Exeter 22.9 Mio Unzen Gold
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Marc Davis, BNW News Wire
http://www.resourceinvestor.com/News/2009/12/...flocks-to-Exeter.aspx
Published 12/7/2009
Withbullion prices at all-time highs and world-class gold discoveriesbecoming ever more elusive, the investment industry is gamblingincreasingly sizeable sums of money on major mines-in-the-making. Arecent example of this new trend involves Exeter Resource Corporation(TSX.V: XRC) (NYSE-A: XRA). Specifically, a handful of top-tierinvestment banks snapped up the high-flying mining junior’s CDN$57.5 million equity financing last month in less than 24 hours.
Of Exeter’s war chest, a sizeable amount is being used todevelop one of the world’s largest gold discoveries in recentyears. The Caspiche gold/copper deposit in Chile is a veritable monsterthat weighs in at 33.7 million gold ‘equivalent’ ounces.(This ‘equivalent’ metric involves silver and copperby-product metals that are valued using baseline prices of US $12 forsilver and US $2.00 per pound for copper, while US $800 is used for thegold valuation). Stated another way, Caspiche boasts an inferredresource estimate of 19.8 million ounces of gold, 40 million ounces ofsilver and 4.8 billion pounds of copper.
The amount of money poured intoVancouver-based Exeter Resource is a clear indication thatmulti-billion dollar hedge funds are beginning to diversify into goldexploration companies – at least the ones that have especiallylarge in-development gold assets. This is because these gold stocks areincreasingly assuming a newly-found collective role as a powerfulinverse proxy to the weakening US dollar. In this regard, they areproving as attractive as gold bullion, itself. And though they are farriskier investments when compared to owning physical gold, they havebeen offering much greater returns as of the past few months.
Indeed, this reality appears to be the big attraction for theparticipants in Exeter’s financing. To date, their identitieshave not been disclosed by the Canadian underwriting syndicate, butthey apparently include some marquee names among US and Europeaninvestment funds. This is according to an investment banker who wishesto remain anonymous as he is not authorized to talk to the media.
“Notably, this financing includes one of the world’slargest hedge funds. This fund has only been investing in gold stocksas of recently, but this has already started a trend among large more‘macro generalist’ institutional investors,” oursource says.
This emerging trend among the type of big league money managers whohave mostly ignored the gold sector for many years has not goneunnoticed by Exeter.
“This latest financing was fully subscribed literallyovernight. Its size was a surprise to some people,”Exeter’s Executive Chairman Yale Simpson tells BNWnews.“Our previous smaller financings were dominated by resource fundsthat are specialists in the gold space,” he adds. “Thistime, I believe we’re dealing with much more mainstream playersthan has traditionally been the case. And these are funds thatobviously believe that either our gold resources will continue to buildsubstantially or that gold prices are still heading significantlyhigher – or both.”
Furthermore, the apparent appetite among institutional investors fora piece of Exeter may also be an indication that the theory of‘peak gold’ is beginning to win over converts. Especiallysince the CEO of the world’s largest mining company, BarrickGold, recently added credence to this argument.
Aaron Regent told a gold investment conference in London last monththat major gold mining companies are continually struggling to replacemined-out reserves. Especially their high-grade ore, much of which wasseverely depleted when gold was fetching much lower prices.
The problem is that fewer and fewer world-class gold deposits (atleast five million ounces in size) are being found. The current successrate is about one per year, regardless of how many companies arehunting for them and the approximately US $4 billion per year that isbeing spent in this quest.
“There is a strong case to be made that we are already at peakgold," Regent said. "Production peaked around 2000 and it has been indecline ever since. And we forecast that decline to continue as it isincreasingly difficult to find ore."
The facts certainly seem to back up Regent’s argument. Forinstance, global gold output has been dwindling by nearly 5% per annumsince it peaked in 2001, even though bullion’s spot price hasvirtually quadrupled since then. In the world’s mature goldfields the situation is even worse. For instance, in North Americaoutput has dropped over the last decade from 17.06 million ounces in1998 to 10.59 million ounces in 2008 – an extraordinary 60%plunge.
