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Press Release Source: Exeter Resource Corporation
Exeter and Rio Tinto Partner on Southern Chile Program
Monday April 11, 4:00 am ET
VANCOUVER, British Columbia--(BUSINESS WIRE)--April 11, 2005--Exeter Resource Corporation (TSX VENTURE:XRC - News; FWB:EXB) has entered into an agreement with Rio Tinto Mining and Exploration Limited ("Rio"), of Santiago, Chile, an affiliate of the Rio Tinto group of companies, to explore gold geochemical anomalies previously generated by Rio in a regional program that covered a large area of southern Chile.
The agreement covers an 800 square kilometre area that is considered prospective for epithermal gold and silver mineralisation. Exeter has the right to 100% of any properties acquired, subject to Rio's right to back into a 60% property interest, once Exeter has completed 10,000 metres of drilling. Upon exercising that right Rio would pay to Exeter an amount equal to three times Exeter's exploration expenditures on the project to that point. Should Rio not exercise its back-in right, its interest will be equal to a 1% net smelter return from production on the property.
Yale Simpson, Chairman of Exeter, commented, "As with our partnership with Cerro Vanguardia S.A. (AngloGold Ashanti-Fomicruz) in Argentina, this exploration partnership with Rio in southern Chile presents discovery opportunities to Exeter that are not otherwise available to companies our size. These partnerships attest to the credibility of our discovery team with the major international resource companies."
Exploration activities under the Rio agreement will be initiated immediately, under the management of John McIntyre. Mr. McIntyre resides in Chile and has 24 years of experience exploring for porphyries and epithermal gold projects in the Pacific Rim.
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