Mr. Bryce Roxburgh reports

EXETER REPORTS SUCCESSFUL COMPLETION OF INFILL DRILLING AT ITS CASPICHE GOLD-COPPER PROJECT, CHILE

Exeter Resource Corp. has released results from the infill drilling program on its Caspiche porphyry project in northern Chile. The purpose of the program was to lift higher-grade inferred category mineralization into the indicated category.

Highlights from the infill drilling program include:

• Drill hole CSD074 intersected 908 metres (2,979 feet) at a grade of 0.60 gram per tonne (g/t) gold (0.017 ounce per ton) and 0.22 per cent copper from a downhole depth of 204 metres (670 feet).
• Drill hole CSD075 intersected 572 metres (1,877 feet) at a grade of 0.78 g/t gold (0.023 ounce per ton) and 0.31 per cent copper from a downhole depth of 90 metres (295 feet).
• Drill hole CSD076 intersected 1,146 metres (3,760 feet) at a grade of 0.38 g/t gold (0.011 ounce per ton) and 0.31 per cent copper from a downhole depth of 116 metres (380 feet), including 378 metres (1,240 feet) at 0.55 g/t gold (0.016 ounce per ton) and 0.45 per cent copper from a downhole depth of 558 metres (1,831 feet).
• Drill hole CSD078 intersected 376 metres (1,234 feet) at a grade of 1.25 g/t gold (0.036 ounce per ton) and 0.40 per cent copper from a downhole depth of 250 metres (820 feet).

All holes are within or marginal to the resource shells documented in the National Instrument 43-101-compliant mineral resource estimate, completed by AMEC International, announced in Stockwatch news on Sept. 13, 2010.

Justin Tolman, Caspiche's project manager, stated: "The results from this 6,600-metre drilling program demonstrate the continuous nature of the Caspiche mineralization and support the integrity of our geological model. AMEC International has now been retained to begin work on an updated resource estimate. The inclusion of the results from this additional drilling in the upcoming resource estimate update should allow us to consider economic extraction of higher-grade portions of the deposit currently classified as inferred within our prefeasibility study (PFS) currently in progress."

Two drill rigs are now exploring for additional porphyry mineralization in the immediate vicinity of the Caspiche resource. A third rig is recovering mineralized material from within the Caspiche deposit as part of the company's metallurgical optimization and flow sheet development programs.

The oxide gold deposit stand-alone PFS remains on schedule for release in second quarter 2011. The company recently commissioned a scoping study to consider the potential for ex-pit or in-pit crushing of waste rock for the combined oxide plus sulphide PFS. Completion of the scoping study is expected in second quarter 2011, and if favourable, the company could consider including the concept in the PFS and revising the release date for the combined PFS to fourth quarter 2011.

          DETAILS OF SIGNIFICANT NEW DRILL HOLES

Hole No.         From         To      Width     Gold    Copper
                  (m)        (m)        (m)    (g/t)       (%)

CSD074            120        134         14     0.54      0.02
CSD074            204      1,112        908     0.60      0.22
CSD075             47         90         43     0.40      0.01
CSD075             90        662        572     0.78      0.31
CSD076             34        116         82     0.31      0.01
CSD076            116      1,262      1,146     0.38      0.31
Including         558        936        378     0.55      0.45
CSD077             72         84         12     1.19      0.01
CSD077            528    1,078.8      550.8     0.36      0.23
CSD078            250        626        376     1.25      0.40
CSD079            584      1,171        587     0.43      0.29

Note
Intercepts not calculated using a gold cut-off.

Mr. Tolman, Exeter's Caspiche project manager and a qualified person within the definition of that term in NI 43-101, has supervised the preparation of the technical information contained in this news release.

Anglo American agreement

Exeter recently exercised the option to purchase the Caspiche project and has entered into an agreement for the transfer of the project properties from Anglo American Norte SA to its local subsidiary, Minera Eton Chile SA. The agreement also provides for an extension of the required timeline to production from the previous 10 years to 15 years, adds additional tenure to the Caspiche property package, details the 3-per-cent net smelter royalty due to Anglo from production, and provides for advance royalty payments until production commences comprising $250,000 (U.S.) per year to March, 2021, and from then on $1-million per year through March, 2026. These payments terminate upon the commencement of commercial production at Caspiche.

We seek Safe Harbor.