UPDATE: Exeter Resource Corp Loses Early Gains; Acquires Water Exploration Concession in Chile
Exeter Resource Corporation (XRC.TO) turned negative after touching a day high $5.22 in the early minutes of Tuesday trade after reporting that the Chilean government has granted the company a 10,726 hectare water exploration concession. It said the concession provides a second potential water source for the Caspiche gold-copper project. The concession is located approximately 100 kilometres (60 miles) north of Caspiche, at an elevation of 4,700 metres above sea level.
The company expects to initiate a water exploration program comprising field mapping, geophysics, drilling and pump testing during Q4 2011, weather permitting.
Applications for two additional water exploration concessions in the area are still being processed by the relevant government authorities. Following approval, exploration programs will be extended to cover these concessions.
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