Hence, prospectively world-class discoveries are becomingincreasingly important to hungry mining majors with deep pockets.Especially since about three quarters of all significant discoveriesare made by exploration-oriented mining juniors.
That is why we are increasingly seeing small companies withlucrative gold finds being gobbled up by mid to major sized goldproducers. Exeter is unlikely to be an exception. Before that canhappen Exeter’s management says it is exploring ways to addsignificantly more value to Caspiche by way of additional detaileddrilling and mine planning.
There has even been speculation that the company could spin off andcommercialize its small but very high grade Cerro Morro gold/silverdeposit in pro-mining Argentina. To date, the deposit has an inferredresource is 646,000 ounces of gold that includes the rich Escondidavein, which contains 518,000 gold equivalent ounces at a grade of 34g/t gold.
The company plans to advance this resource to the more reliable‘indicated resource’ category during 2010, while alsotargeting a resource expansion to over one million gold ounces. Thedeposit is scheduled to be in production by 2011. Over time, it isexpected to continue to grow significantly in size due to its largelyuntapped overall potential, Simpson says.
Yet, the Caspiche deposit is an entirely different situation as it is far too large for Exeter to go it alone, Simpson says.
Market observers suggest it could cost upwards of one billiondollars to commercialize. But that would be a relatively small price topay for a giant multinational mining company that needs to produce asmuch as several million ounces of gold each year just to keep pace withits rivals.
Such potential suitors are not far away. The deposit is sandwichedbetween Kinross Gold’s 6.2-million-ounce Maricunga Mine and thein-development Cerro Casale mine in-the-making. Jointly owned byheavyweights Barrick (TSX: ABX) (NYSE: ABX) and Kinross (TSX: K) (NYSE:KGC), Cerro Casale is huge, boasting a 23-million-ounce gold resource,along with six billion pounds of copper.
Ultimately, significant economies of scale could be realized if themajor players get together to share mining infrastructure in the area.Kinross and Barrick are the obvious candidates. But given the size ofCaspiche, any of the world’s major gold miners couldcommercialize it.
“Due to its size, Caspiche has heightened appeal to majormining companies, of which nine have already signed confidentialityagreements with us. All would like to be considered when we do atransaction,” Simpson says.
For the mean time, Exeter appears to be happy to go it alone as thecompany is convinced that there is considerably more value in thedeposit that has yet to be unlocked.
In recent weeks, other major equity financings involving Canadiangold exploration-oriented mining juniors include an $86.33 million shotin the arm for Rubicon Minerals (TSX: RMX); $40 million for VentanaGold (TSX: VEN); $67.5 million for Gabriel Resources (TSX: GBU); $63.35million for Greystar Resources (TSX: GSL); and $71.87 million forCollosus Minerals (TSX: CSI).
Marc Davis writes for www.BNWnews.ca.
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Journalisten und Analysten waren von Exeter eingeladen, die Minen vor Ort zu besichtigen und mit dem Management zu sprechen. Es gibt eine ganze Reihe von Artikeln. Am folgenden hat mit insbesondere der Teil gefallen, wo über die Bewertung von Goldexplorern gesprochen wird. Den Teiil habe ich mal fett gedruckt (unter der Karte):
Hunting for Golden Resource Elephants in Chile Commodities / Metals & Mining Nov 22, 2009 - 06:02 AM
By: Sean_Brodrick
Chile is prime hunting ground for “elephants” — large, undiscovered deposits of all sorts of minerals — copper, gold, silver and more. And last week, I visited this supermodel-skinny country, which is 4,022 miles long and an average width of only 100 miles across, on the trail of one of the world’s great undeveloped gold deposits.
“Chile is a toothpick of a country filled with a thousand geologic faults,” a mining engineer told me, “and every time one of those faults bends, minerals bubble to the surface.”
The first gold deposit I visited surfaced in spectacular fashion. About 22 million years ago, a giant volcano in what would become Chile blew its head off in Mt. St. Helens fashion. This sudden removal of a mountaintop lifted pressure from molten gold, silver and copper deposits deep beneath the earth, and the hot metal surged higher, over and over again, intruding finger-width thick veins of ore-bearing quartz through host rock.
