Stateside post on ExeterThe best news of all is their market cap is under $150 million. For that you get:
1. Their Don Sixto deposit has around 800,000 ounces gold and a new updated resource calculation is due out this week that should move it to almost 2 million ounces gold.
2. Their Caspiche discovery hole announced last month. Here is what Lawrence Roulston has to say about it (posted on Exeter's website:
Exeter Resource reported 304 metres (1,003 feet)
grading 0.9 gram per tonne gold from drilling on its
wholly-owned Caspiche project in Chile. The hole
was still in mineralization at the maximum depth of
the drill rig. That hole represents an important porphyry
gold discovery with very large size potential.
The project is located between the Cerro Casale deposit
(22.9 million ounces gold at a grade of 0.69 g/t
gold and 0.25 per cent copper) and the Refugio mine
(5.4 million ounces gold at a grade of 0.76 g/t gold).
While the grade of Exeter’s hole may not attract the
attention of a typical investor, the hole is generating a
lot of interest among mining industry professionals.
Geophysical surveys suggest that the mineralized area
spans at least 500 meters by 1,500 meters. In essence,
that length of consistent mineralization in that
geological setting attests to the presence of a very
large gold-bearing system – the kind of environment
that is capable of hosting a plus-10 million ounce deposit.
Whether or not further drilling at Caspiche validates
the discovery, it would represent a bonus to the La
Cabeza gold-silver deposit in Argentina. A 2005 resource
estimate outlined 390,000 ounces of indicated
resource plus 500,000 inferred ounces. Since then,
drilling has greatly expanded the mineralized areas
that comprised the earlier estimates, and outlined significant
new deposits. The company is a couple of
weeks away from an updated resource study that
could increase the size of the resource well beyond
the earlier figures.
I expect the share price to move considerably higher
as the latest discovery is better understood by investors
and as the new resource estimate is completed.
Price May 29, 2007: C$ 2.94
Shares Outstanding: 38 million
Shares Fully Diluted: 47 million
Market Cap: C$ 111 million
Contact: Rob Grey
604-688-9537
3. And finally the bonanza gold and silver grades that keep showing up at Cerro Moro. A PR will be released this week that will announce the silver grades that went along with the gold grades in Thursday's PR. They exceeded 10,000 g/t so had to be assayed via a different method.
So you get a 2 million ounce deposit that is scheduled for production in 2009, a potential 10 million ounce low grade, large tonnage gold wopper discovery and bonanza grades of gold and silver in veins with at least 2 PR's coming on assays with drilling ongoing. Three outstanding properties for under $150 million. PS - And they have almost 20 geologists on staff working the properties.
stateside