The Gold Report

Exeter Resource Corp. TICKER: XRC:TSX; XRA:NYSE.A; EXB:FSE Visit Company Website Exeter, a Canadian exploration company, controls 100% of the world-class Caspiche gold-copper discovery in Chile. Caspiche has NI 43-101-compliant resources of 26.4 Moz gold, 6.7 Blb copper and 62.9 Moz silver. Drilling has resumed to test other porphyry targets peripheral to Caspiche and to further define the highest-grade portion of the deposit. The company is also continuing metallurgical testwork on both oxide and sulfide ore types to provide baseline data for process option studies. Exeter is also performing mine planning, metallurgical, water, environmental and infrastructure studies. The goal is to complete a prefeasibility study in Q411. The company has $80M and no debt. M&I Resources: 21.3 Moz gold, 5.3 Blb copper and +48.4 Moz silver Inferred Resources: 5.1 Moz gold, 1.4 Blb copper and 14.5 Moz silver Indicated Resources: +35.9 Moz gold eq. Inferred Resources: 9.1 Moz gold eq* *AMEC chose to report the resource above a Au equivalent cutoff. For this it used prices of US$950/oz for Au and $2.30/lb for Cu. The formula used to calculate Au equivalents is Au(g/t) + Cu (%) * (Cu Price [$/lb]/Au Price [$/oz]) * (Rec Cu/Rec Au)*0.06857*10000. Where Rec = % recovery and 0.06857 = conversion g*lb/oz. Au and Cu are the block kriged Au and Cu grades. Projected metallurgical recoveries were 75% and 85% for Au and Cu respectively in sulphide material and 50% for Au in the oxide zone. Recoveries are based on benchmarking of similar deposits. View Exeter's Corporate Structure

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Daniel Earle, TD Newcrest (1/18/12) "Exeter Resource Corp.'s pre-feasibility study (PFS) for its Caspiche project marks the first study of the megaproject and builds on the June 2011 PFS for a standalone heap-leach project. . .the study demonstrates the potential to develop a world-class open-pit mine with reserves of 19.3 Moz gold and 4.6 Blbs copper. Average annual gold production was estimated at 696 Koz, at net cash costs of US$18/oz after byproduct copper production of 244 Mlbs/year at an assumed copper price of US$2.75/lb. . .the completion of the PFS establishes Caspiche as one of the largest undeveloped gold and copper reserves in the world. . .we are upgrading our recommendation to Speculative Buy."

Morning Coffee (1/18/12) "Exeter Resource Corp. rallied after releasing the awaited results of the prefeasibility study (PFS) on its 100%-owned Caspiche Au-Cu-Ag project in Chile. . .based on the 'Super Pit' oxide-sulphide mining and in-pit crushing and conveying (IPCC) option, the company anticipates an average annual production of 696 Koz Au and 244 Mlbs Cu per year (1.17 Moz Au eq), at US$606/oz Au eq cash costs, over a 19-year mine life, with 2P reserves of 19.3 Moz Au and 4.62 Blb Cu."

Wendell Zerb, Canaccord Genuity (1/18/12) "Exeter Resource Corp. has released the prefeasibility study for its 100%-owned Caspiche Au-Cu-Ag project, with results as expected. We maintain our Speculative Buy rating and 12-month CA$9.35 target price. . .Exeter's Caspiche deposit remains one of the most significant new Au-Cu-Ag discoveries in the last decade; located in the Maricunga belt in Chile and adjacent to Barrick's Cerro Casale and Kinross' Maricunga (Refugio) deposits, Caspiche is well located as this prolific district expands. . .we continue to value Exeter on metrics related to it ultimately being acquired."

John Hayes, BMO Capital Markets (1/17/12) "Exeter Resource Corp. has released a prefeasibility study examining a combined oxide/sulfide development for its Caspiche copper-gold project in Chile; the study examined several mining scenarios, with the preferred development a super open-pit operation using in-pit crushing and a conveyor system to move ore out of the pit. Oxide ore would be mined and heap-leached to produce metal onsite; sulfides would be milled and treated in a roaster (to reduce arsenic content) to produce concentrate. . .Exeter is planning to complete a standalone feasibility study on the oxide-only project."

Wendell Zerb, Canaccord Genuity (11/30/11) "We are reiterating our Speculative Buy recommendation and 12-month target price of CA$9.35 on Exeter Resource Corp. . .the company's 100%-owned Caspiche deposit remains one of the most significant new Au-Cu-Ag discoveries in the last decade. . .adjacent to Barrick's Cerro Casale and Kinross' Maricunga (Refugio) deposits, Caspiche is well located as this prolific district expands. . .in addition, the company has started a new drilling campaign. . .drilling will test new porphyry targets in close proximity to Caspiche, including the Sideral project held under option from Xstrata."

• Corporate Snapshot (9/13/11)

(6/23/11) Mining 101: How to Find a Vein

(6/13/11) XRC: Update from Caspiche

(12/18/10) Exeter's Caspiche Gold/Copper Porphyry

(1/17/12) XRC: Major News

(5/7/11) Interview with Rob Grey of Exeter Resources

(3/5/11) Exeter's Simpson: Bulls Running at BMO

(2/5/11) Weekend Show

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