Today, you can go see that gold, silver and copper yourself — as long as you’re willing to take a multi-hour ride up and down mountainsides, through one of the driest deserts in the world, to reach the Caspiche project, which at its peak is about 2.7 miles above the Earth’s surface.
At that altitude, the air is so thin that the light somehow seems different — sharper — and the wind howls over barren rock and patches of ice that refuse to melt even as the warmth of spring embraces the rest of Chile.
But that’s the kind of place you have to go in the world today if you want to find elephant-sized gold deposits.
And Caspiche is potentially very big indeed. The inferred resource is 19.6 million ounces of gold, 4.84 billion pounds of copper and 40 million ounces of silver.
The company that is developing Caspiche is Exeter Resources (XRA on the AMEX, XRC on the TSX). Their crews are drilling like crazy to prove up the resource at Caspiche. Four drilling rigs are on the site now, and soon there will be six.
Justin Tolman, the Caspiche Project Manager, told me: “Every dollar I spend, I find an ounce of gold.” And indeed, discovery costs at Caspiche run between $1 and $2 an ounce.
Along with proving the size of the existing resource, Exeter is also trying to find out just how big the resource is. Jerry Perkins, Vice President of Development and Operations for Exeter Resources, told me that the resource is open on three sides. As a result, there may be more than 19 million ounces of gold.
This company is exploring and much remains to be proven. But the potentials are tantalizing.
A Bargain in Search of a Buyer
The kind of mineral deposit that Exeter is developing at Caspiche usually occurs in clusters. And sure enough, Caspiche appears to be similar to the neighboring Cerro Casale project, a very large and low-grade deposit jointly owned by Barrick Gold Corp. and Kinross Gold Corp. Cerro Casale has a 23-million-ounce gold resource, along with six billion pounds of copper. There is another project to the North, Refugio, operated by Kinross, that produces 250,000 ounces of gold annually.
Because the Caspiche resource is so large, even at the inferred level, Exeter feels confident enough to proceed with the project on many levels — technical, environmental, developmental. The more quickly Exeter can show that Caspiche has a large resource, and demonstrate the economic potential for the project, the more likely it could sell Caspiche to one of the major gold companies — and fetch a better price for it in the bargain.
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Companies that have resources that are in the measured and indicated category, and have a mine development plan in place, are typically valued at between $40 to $60 per ounce of gold when gold is $800 an ounce, according to Exeter. Using an average of $50 an ounce, that would give Exeter a value of $980 million on its gold at Caspiche alone. The company’s current market cap is just $348 million.
And I don’t need to tell you that gold is trading far above $800 an ounce.
Why would Exeter want to sell Caspiche? First, Exeter’s Chairman Yale Simpson explains, the company understands the alternative is a joint venture with a big miner. That would probably involve Exeter ending up with a small participating interest and then waiting while the larger company slots the discovery into their project pipeline. In other words, Exeter loses control of its destiny.
And there’s another good reason — Exeter has another gold project it wants to develop — one with bonanza-grade discoveries.
Hidden Gold Slumbers in the Port of Desire
Stomping around on the mountaintop at Caspiche was impressive enough. But then I traveled with the Exeter team by small plane, down the coast of Chile, through the Andes and over to Argentina. Then we flew further south … down to the windswept Patagonia region, to the Port of Desire (Puerto Deseado).
Anybody who could name that treeless, bleak, straggly area, — notable only for its native penguin population and excellent seafood — as “Port Desire” had to be at sea too long. And sure enough, it was named by privateer Thomas Cavendish in 1586. He named it after his ship.
But that’s where we went, because that’s where the gold is — or rather, it’s miles and miles out of town, but we traveled the rest of the way by vehicle and foot, to Exeter’s Cerro Moro Project.
Cerro Moro is a high-grade gold and silver project. Like Caspiche, Cerro Moro is on a rich vein, the Escondida vein, which has a resource estimate grade of 34 grams per tonne. This could be initially developed as an open pit operation at a grade of up to 1 OUNCE of gold per ton.
Other miners are already working in the area. In fact, Exeter has made a deal with a neighboring miner, Formicruz, that should add handsomely to Exeter’s available resource and Cerro Moro’s potential. The Formicruz property appears to host an extension of the Escondida vein.
