Drilling Recommences at Exeter's Caspiche Project

Tue Nov 8, 2011 6:31am EST

* Reuters is not responsible for the content in this press release.

Exeter Resource Corporation (TSX:XRC) (NYSE Amex:XRA) (FRANKFURT:EXB) 
("Exeter" or the "Company") is pleased to report that drilling has
recommenced at its 100% owned Caspiche project in northern Chile.

    Initial drilling will collect more detailed geotechnical data and core
material for advanced metallurgical evaluation programs for a potential
extension to the current engineering program. As part of the Oxide
Project development program, Schlumberger Water Services has been
selected to undertake hydrological studies and Knight Piesold to perform
geotechnical investigations. In addition, Knight Piesold's scope of work
will include geotechnical investigations for siting major construction
components of the Sulphide Project. Separately, Arcadis Chile is
completing environmental and community impact studies for the Oxide
Project as part of the Environmental Impact Assessment permitting
process. Arcadis will also advance environmental baseline studies for the
full project.

    Following initial drilling for engineering study purposes, drilling will
focus on testing new porphyry targets in close proximity to Caspiche.
This program will allow the Company to follow up on encouraging
hydrothermal alteration associated with porphyry mineralization
intersected late last season on the adjacent Sideral project held under
option from Xstrata. Target definition will be assisted by deep
penetrating geophysical surveys using equipment which was unavailable
last season.

    Drilling at Exeter's recently granted water exploration licenses (see
news release dated September 13, 2011) is scheduled to begin in December.
A new field camp is currently being installed to facilitate the program.

    The Company's landmark Pre-feasibility study on the combined Caspiche
Oxide-Sulfide Deposit is entering its final stage. Three mining scenarios
are under consideration: a Super Pit Option, a Hybrid Open Pit -
Underground Option and a Full Underground Option (see news release dated
November 22, 2010).

    The Super Pit and Hybrid Options incorporate In-Pit and Ex-Pit Crushing
and Conveying of waste rock (IPCC and EPCC) respectively (see news
release dated July 26, 2011). The recently completed IPCC Pre-feasibility
level study was undertaken in conjunction with Sandvik Mining and
Construction. The study confirmed significant benefits that include a
reduction in the cost of waste handling, a smaller truck fleet and fewer

    With the Pre-feasibility study nearing completion, the Company has
engaged select international consultants to review and comment on the
study inputs, assumptions and preliminary results. This initiative will
ensure the optimal outcome for this development milestone for Exeter.

    The study team advises that with the incorporation of the IPCC and EPCC
studies, the release date for the definitive PFS is now scheduled for
public release in mid-January 2012.

    About Exeter

    Exeter Resource Corporation, with a treasury of CDN $74 million and no
debt, is a Canadian mineral exploration company focused on the
exploration and development of the Caspiche project in Chile. The project
is situated in the Maricunga gold district, between the Refugio mine
(Kinross Gold Corp.) and the Cerro Casale gold deposit (Barrick Gold
Corp. and Kinross Gold Corp.). The discovery represents one of the
largest mineral discoveries made in Chile in recent years. Exeter has
initiated pre-feasibility studies with the aim of demonstrating the
commercial viability of this world class discovery.

    You are invited to visit the Exeter web site at www.exeterresource.com.


    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 in relation to the Company's belief as to the extent and
timing of its drilling programs, various studies including
pre-feasibility studies, 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, permitting submission and timing, water requirements and
expected cash reserves. These forward-looking statements are made as of
the date of this news release. Readers are cautioned not to place undue
reliance on forward-looking statements, as there can be no assurance that
the future circumstances, outcomes or results anticipated in or implied
by such forward-looking statements will occur or that plans, intentions
or expectations upon which the forward-looking statements are based will
occur. 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 that such future events
will occur and are subject to risks, uncertainties, assumptions and other
factors which could cause events or outcomes to differ materially from
those expressed or implied by such forward-looking statements.

    Such factors and assumptions include, among others, the effects of
general economic conditions, the price of gold 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 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; including risks associated
with the failure to satisfy the requirements of the Company's agreement
with Anglo American on its Caspiche project which could result in loss of
title; 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, 2010 dated March 25, 2011 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.

    Cautionary Note to United States Investors - The information contained
herein and incorporated by reference herein has been prepared in
accordance with the requirements of Canadian securities laws, which
differ from the requirements of United States securities laws. In
particular, the term "resource" does not equate to the term "reserve".
The Securities Exchange Commission's (the "SEC") disclosure standards
normally do not permit the inclusion of information concerning "measured
mineral resources", "indicated mineral resources" or "inferred mineral
resources" or other descriptions of the amount of mineralization in
mineral deposits that do not constitute "reserves" by U.S., unless such
information is required to be disclosed by the law of the Company's
jurisdiction of incorporation or of a jurisdiction in which its
securities are traded. U.S. investors should also understand that
"inferred mineral resources" have a great amount of uncertainty as to
their existence and great uncertainty as to their economic and legal
feasibility. Disclosure of "contained ounces" is permitted disclosure
under Canadian regulations; however, the SEC normally only permits
issuers to report mineralization that does not constitute "reserves" by
SEC standards as in place tonnage and grade without reference to unit


Exeter Resource Corporation
B. Roxburgh
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)

Exeter Resource Corporation
Suite 1660, 999 West Hastings St.
Vancouver, BC Canada  V6C 2W2

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