Exeter reports Cerro Moro exploration results

Wednesday, September 22, 2004

Vancouver-based Exeter Resource (TSX-V: XRC) has reported the results of a 40-hole reverse circulation drill program at its Cerro Moro epithermal gold project in southern Argentina's Santa Cruz province.

Cerro Moro is the most advanced of four major projects recently acquired through an option with mining company Cerro Vanguardia (CVSA), owned by South Africa's AngloGold (NYSE: AU), and state-owned business development agency Fomicruz.

The 2,066m program on six veins was designed to test for strike and plunge extensions to gold and silver mineralization indicated by previous widely spaced drilling by CVSA, Exeter said in a statement.

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Significant drill results include 6m of 4.6g/t gold and 356g/t silver, including 1m of 14g/t gold and 743g/t silver on Nini vein and 5m of 4.8g/t gold and 105g/t silver, including 3m of 6.9g/t gold and 151g/t silver, and 2m of 10.7g/t gold and 127g/t silver, including 1m of 14.3g/t gold and 161g/t silver, on Deborah vein, the statement said.

Only one vein, Mosquito, returned no significant assays. Overall, the company said it was "encouraged" by the results and was preparing a follow-up program.

Exeter can earn 100% of the CVSA land package of 104,700ha covering 39 individual tenements by spending US$3mn within five years and completing 10,000m of drilling, subject to various back-in rights.