Under the agreement, Exeter will spend $10 million to acquire an 80% interest in 293 square miles of Formicruz mining licenses which surround Exeter’s Cerro Moro project. Formicruz can acquire a 5% participating interest in the Cerro Moro project following the granting of mining permits. The deal gives Exeter a total of 870 square miles in landholdings around Cerro Moro.
Along with giving Exeter more territory along a rich vein, it also makes it a partner with the government of Santa Cruz province, which owns Formicruz. This could be important because of what happened at Exeter’s third asset, the Don Sixto Gold Project in Mendoza province.
The Don Sixto gold project has a measured and indicated resource of 925,000 ounces of gold and an inferred resource of 334,000 ounces of gold. However, Exeter probably won’t be developing that project anytime soon. In June 2007, the Mendoza government passed legislation that severely restricts mining in Mendoza. Exeter has filed an action in the Supreme Court to have the legislation declared unconstitutional. This shows the perils of South American exploration, at least in districts that aren’t mining friendly. Both Caspiche and Cerro Moro are in mining friendly districts (Chile in particular ranks #3 in the world for mining investment), and I think the potential payoff shows Exeter is worth the risk.
Back to Cerro Moro — the grades along the Escondida vein are really, really rich. With discovery costs running at just $20 per ounce of gold, here are some recent results …
- Hole MD617 intercepted 6.2 meters with an average grade of 94.9 grams gold per tonne (that’s 2.75 ounces per ton) and 14,365 grams silver per tonne (417 ounces per ton).
- Hole MD633 intercepted 2.4 meters with an average grade of 70.7 grams gold per tonne.
- A new discovery in Hole MD666 on the Formicruz property had intercepts of 13.3 grams per tonne of gold and 699 grams per tonne silver. More drilling is needed, but this could be a new ore zone.
Folks, despite rising prices, mine supply around the world is under pressure and struggling to keep up with demand. At the same time, ore grades have fallen from around 12 grams per tonne in 1950 to nearer 3 grams in the U.S., Canada, and Australia. Result: With gold at current prices, there are mines going into production that grade less than 1 gram of gold per tonne.
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| Sean Brodrick on site at the Caspiche project in Chile. |
Now, you don’t want to compare apples and oranges, and I’ve told you only a few of the higher grade samples from Exeter’s most recent news release, but there are now hundreds of high-grade drill holes at Cerro Moro. There is obviously the potential of starting with open pits and to quickly go to underground mining, chasing those rich veins as deep as they go.
Along with drilling, Exeter is also making plans for developing Cerro Moro, though a final decision to go ahead won’t be made until the first quarter of next year. It will take $9 million to connect Cerro Moro to the local electric grid, and electricity is cheap in that part of Argentina. The rock is easy to process and the company should see recoveries of 97% of gold and 90% of silver, which is high.
Caspiche is not as advanced on the road to development. A lot can happen to the price of gold between now and when these projects reach production stage. And the price of gold can go down as well as up. However, Cerro Moro’s high grades should help insulate it from the fluctuations in the price of gold.
Still, it would be very unlikely for a company of Exeter’s size to develop both projects — Caspiche and Cerro Moro — on its own. So that brings us to Exeter’s options …
Option #1) Prove up the ounces at the Caspiche project and then sell it. Exeter would have to sell the entire company or potentially play a tax bill of hundreds of millions of dollars (in capital gains). But the big miners will probably be very interested in Caspiche, because it is the biggest gold discovery made by the entire industry in several years. And there are big miners nearby that would probably be able to make Caspiche an even better bargain through economies of scale.
But what if that buyout doesn’t come? Well …
Option #2) Spin off Caspiche into its own company. Shareholders of the parent company get stock in the new company, essentially giving shareholders a dividend. Some of the money raised would go to Cerro Moro as well. Then the new company can raise money on its own.
Option #3) Do a mixed development plan at Caspiche. Exeter may do this anyway because there are actually two kinds of deposits at Caspiche — a low-grade oxide resource on top and a higher-grade sulphide resource lower down. And Eric Roth, of Exeter’s Advanced Development Group, says the project would start as an open pit on the low-grade rock at Caspiche, to get cash flow, then go to underground mine for the higher-grade gold-copper rock.
