Exeter Resource Corporation (NYSE Amex XRA) (TSX VENTURE:XRC) (FRANKFURT:EXB) recently publicized a 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.
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Exeter's Chairman, Yale Simpson, stated "This updated resource estimate places Caspiche firmly among the world's 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 favorable 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."
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