🕐02.02.10 - 07:58 Uhr
Exeter Adds Louis Montpellier to Senior Management
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Exeter Adds Louis Montpellier to Senior Management
Vancouver, B.C., February 1, 2010 – The Board of Directors of
Exeter Resource Corporation (NYSE-Amex:XRA, TSX:XRC, Frankfurt
:EXB – "Exeter" or the "Company") is pleased to announce the
addition of Mr.
Louis Montpellier to its senior management.
He
has been an independent director of the Company since January
2008.
Mr.
Montpellier has been practicing law in Vancouver, Canada
since 1981.
He has worked exclusively in the capital markets as
outside counsel to public companies engaged in international
mineral exploration and mining.
His experience includes the
entire spectrum of corporate finance activities as well as
mergers and acquisitions, corporate reorganizations and project
financing.
Messrs.
Bryce Roxburgh and Yale Simpson said, "We have known and
worked with Louis Montpellier for some years.
His depth of
experience in capital markets, M&A matters and corporate
reorganisations will greatly benefit Exeter going forward.
Louis
is well respected in the mining industry and will be pleasure to
work with on a day to day basis."
Mr.
Montpellier is joining Exeter as Vice President - Corporate
Development and Legal Counsel to assist in managing the growth
in activity expected to result from the recently announced
corporate spinout of the Cerro Moro project and other Argentina
assets.
It is anticipated that upon completion of that
transaction Mr.
Montpellier will also be involved in the
management and board of the new company.
The Company has awarded
Mr.
Montpellier 500,000 stock options, vesting over 18 months,
exercisable for 5 years at a price of $6.91 per share.
The Company has also awarded 200,000 stock options, vesting over
12 months, exercisable for 5 years at a price of $6.91 per share
to 2 officers of the Company.
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$76 million
in its treasury.
On January 19, 2010, the Board approved a proposal to undertake a
spin-out transaction pursuant to which the assets of Exeter
would be separated into two highly focused companies.
Under the
terms of the proposed transaction, Exeter will retain all assets
relating to the Caspiche gold-copper discovery in Chile and will
transfer to a new corporation the Cerro Morro and other
exploration properties in Argentina.
The proposal will be voted
on by shareholders at a shareholders meeting expected to be held
on March 4th.
On the Caspiche Project in Chile, an inferred mineral resource
estimate of 1,117 Mt (million metric tons) at a grade of 0.55
grams per metric ton gold and 1.12 grams per metric ton silver
including 1,017 Mt at a grade of 0.22% copper was announced in
September 2009.
This equates to in-situ inferred resources of 19
.6 million ounces of gold, 40 million ounces of silver and 4.84
billion pounds of copper (a total of 32.4 million gold
equivalent ounces*.
Drilling with six rigs is underway to expand
and upgrade the resource.
On the Cerro Moro Project in Argentina, an inferred mineral
resource estimate of 646,000 ounces gold equivalent** at a grade
of 18 g/t gold equivalent** was announced mid-2009.
Exeter
continues to drill with 3 rigs to upgrade inferred resources to
indicated resources on the Escondida vein.
A new Cerro Moro resource estimate is scheduled for April 2010,
to be followed by a mine development study in Q2-2010.
These
studies will form the basis of a mine development decision and
the submission of the project to Provincial authorities for
permitting.
Exploration drilling will continue through 2010.
No
site work is planned on the Don Sixto gold-silver project in
Argentina over the next quarter.
Matthew Williams, Exeters Exploration Manager and Justin Tolman,
Exeters Caspiche Project Manager both considered 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.
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
[]
*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 metric tons have been rounded (see news
release NR 9-22 dated October 20, 2009).
**Inferred mineral resource estimate of 1,098 Mt 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).
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,
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,
expected cash reserves and the expected benefits of the proposed
spin-out transaction.
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.
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
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