Mr. Bryce Roxburgh reports

EXETER RESOURCE CORPORATION ANNOUNCES CAD$50 MILLION BOUGHT DEAL FINANCING

Exeter Resource Corp. has entered into an agreement with Canaccord Genuity Corp., pursuant to which the underwriter has agreed to purchase, on a bought-deal basis, pursuant to a short-form prospectus, 8,065,000 common shares of the company at a price of $6.20 per share for gross proceeds of $50,003,000. In addition, the company will grant the underwriter an overallotment option, exercisable prior to the closing of the underwritten offering, to purchase from the company up to an additional 1,209,750 common shares at $6.20 per share to raise additional gross proceeds of up to $7,500,450.

In connection with this offering the underwriter will receive a cash commission of 6 per cent of the gross proceeds raised.

The company intends to use the net proceeds from the offering to advance the company's Caspiche project and for general working capital. Specifically, the proceeds will finance a project prefeasibility study, the entering into of certain infrastructure contracts, drilling to facilitate advanced mine optimization studies, additional metallurgical testwork and process design studies, and follow-up drilling on exploration targets in the area.

Closing of the offering is anticipated to occur on or before Oct. 27, 2010, and is subject to certain conditions including, but not limited to, the completion of satisfactory due diligence by the underwriter and the receipt of applicable regulatory approvals including approval of the Toronto Stock Exchange and the NYSE Amex.