VANCOUVER, March 17 /PRNewswire-FirstCall/ - Exeter Resource
Corporation (NYSE-AMEX: XRA, TSX: XRC, and Frankfurt: EXB)
("Exeter" or the "Company") wishes to clarify trading of the shares
of both Exeter and Extorre Gold
Mines Ltd. ("Extorre" or "XG") for the period March 17-24, 2010.
For Canadian Shareholders trading on the TSX
Exeter and Extorre will trade
as two separate companies commencing Thursday March 18, 2010. In order to receive
Extorre shares, an investor must execute a trade to purchase
Exeter shares on the TSX before,
and continue to hold such shares on, March
18, 2010. Specifically Exeter shares will trade "ex-distribution" on
the TSX on March 18, 2010 and the
record date for distribution of Extorre shares to Exeter shareholders will be March 22, 2010 (the "Record Date").
For U.S. Shareholders
Exeter will not trade
"ex-distribution" on the NYSE-AMEX until after March 23, 2010. Therefore from March 18 to March 23 Exeter will continue to
trade "regular way" under the symbol "XRA". During this period the
quoted price of XRA will likely reflect the price of "the existing
Exeter" as if the split had not
taken place and the XRA quote may therefore differ from the TSX
quote for "XRC" during that period. If you sell your XRA share in
this period you will be selling your entitlement to a share of
Extorre.
Investors are encouraged to consult with their financial
advisors regarding the specific implications of buying or selling
Exeter shares on the NYSE-AMEX
before the distribution date.
For All Investors
Each registered Exeter
shareholder on the Record Date will be deemed to have exchanged,
without any action on their part, all of their Exeter shares for one new Exeter share and one new Extorre share.
Existing Exeter share certificates
will not need to be physically exchanged and will be deemed to be
share certificates representing the new Exeter shares. Exeter shareholders who hold their
Exeter shares in their brokerage
accounts, including discount brokerage accounts, will have their
Extorre shares automatically deposited into their accounts by their
broker upon completion of the Arrangement. There will be no change
in shareholders' holdings in Exeter as a result of the Arrangement.
Each Exeter option holder and
warrant holder on the Record Date will receive a new option or
warrant, as applicable, for Exeter
shares and for Extorre shares at an adjusted exercise price based
on the volume weighted average trading price of the Exeter shares and Extorre shares for the five
trading days following March 18,
2010.
Please refer to the Exeter
press release dated January 19, 2010
and the Circular for more detailed information, available on SEDAR
at www.sedar.com.
You are invited to visit the Exeter web site at www.exeterresource.com.
EXETER RESOURCE CORPORATION
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
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.
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
measures.
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