VANCOUVER, BRITISH COLUMBIA (AMEX: XRA)(FRANKFURT: EXB)
("Exeter" or the "Company") reports that results from extension
drilling on the Gabriela and Patricia veins at its Cerro Moro
project in Santa Cruz Province, Argentina have confirmed that the
veins are high grade silver discoveries.
Four scout reverse circulation percussion ("RC") drill holes
have extended the strike length of the Gabriela Vein to 700 metres
(2,297 feet), from the last reported length of 200 metres.
Significant new results from MRC264, located 400 metres to the
northwest of previously announced drilling results include the
following:
- 9.0 metres ("m") (29.5 feet) at 196 grams per tonne ("g/t")
silver (5.68 ounces ("oz") per ton) and 1.5 g/t gold (0.04 oz/ton),
a silver equivalent grade(ii) of 286 g/t (8.3 oz/ton), from a down
hole depth of 39.0 m (127.9 feet), including
- 3.0 m (9.8 feet) at 314 g/t silver (9.11 oz/ton) and 3.0 g/t
gold (0.09 oz/ton), for a silver equivalent grade(ii) of 494 g/t
(14.3 oz/ton), in hole MRC264.
Based on visual logs drill hole MRC267, sited 160 metres (525
feet) to the northwest of MRC264 on the Gabriela Vein, has also
intersected mineralization. Assay results will be released upon
compilation and verification.
Scout RC drilling on the Patricia Vein (three step out drill
holes) has also confirmed it to be a silver discovery, and has
extended its minimum strike length by 450 metres (1,476 feet) to
approximately 600 metres. Significant new results include:
- 2.0 m (6.6 feet) at 1,238 g/t silver (35.90 oz/ton) and 8.6
g/t gold (0.25 oz/ton), for a silver equivalent grade(ii) of 1,758
g/t (51 oz/ton), from a down hole depth of 38.0 m (124.7 feet) in
hole MRC202.
Elsewhere on Cerro Moro, one RC drill hole and two diamond core
extensions to previous RC holes have extended the strike length of
the Silvia Gold Vein to at least 200 metres (656 feet). Significant
new results include:
- 1.74 m (5.7 feet) at 12.2 g/t gold (0.35 oz/ton) and 37 g/t
silver (1.07 oz/ton), for a gold equivalent grade(i) of 12.8 g/t
(0.37 oz/ton), from a down hole depth of 111.4 m (365.6 feet) in
hole MRC154(iii).
Exeter's Chairman, Yale Simpson stated: "The discovery of silver
dominant veins at Cerro Moro is perhaps to be expected given the
broad extent of the epithermal vein system, and the elevated to
bonanza silver grades already discovered on the Escondida vein. The
high grade silver result in Patricia Vein drill hole MRC202 is
particularly significant as it extends the silver discovery 120
metres to the west of an earlier high grade hole (MD067), that
intersected 0.96 m (3.2 feet) at 1,383 g/t silver (40.11 oz/ton)
and 11.5 g/t gold (0.33 oz/ton) - Cerro Moro 43-101 Report.
"The Patricia Vein extensions are entirely covered by shallow
marine tertiary sedimentary cover, a feature that is characteristic
of the western portion of the property. The success of our program
in finding "blind" silver mineralization under such extensive cover
demonstrates the advances we have made in our geological
understanding of the Cerro Moro vein system.
"We are getting closer to defining our priorities for in-fill
follow-up drilling of the more than 20 targets identified outside
of the Escondida Vein. When we are at that point we will bring a
fourth drill onto the project to accelerate the resource definition
program."
To view accompanying maps, please click on the following
links:
- http://media3.marketwire.com/docs/XRA_0318map1.jpg
- http://media3.marketwire.com/docs/XRA_0318map2.jpg
Detailed Drilling Results:
--------------------------------------------------------------------
Silver
Equivalent
From To Width Gold Silver (g/t)
Drill Hole (m) (m) (m) (g/t) (g/t) (ii)
--------------------------------------------------------------------
Gabriela Silver Vein
--------------------------------------------------------------------
MD179 29.58 32.00 2.42 2.2 286 418
--------------------------------------------------------------------
including 30.65 31.44 0.79 4.3 440 698
--------------------------------------------------------------------
MRC264 39.0 48.0 9.0 1.5 196 286
--------------------------------------------------------------------
including 39.0 42.0 3.0 3.0 314 494
--------------------------------------------------------------------
MRC266 54.0 56.0 2.0 2.4 317 461
--------------------------------------------------------------------
Patricia Silver Vein
--------------------------------------------------------------------
MRC202 38.0 40.0 2.0 8.6 1,238 1,751
--------------------------------------------------------------------
MRC207 59.0 61.0 2.0 2.0 194 314
--------------------------------------------------------------------
MRC219 36.0 38.0 2.0 2.9 3 177
--------------------------------------------------------------------
--------------------------------------------------------------------
Gold
Equivalent
From To Width Gold Silver (g/t)
Drill Hole (m) (m) (m) (g/t) (g/t) (i)
--------------------------------------------------------------------
Silvia Gold Vein
--------------------------------------------------------------------
MRC154(iii) 74.15 74.45 0.3 25.6 138 27.9
--------------------------------------------------------------------
and 111.43 113.17 1.74 12.2 37 12.8
--------------------------------------------------------------------
including 111.43 112.40 0.97 21.4 53 22.3
--------------------------------------------------------------------
MRC156(iiii) 85.68 86.19 0.51 7.9 67 9.0
--------------------------------------------------------------------
MRC187(iiiii) 10.0 11.0 1.0 7.3 2 7.3
--------------------------------------------------------------------
and 50.0 51.0 1.0 1.4 6 1.5
--------------------------------------------------------------------
Note: All intervals calculated at a 0.5 g/t gold cut-off
(i) Gold equivalent grade for silver in this news release is
calculated by dividing the silver assay by 60 and assumes 100%
metallurgical recovery.