At that point, Exeter could then develop the high-grade resource as an underground mine (which the company favors) or take on one of the big miners as a joint-venture partner (which the company is not so keen on).
The point is, there are many ways this could play out. And there are other obstacles as well. Just one example: In Calama, a town in the Atacama Desert of Chile, it has never rained — NEVER rained. That’s because the Atacama is the driest desert on Earth. Guess what desert Caspiche is located in? I’ll spot you the “A.”
Mining requires a lot of water. The good news is, the company has time to put water rights together, and something can be worked out. There are unused water resources in the area.
But all obstacles and enormous potential aside, here’s the kicker …
Exeter Is Valued Only on Caspiche
Explorers that have “inferred” ounces (like Exeter) were recently priced at an average $20 per ounce on the Toronto Stock Exchange. Looking at the valuation of the company, it seems obvious that Exeter is valued only on the potential at Caspiche. That would mean Cerro Moro is thrown in for free — as well as the company’s silver, AND the company’s copper. And in that case, Exeter can definitely be bought on the dips.
I think this will be an $8, $9 or even $10 stock down the road. The parade of good news should continue, and we could see one of those company making events that boost the price overnight.
However, you’ll need patience to own this stock … it could also sit there for a while, bubbling away, like the molten gold and silver deposits that originally formed Caspiche. It could take a tumble if the price of gold swoons or some bad news breaks (always a possibility when you’re investing in gold explorers).
Do your own due diligence and remember that you’re in charge of your own investment destiny.
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...the resource is open on three sides...
und
...Every dollar I spend, I find an ounce of gold.” And indeed, discovery costs at Caspiche run between $1 and $2 an ounce...
Da geht noch was - haha
mein Durchschnitts-EK ist immer noch 1,33€
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...dann ist der Brief bei 5€.
| AMEX | 7,10 $ | 0,00% | 7,10 $ | 3.700 | 1.616.600 | 6,44 - | 02:04:06 |
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Habe mich mal von einer kleinen Posi ala 500 Stück verabschiedet,
denn Weihnachten steht vor der Tür.
Der steuerfreie Big-Block bleibt noch im Depot, denn es wird weiter aufwärts gehen.
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Interessant: Bei Börsenschluss in Toronto waren Brief und Geldkurs stark auseinander gelaufen. Das Bid stand bei 7,25 und das Ask bei 8,47. Schlusskurs war 8,25. Da bin ich gespannt, was sich heute tun wird.
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Am Freitag hatte ich die 500 Stücke den ganzen Tag wie Sauerbier für 5,10 angeboten und keiner wollte sie haben
und Heute waren sie für 5,40 nach 30 Sekunden weg.
Im übrigen sind die bei mir ALLE steuerfrei!
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VANCOUVER, Dec. 21, 2009 (Canada NewsWire via COMTEX News Network) --
Exeter Resource Corporation (AMEX:XRA, TSX:XRC, Frankfurt: EXB - "Exeter" or the "Company") is pleased to announce that effective December 21, 2009, it will be included in the Standard & Poor's ("S&P") / TSX Global Gold Index and the S&P / TSX Global Mining Index.
To view S&P's news release outlining the various index changes Please Click Here: http://www.newswire.ca/en/releases/archive/December2009/11/c2405.html and for all of S&P's various indices Please Click Here: http://www.standardandpoors.com/indices/main/en/us.
Executive Chairman, Yale Simpson stated "Exeter's inclusion in the prestigious S&P / TSX indices is another milestone for the Company. We did not anticipate being included before mid next year, so this is a particularly pleasant surprise for shareholders."
About Exeter
Exeter is a Canadian mineral exploration company focused on the discovery and development of gold and silver properties in South America. The Company has C$79 million in its treasury.
On the Caspiche Project in Chile, Exeter recently announced an inferred mineral resource estimate of 1,117 Mt (million metric tons) at a grade of 0.55 grams per metric ton gold and 1.12 grams per metric ton 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, 40 million ounces of silver and 4.84 billion pounds of copper (a total of 32.4 million gold equivalent ounces*). Drilling with six rigs to expand and upgrade the resource estimate is underway.
