Video – Thu 24 May, 2012
Yale Simpson discusses XG and XRA’s massive gold properties
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Al Korelin chats with Yale Simpson, Chairman of Exeter Resource Corp. and Co-Chairman of Extorre Gold Mines about how Extorre is moving forward with building its high grade mine in Argentina. They also discuss Extorre
Exeter Resource Corporation is a Canadian public company listed on the TSX and NYSE Amex exchanges. Our focus is the discovery, evaluation and development of gold deposits in the Maricunga district in Chile.
Exeter’s 100% owned Caspiche Project in Chile (with a 3% Net Smelter Royalty to Anglo American Chile Limitada) is a gold-copper porphyry system, a type of deposit common to many of the world’s largest open pit gold-copper mines. It is located 15 kilometres (8 miles) south of Kinross Gold’s Refugio mine (+6 million ounce gold resource), and 10 kilometres (6 miles) north of the very large Cerro Casale gold-copper deposit (24 million ounce gold resource), owned by Kinross Gold (25%)and Barrick Gold (75%).
A new Geological Resource for the Caspiche Project was completed by AMEC in August 2011, which served to upgrade the classification of some material previously considered inferred to higher categories. The new resource contains 1.36 billion tonnes in the measured and indicated categories containing 22 million ounces of gold, 6093 million pounds copper and 49 million ounces of silver. A further 286 million tonnes is in the inferred category containing 2.85 million ounces of gold, 1281 million pounds copper and 8.18 million ounces silver. The resource is inclusive of the project mineral reserves.
Extorre released the results of an updated preliminary economic assessment (“PEA”) of the Cerro Moro Project on April 2nd, 2012. The PEA highlighted the robust economics of a future mine expected to produce an average of 248,000 gold equivalent* ounces (123,125 oz. gold + of 6.25 Moz. silver) annually during the first 5 years of operations. The cash cost per ounce is estimated to be US$303 per ounce gold equivalent*. Initial CAPEX (Direct Costs) $US 207.3M + $US 39.6M VAT (VAT recoverable), Initial Indirect Costs (EPCM, owners’ costs, commissioning) $US 37.2M. The project economics were calculated using gold and silver prices of US$1320/ounce and US$26/ounce, respectively.