 to 4 kg/tonne.
Last month Exeter also tested a bulk sample from the oxide
blanket to help in crushing plant design.
Approximately 40
metric tons were excavated and sized at a Santiago laboratory.
The results showed a natural breakage of the rock to 70% finer
than 50mm.
This breakage characteristic has the potential to
significantly reduce the quantity of material requiring crushing
.
Jacobs Engineering (formerly Aker Solutions) has determined that
the water requirement for a 35,000 metric tons/day heap leach
operation will be less than 100 litres/second.
That requirement
can be met by the recently optioned 300 litres/second of
consumable water rights recently reported by the Company.
Jerry Perkins, Exeters VP Development and Operations and a
"qualified person" within the definition of that term in National
Instrument 43-101, Standards of Disclosure for Mineral Projects,
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 exploration and development of the
Caspiche project in Chile.
The project 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 has initiated pre-feasibility studies with the aim of
demonstrating the commercial viability of this world class
discovery.
The Company has cash reserves of $85 million and no
debt.
*Oxide Mineral Resource Estimate (As Reported on September 13,
2010)
Category Material** Million Metric
Tonnes
(Mt) Gold
(g/t) Gold
(Million
Ounces) Silver
(g/t) Silver
(Million
Ounces) ***Gold
Equivalent
(g/t) ***Gold
Equivalent
(Million Ounces) Measured +
Indicated OXIDE 99 0.44 1.4 1.69 5.4 0.44 1.4 Inferred OXIDE 9
0.28 0.1 1.64 0.5 0.29 0.1
**Oxide resources are reported above a marginal cutoff of 0.2 g/t
gold-equivalence, sulphide resources are reported above a
marginal cutoff of 0.3 g/t gold-equivalence.
***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])
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 1660, 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, the Companys belief
as to the extent and timing of its PFS, drilling programs,
various studies including 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, adequacy of water resources 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, 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
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 the ability to obtain any
necessary approvals, waivers, consents and other requirements
necessary or desirable to permit or facilitate the proposed
Arrangement, the risk that any applicable conditions of the
proposed transaction may not be satisfied, 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, 2009, dated March 30, 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 EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
LATEST NEWS Mar 01, 2011
Exeter Options Project Adjacent To Caspiche Gold-Copper Porphyry,
Chile
Read More
Feb 14, 2011
Exeter Exercises Option and Acquires Caspiche Gold Copper Project
in Chile from Anglo American
Read More
Feb 08, 2011
Exeter Secures Option to Purchase Water Rights for the Caspiche
Gold-Copper Project in Chile
Read More
Forward this email to a friend http://exeterresource.forwardtomyfriend.com/y/yukhjujui/3DBC13B7/fkkbt/l/dl