On the Cerro Moro Project in Argentina, Exeter recently announced an initial inferred mineral resource estimate of 646,000 ounces gold equivalent(xx) at a grade of 18 grams per ton gold equivalent(xx). The Company has drilled over 200 infill holes on the Escondida vein structure, principally to upgrade the sectors of the inferred resource that might be scheduled for early mining. Drilling to expand the deposit has recently been initiated and will continue through 2009. Engineering, environmental and infrastructure studies are being advanced ahead of a scoping study in 2010.
Matthew Williams, Exeter's Exploration Manager and Justin Tolman, Exeter's Caspiche Project Manager both considered 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.
You are invited to visit the Exeter web site at www.exeterresource.com.
EXETER RESOURCE CORPORATION
<< Bryce Roxburgh President and CEO >>
*Gold ("Au") equivalence for copper ("Cu") and silver ("Ag") was calculated by Exeter using assumed metal prices of US$800/ounce ("oz") for Au, US$12/oz for Ag and US$2/pound for Cu. The formula to calculate Au equivalence for Cu was pounds of Cu multiplied by 2 and divided by 800; Au equivalence for Ag was calculated using the formula oz of Ag multiplied by 12 and divided by 800, and in both cases assumes 100% recovery. Reported grades and metric tons have been rounded (see news release NR 9-22 dated October 20, 2009).
(xx)Inferred mineral resource estimate of 1,098 Mt containing 371,000 ounces gold at a grade of 10.5 g/t and 19.2 million ounces silver at a grade of 545 g/t for 646,000 ounces gold equivalent at a grade of 18 g/t gold equivalent. Gold equivalent is calculated by dividing the silver assay result by 70, adding it to the gold value and assuming 100% metallurgical recovery (see news release NR 9-14 dated July 8, 2009).
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 and expected cash reserves. 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.
NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
SOURCE: Exeter Resource Corporation
B. Roxburgh, President or Rob Grey, VP Corporate Communications, Tel: (604) 688-9592, Fax: (604) 688-9532, Toll-free: 1-888-688-9592, Suite 1260, 999 West Hastings St., Vancouver, BC, Canada, V6C 2W2, exeter@exeterresource.com
Copyright (C) 2009 CNW Group. All rights reserved.
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Keine Lust auf 33 Mio. Unzen und einen Haufen Cash???
Verstehe das, wer will!
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Und schlechte Resultate hat Exeter NOCH NIE geliefert.
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Aber der Chart sieht schon Super aus - gell?
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Du sollst die (steuerfreien) Gewinne laufen lassen.
Du sollst die Gewinne laufen lassen.
Du sollst die Gewinne laufen lassen.
Du sollst die Gewinne laufen lassen...
Drück jetzt nicht den Verkaufsbutton.
Drück jetzt nicht den Verkaufsbutton.
Drück jetzt nicht den Verkaufsbutton...
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Exeter plans to undertake spin-out transaction to create two independent companies
VANCOUVER, Jan 19, 2010 /PRNewswire via COMTEX News Network/ --
RESTRUCTURING TO UNLOCK THE VALUE OF THE HIGH GRADE CERRO MORO GOLD-SILVER PROJECT IN ARGENTINA
The Board of Directors of Exeter Resource Corporation (NYSE-Amex:XRA, TSX:XRC and Frankfurt: EXB - "Exeter" or the "Company") has unanimously approved a proposal to undertake a spin-out transaction pursuant to which the assets of Exeter would be separated into two highly focused companies. Under the terms of the proposed transaction, Exeter will retain all assets relating to the Caspiche gold-copper discovery, together with approximately $50 million in working capital, and focus on the advancement of Caspiche. Exeter will transfer to a new corporation, Newco, Exeter's Cerro Moro and other exploration properties in Argentina and approximately $25 million in working capital. Newco will then become an emerging gold-silver producer, focused on the high grade Cerro Moro gold-silver project in Argentina. It will be a condition to the closing of the transaction that Newco obtain conditional approval for the listing of its common shares on a major stock exchange.
