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VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Mar 2, 2007 -- Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) (the "Company" reports that initial drilling at its Caspiche epithermal gold property in Chile, has encountered significant gold and silver mineralization.
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Six reverse circulation drill holes were drilled for a total of 1,667 metres. Highlight results, in grams per tonne ("g/t", include:

- 24 metres at a grade of 1.1 g/t gold and 23 g/t silver from a down hole depth of 52 metres in hole CSDH 002

(79 feet at a grade of 0.032 oz./ton gold and 0.66 oz./ton silver from 171 ft)

- 6 metres at a grade of 1.7 g/t gold and 16 g/t silver from a down hole depth of 172 metres in hole CSDH 002

(20 feet at a grade of 0.049 oz./ton gold and 0.46 oz./ton silver from 564 ft)

- 22 metres at a grade of 1.5 g/t gold and 1.6 g/t silver from a down hole depth of 144 metres in hole CSDH 006

(72 feet at a grade of 0.435 oz./ton gold and 0.046 oz./ton silver from 472 ft)

The drilling has confirmed the presence of a high-sulphidation epithermal gold system on the northern flank of the Caspiche Porphyry. The mineralization is interpreted to lie within flat lying replacement zones that are related to a gold-copper bearing intrusive body.

Jason Beckton, Exeter's Manager in Chile, stated, "Our discovery represents a different type of deposit from the Caspiche copper-gold porphyry system previously discovered in the area by Minera Anglo American Chile Limitada and Empresa Minera Mantos Blancos S.A. ("Anglo American". Importantly the grade of the mineralization discovered is significantly higher than the average grade of the Caspiche Porphyry and the nearby Refugio and Cerro Casale gold-copper deposits.

In the case of drill hole CSDH 002, the gold-silver mineralization is within a stratabound zone at least 24 metres thick, situated at the top of the Rio Nevada volcanic sequence, directly beneath the footwall contact of the overlying Yeguas Heladas conglomerate and felsic tuff formation. This has significant implications for the discovery of widespread mineralization, particularly given that outcrop is only 3 percent.

CSAMT and VLF electromagnetic geophysical programs conducted on the property by Exeter in late 2006 had indicated the presence of resistive anomalies interpreted to be potentially mineralized silica bodies extending for five kilometres. The surveys also indicated that the zone is quite separate from the Anglo American copper-gold discovery.

Identifying targets to drill using geophysical methods is generally an "inexact" positioning method, hence several drill holes missed the interpreted silica bodies. Further drilling will better define the geometry and extent of the new mineralization."

Significant Drilling Results

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