VANCOUVER, March 25 /CNW/ - 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. Julian Bavin to its Board.
Mr. Bavin is a graduate of the University of Leceister and the Royal School of Mines, Imperial College, University of London. Julian has over 30 years of technical, operational and commercial experience in mineral exploration gained from working in a wide range of commodities and jurisdictions, most of which was spent with the Rio Tinto Group in South America, Australia, Indonesia and Europe. Julian's recent experience was as Rio Tinto's Exploration Director for South America between 2001 and 2009. He is currently a resident of Chile.
The Company has awarded Mr. Bavin 300,000 stock options, exercisable for 5 years at a price of $6.84 per share. In addition, the Company has awarded an aggregate of 880,000 stock options exercisable for 5 years at a price of $6.84 per share to 5 directors and 3 officers.
Exeter Chairman Yale Simpson commented "Mr. Bavin has a great deal of experience in both the technical and commercial sectors of the mining industry. That experience will be particularly valuable to Exeter as we seek to commercialize the Caspiche project."
Exeter Resource Corporation is a Canadian mineral exploration company focused on the development of the Caspiche gold-copper project in the Maricunga region of Chile. The Company has C$45 million in its treasury.
In March 2010 Exeter shareholders approved a proposal to undertake a spin-out transaction pursuant to which the assets of Exeter were separated into two highly focused companies. As a result, Exeter transferred to Extorre Gold Mines (ticker symbol "XG" on the TSX) the Cerro Morro and Don Sixto projects and its exploration properties in Argentina, together with approximately $25 million in cash.
You are invited to visit the Exeter web site at www.exeterresource.com.
EXETER RESOURCE CORPORATION
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 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 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 Company's 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 Company's 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 Company's common share price and volume; tax consequences to U.S. investors; and other risks and uncertainties, including those described in the Company's 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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