(ii) Silver equivalent grade is calculated by multiplying the gold
assay result by 60, adding it to the silver value and assumes 100%
metallurgical recovery.
(iii) MRC denotes a percussion drill hole, however this new intersection
represents a diamond core extension to a previous hole.
(iiii) The results of RC percussion drill hole MRC156 were initially
released on 18 December 2007. This new intersection represents a
diamond core extension of the hole.
(iiiii) MRC187 also intersected mineralization greater than 0.5 g/t gold
between the interval 54.0 to 57.0 metres but the recoveries were
significantly less than required for reporting requirements. In
addition drill hole MRC190 (refer to plan) intersected
mineralization well above 0.5 g/t gold between the interval 64.0
to 67.0 metres but the recoveries were also significantly less
than required for reporting requirements.
Quality Control and Assurance
Drill widths presented above are drill intersection widths and
may not represent the true widths of mineralization.
Gold assay results presented above are preliminary and have been
calculated using a 0.5 g/t gold cut-off grade, with no cutting of
high grades. Reverse circulation drill samples are collected using
a cyclone in one metre intervals; most samples are then composited
into three metre samples. All diamond drill core samples are split
on regular metre intervals or on geological contacts and represent
sawn half HQ-size core. Samples were prepared at the ALS Chemex
preparation facility in Mendoza and assayed by fire assay (50 gram
charge) at the ALS Chemex laboratory in Chile, both ISO-9001:2000
certified laboratories.
Check assaying of all samples assaying greater than 1.0 g/t gold
is completed by ALS Chemex. Samples returning greater than 10 g/t
gold and/or greater than 100 g/t silver are assayed using
gravimetric analyses. Standard and blank samples are used
throughout the sample sequence as checks for the diamond drilling
reported in this release. Standard, blank and duplicate samples are
used throughout the sample sequence as checks for the reverse
circulation drilling.
Assaying by the screen fire assay method has been implemented in
conjunction with standard 50 gram fire assaying, for diamond drill
cores that contain visible gold. The procedure for screen fire
assaying involves crushing and sieving of a nominal 1,000 gram
sample to a particle size of 100 microns. All material which does
not pass through the 100 micron sieve is then assayed. Two fire
assays are undertaken on the undersize material as a check on
homogeneity. The total gold content is then calculated.
Bryce Roxburgh, Exeter's CEO and President 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 discovery and development of gold and silver
properties in South America.
The Cerro Moro Gold-Silver Project (100% owned by Exeter) in
Santa Cruz Province, Argentina is generating high grade to 'bonanza
grade' drilling results within an extensive epithermal vein system,
located 130 kilometres (80 miles) east of the Cerro Vanguardia gold
mine. Drilling will continue through 2008 using as a minimum three
drill rigs. Our focus is to establish a high grade gold-silver
resource amenable to open pit mining.
The Company currently has three rigs drilling its Caspiche gold
porphyry project in Chile, located between the Refugio mine
(Kinross Mining Corp.) and the giant Cerro Casale gold project
(Barrick Gold Corp. and Kinross Mining Corp.).
As a result of recent political developments in Mendoza
Province, Argentina, the further development of the advanced Don
Sixto Gold Project has been put on hold. The Company has filed suit
in the Mendoza Courts to challenge the constitutionality of new
legislation, which has the effect of banning conventional mining in
the province. The Company will continue to work with authorities in
Mendoza, and with representatives of other mining companies, to
effect legislative amendment.
In 2008, Exeter plans to explore other gold-silver targets in
prospective regions of Patagonian Argentina and Chile. The Company
gained a broad foothold in the region through separate strategic
alliances with Cerro Vanguardia S.A. (an AngloGold Ashanti
subsidiary), and Rio Tinto Mining and Exploration Chile.
You are invited to visit the Exeter web site at
www.exeterresource.com.
EXETER RESOURCE CORPORATION
Bryce Roxburgh, President and CEO
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 timing of its drilling programs and exploration results.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to vary from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Factors that could cause actual results
to differ materially from the forward-looking statements include,
among others, 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
Company's common share price and volume; and tax consequences to
U.S. investors; and other risks and uncertainties, including those
described in the Company's Annual Report on Form 20-F for the
financial year ended December 31, 2006, dated April 2, 2007 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. All statements are made as of the date
of this news release and the Company is under no obligation to
update or alter any forward-looking statements except as required
under applicable securities laws.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this news release.
Contacts: Exeter Resource Corporation B. Roxburgh President
(604) 688-9592 or Toll Free: 1-888-688-9592 Exeter Resource
Corporation Rob Grey VP Corporate Communications (604) 688-9592 or
Toll Free: 1-888-688-9592 (604) 688-9532 (FAX) Email:
exeter@exeterresource.com Website: www.exeterresource.com
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