The transaction is designed to create value for Exeter shareholders by unlocking the value of Cerro Moro and the other exploration properties in Argentina. Exeter shareholders will be asked to vote on the proposal at a special meeting of shareholders, expected to be convened on March 4, 2010. The proposal to be presented to shareholders would result in each Exeter shareholder of record, on the effective date of the transaction, receiving one share in Newco for each share held in Exeter. There will be no change in shareholder's holdings in Exeter.
Newco will focus initially on taking Cerro Moro through feasibility, project financing, development and into production. Concurrently, Newco intends to significantly expand the near-mine resources by drilling the many targets yet to be fully explored on the property. In addition, Newco will initiate an exploration program to realize the discovery potential of the other Argentinean projects in the portfolio.
Dr. Eric Roth, currently Exeter's Mine Development Manager - Argentina, will be appointed CEO and President of Newco. Eric has worked as a mine geologist on gold mines in Australia and Chile, and as an exploration geologist globally for BHP, the Rio Tinto Group companies and AUR Resources. More recently, Eric was Global Exploration Manager for AngloGold Ashanti.
Yale Simpson and Bryce Roxburgh will become co-Chairmen of Newco. The names of additional directors are expected to be announced in the near future, and further senior appointments will be made as Newco progresses through to a mine development decision.
Yale Simpson, Chairman of Exeter said, "Since the discovery of the large Caspiche gold-copper deposit in Chile, with its 19.6 million ounce* inferred gold resource, investor focus has logically been centred on the opportunity provided by such a sizeable discovery. Management has brought considerable technical and financial resources into exploring and de-risking that very important asset, while endeavouring to maintain an aggressive development program at Cerro Moro. The creation of Newco is expected to enhance shareholder value by bringing both investor focus and technical expertise to the Cerro Moro asset.
"We believe that Eric Roth will make a superb leader for the new company, given his career accomplishments to date, his commercial acumen, and his ability to communicate fluently in both English and Spanish. Eric and Jerry Perkins, our VP Development and Operations, are currently establishing a team with the skills and industry presence to successfully develop a mine at Cerro Moro.
"We intend for Cerro Moro to become a stepping stone for developing a mid-tier gold-silver producer with other development projects that may follow in the region. We expect this will provide our shareholders with a long term investment opportunity, far beyond the scope of the Cerro Moro asset alone.
"There is a strong advantage to initiating production on a very high grade project such as Cerro Moro. We liken our situation to that of Meridian Gold (prior to its acquisition by Yamana Gold), that became a successful mid-tier producer based upon the strong operating performance of its original high grade El Penon mine.
"Bryce Roxburgh and I have worked hard to develop a strong shareholder base over the past 6 years. We look forward to introducing Eric Roth to our shareholders, maintaining those established relationships, and continuing to expand our shareholder base.
"The Exeter Board and our Chilean management team will remain in place to take the Caspiche project forward. We intend to continue building shareholder value through expanding the large gold-copper resources and completing the mine development studies currently underway."
The transaction
The proposed transaction, which is subject to shareholder and regulatory approval, including approval of the Toronto Stock Exchange (the "TSX"), the NYSE Amex and the Supreme Court of British Columbia, will be accomplished by a plan of arrangement, whereby each Exeter shareholder of record on the record date will receive one share in Newco for each share held in Exeter. There will be no change in shareholder's holdings in Exeter.
Upon receipt of shareholder and all regulatory approvals, and subject to the final approval of Exeter's Board, Exeter will transfer to Newco, Exeter's Cerro Moro and other exploration properties in Argentina and approximately $25 million in working capital.
Shareholders will receive an information circular setting out further details of the proposed transaction and a shareholder meeting to approve the proposed transaction is expected to be held on March 4th 2010.
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 Company has C$77 million in its treasury.
On the Caspiche Project in Chile, Exeter recently announced an inferred mineral resource estimate of 1,117 Mt (million metric tons) at a grade of 0.55 grams per metric ton gold and 1.12 grams per metric ton 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, 40 million ounces of silver and 4.84 billion pounds of copper (a total of 32.4 million gold equivalent ounces*. Drilling to expand and upgrade the resource estimate commenced this month.
