VANCOUVER, March 23 /PRNewswire-FirstCall/ - Exeter Resource
Corporation (NYSE-AMEX: XRA, TSX: XRC, and Frankfurt: EXB)
("Exeter") and Extorre Gold Mines Limited (TSX:XG) ("Extorre") are
pleased to announce that they have closed the previously announced
spin-out transaction and that Extorre now trades as an independent
company on the TSX under the symbol "XG". As a result of the
closing, Extorre holds all of Exeter's former interest in the Argentine
Cerro Moro and Don Sixto Projects as
well as its Argentine Patagonian exploration projects and an
initial $25 million from Exeter. Extorre's initial focus is on
development of the Cerro Moro Project, while exploration drilling
will continue to test for new high grade vein targets.
Exeter will continue to hold
and focus on advancing its Caspiche Project, located in northern
Chile.
Extorre shares will not be initially listed on NYSE-AMEX. For US
shareholders, Extorre intends to initially apply for listing on the
OTCQX exchange and subsequently on the NYSE-AMEX. Listing is
subject to Extorre meeting all listing requirements of those
exchanges and receiving exchange acceptances of listing
applications.
Exeter shares now trade
"ex-distribution" on the TSX and will trade "ex-distribution" on
the NYSE-AMEX on March 24, 2010.
For purposes of shareholders determining the tax basis of their
shares in Exeter and Extorre as a
result of the spin-out transaction, Exeter's board of directors has determined
that the relative value for Exeter
and Extorre is 80% and 20% respectively.
You are invited to visit the Exeter web site at www.exeterresource.com and
the Extorre web site at www.extorre.com.
EXETER RESOURCE CORPORATION EXTORRE GOLD MINES LIMITED
Bryce Roxburgh Eric Roth
President and CEO President and CEO
exeter@exeterresource.com extorre@extorre.com
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
proposed Arrangement and expected future attributes and success of
each of the Company and Extorre following such transaction; the
anticipated Record Date for the new Exeter shares and the new Extorre shares; the
expected completion date of the Arrangement, 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, permitting submission and timing,
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. 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, 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
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 the ability to obtain any necessary
approvals, waivers, consents and other requirements necessary or
desirable to permit or facilitate the proposed Arrangement, the
risk that any applicable conditions of the proposed transaction may
not be satisfied, 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