On the Cerro Moro Project in Argentina, Exeter recently announced an initial inferred mineral resource estimate of 646,000 ounces gold equivalent** at a grade of 18 g/t gold equivalent**. Exeter has drilled nearly 230 infill holes on the Escondida vein structure to upgrade inferred resources to indicated resources for the highest priority areas for mining.
A new Cerro Moro resource estimate is scheduled for April 2010, to be followed by a mine development study in Q2-2010. These studies will form the basis of a mine development decision and the submission of the project to Provincial authorities for permitting. Exploration drilling will continue through 2010. In addition, a new camp will be constructed close to the high grade Escondida Vein.
No site work is planned on the Don Sixto gold-silver project in Argentina over the next quarter.
Matthew Williams, Exeter's Exploration Manager and Justin Tolman, Exeter's Caspiche Project Manager both considered 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.
You are invited to visit the Exeter web site at www.exeterresource.com.
EXETER RESOURCE CORPORATION Bryce Roxburgh President and CEO * Gold ("Au") equivalence for copper ("Cu") and silver ("Ag") was calculated by Exeter using assumed metal prices of US$800/ounce ("oz") for Au, US$12/oz for Ag and US$2/pound ("lb") for Cu. The formula to calculate Au equivalence for Cu was pounds of Cu multiplied by 2 and divided by 800; Au equivalence for Ag was calculated using the formula oz of Ag multiplied by 12 and divided by 800, and in both cases assumes 100% recovery. Reported grades and metric tons have been rounded (see news release NR 9-22 dated October 20, 2009). ** Inferred mineral resource estimate of 1,098 Mt containing 371,000 ounces gold at a grade of 10.5 g/t and 19.2 million ounces silver at a grade of 545 g/t for 646,000 ounces gold equivalent at a grade of 18 g/t gold equivalent. Gold equivalent is calculated by dividing the silver assay result by 70, adding it to the gold value and assuming 100% metallurgical recovery (see news release NR 9-14 dated July 8, 2009).
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 proposed 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.
NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
SOURCE Exeter Resource Corporation
Copyright (C) 2010 PR Newswire. All rights reserved
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To: All Canadian Securities Regulatory Authorities
Subject: EXETER RESOURCE CORPORATION
Dear Sirs:
We advise of the following with respect to the upcoming Meeting of Security Holders
for the subject Issuer:
Meeting Type : Special Meeting
Record Date for Notice of Meeting : 27/01/2010
Record Date for Voting (if applicable) : 27/01/2010
Meeting Date : 04/03/2010
Meeting Location (if available) :
1260 - 999 West Hastings Street
Vancouver BC V6C 2W2
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Vancouver, B.C., February 1, 2010 – The Board of Directors of Exeter Resource Corporation (NYSEAmex:
XRA, TSX:XRC, Frankfurt:EXB – “Exeter” or the “Company”) is pleased to announce the addition of
Mr. Louis Montpellier to its senior management. He has been an independent director of the Company since
January 2008.
Mr. Montpellier has been practicing law in Vancouver, Canada since 1981. He has worked exclusively in the
capital markets as outside counsel to public companies engaged in international mineral exploration and
mining. His experience includes the entire spectrum of corporate finance activities as well as mergers and
acquisitions, corporate reorganizations and project financing.
Messrs. Bryce Roxburgh and Yale Simpson said, "We have known and worked with Louis Montpellier for
some years. His depth of experience in capital markets, M&A matters and corporate reorganisations will
greatly benefit Exeter going forward. Louis is well respected in the mining industry and will be pleasure to
work with on a day to day basis.”
Mr. Montpellier is joining Exeter as Vice President - Corporate Development and Legal Counsel to assist in
managing the growth in activity expected to result from the recently announced corporate spinout of the
Cerro Moro project and other Argentina assets. It is anticipated that upon completion of that transaction Mr.
Montpellier will also be involved in the management and board of the new company. The Company has
awarded Mr. Montpellier 500,000 stock options, vesting over 18 months, exercisable for 5 years at a price of
$6.91 per share.
The Company has also awarded 200,000 stock options, vesting ov...
http://www.exeterresource.com/pdf/2010_news/Exeter_news_100201.pdf
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