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A huge gold-copper project A well respected management team Chile- a safe & stable investment regime Cautionary Statement

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slide1

A huge gold-copper project

  • A well respected management team
  • Chile- a safe & stable investment regime
slide2

Cautionary Statement

Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission (“SEC”) permits mining companies in their filings with the SEC to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this presentation, such as “inferred resource”, that the SEC guidelines strictly prohibit us from including in our filing with the SEC. U.S. investors are urged to consider closely the disclosure contained in our annual report on Form 40-F.. You can review and obtain copies of our filings from the SEC’s website at

http://www.sec.gov/edgar.shtml.

This document and the information contained in it do not constitute a prospectus and do not form any part of an offer of, or invitation to apply for, securities in any jurisdiction. Potential investors should no rely solely on the information contained herein prior to making any investment decision. Investors should seek independent advice from a qualified finance and investment advisor, giving due regard to their own personal circumstances, prior to forming any investment decision

Safe Harbour Statement - This presentation may contain certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements reflect our current belief and are based upon currently available information. Actual results could differ materially from those described in this presentation as a result of numerous factors, some of which are outside of the control of Exeter.

Many of the assay results presented are preliminary and may not be accurate due to various factors, including but not limited to sample recoveries, true widths and interpretations.

slide5

Corporate Snapshot

  • Market Capitalization: C$500m (at C$6.50)
  • 0.32 ounces gold and 60 pounds copper per share
  • Low Gold Discovery cost Caspiche $2/oz.
  • Budget $20M to Jun 2011
slide6

Key Projects in the Maricunga Belt, Chile

Resource: 2.6 million oz gold

Annual production: 226,000 oz. gold

Maricunga Belt

Resource: 5.9 million oz gold

Annual planned production:

350,000 oz. gold

La Coipa Mine (Kinross)

CHILE

Resource: 8.8 million oz gold

Annual production:

223,000 oz. gold equiv.

~ 60km

Lobo-Marte (Kinross)

~ 40km

Indicated: 14.3 million oz gold, 3.5 billion lbs copper, 40 million oz silver,

Inferred: 10.0million oz gold, 2.9 billion lb. copper, 11.3 million oz. silver

Total : 41.7 M oz gold equiv.

Maricunga Mine (Kinross)

~10km

Copiapo

ARGENTINA

Caspiche

~20km

Cerro Casale

(Barrick-Kinross)

Resource: 28.8 million oz gold, 79.5million oz silver, 7.8 billion lbs copper

Life of Mine production to be 13.9 million oz. gold, 21.7 million oz. silver, and 1.8 million metric tons copper

~100km

Vallenar

M&I resource of 558 million metric tons at 0.55% copper and 0.5 g/t gold

El Morro (Goldcorp-New Gold)

~70km

Pascua Lama Mine (Barrick)

Veladero Mine (Barrick)

slide7

Exeter’s Caspiche gold-copper discovery

Cerro Casale (Barrick-Kinross)

28.8 million oz. gold resource

Maricunga Mine (Kinross)

8.8 million oz. gold resource

Caspiche Porphyry

Discovery

The Caspiche, Chile discovery is very close to 2 world class gold deposits. Caspiche subject to a 3% NSR to Anglo American. The porphyry gold-copper target is extremely large and our successful program is transforming Exeter into a mid-tier gold company.

slide8

NI43-101 Compliant Indicated/Inferred Resource by AMEC International

Open Pit Mining Combined followed by Underground Mining Resource

for AMEC calculation parameters, please refer to the 43-101 report on Exeter website

slide9

NI43-101 Compliant Inferred Resource

Estimate by AMEC International

Parameters Used by AMEC for Estimating Resource

  • *AMEC chose to report the resource above a Au equivalent using prices of US$950/oz for Au and $2.30/lb for Cu.
  • The formula used to calculate Au equivalents is Au(g/t) + Cu (%) x (Cu Price [$/lb]/Au Price [$/oz]) x (Rec Cu/Rec Au) x 0.06857*10000 where Rec = % recovery and 0.06857 = conversion g x 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.
  • The underground resource shell is defined assuming a block caving mining method and appropriate mining costs. The block caving mining method does not permit any selectivity during the mining process and all material within the underground resource shell is therefore considered a resource.
march 2010 amec block model open pit followed by block cave 4000rl view
March 2010 AMEC Block Model OPEN PIT followed by BLOCK CAVE - 4000RL view

AMEC OPEN PIT

AMEC BLOCK CAVE

1 km

½ mi

Section position

March, 2010

BLOCK MODEL LEGEND

Exeter Drilling included in resource 33,392m

slide11

March 2010 AMEC Block ModelOPEN PIT followed by BLOCK CAVE - 4000RL view

Late Diatreme

Breccia

AMEC OPEN PIT

AMEC BLOCK CAVE

1 km

½ mi

March, 2010

BLOCK MODEL LEGEND

1 km

½ mi

slide13

2009/2010 Drilling

Season suspended 14th May, 2010

Drilling pre interim resource 35,133m

(announced April 6, 2010)

Drilling post interim resource 20,217m

slide14

Development Schedule

Resource Estimate Update

Current Street Valuation:

US$20 to US$25 per Au Oz

With Development Studies: 0.9 x NPV

Development Study Update

  • Americas gold development companies
  • trade at a multiple to project NPV:
  • At US$800/oz Au0.9x
  • Average Values US$40-$60/oz Au

Before Development Studies

slide16

Mine Development Options

Under Consideration

  • Initial Mine Development and Infrastructure Studies undertaken by Santiago-based NCL Ingenieria y Construccion
  • Three Mining Scenarios Considered:
    • “Super Open Pit” (Oxide + Sulfide) to >1km depth
      • 100MT Oxide Ore + 1.017BT Sulfide Ore
      • Strip ratio 2.43:1
    • Oxide Ore Mined in Open Pit and All Sulfide Ore Underground
      • 100Mt Oxide Ore in OP with strip ratio of 0.29:1
      • All Sulfide Ore mined UG through block caving
    • Intermediate Depth Open Pit and Sulfide Underground
      • Open Pit Mining to 600m depth (Oxide + Sulfide Ores)
      • Underground Block Cave on sulfide ore below 600m
      • Preferred Option
slide17

Schematic Development

  • Preferred Option for the 2009 Resource (not updated for new resource)
  • Open Pit to 600 metres, and underground block cave below
      • Includes Oxide Ore Open Pit + Heap Leaching of 100Mt of ore - 1.7M oz Gold - strip ratio 0.3:1
      • Total Open Pit (Oxide + Sulfide Ores) - 10.4M Oz Gold + 2B. lbs. Copper – strip ratio 1:1
      • Underground Mining - 343MT at 0.65 g/T Gold + 0.29% Copper (7.1Moz Gold, 2.2B. lbs Copper)

Waste Dump

Crusher

Open Pit to 600m

(Captures 570MT

Oxide + Sulfide Ore)

Access and

Overland Conveyor

UG Block Cave

below 600m

UG Conveyor

To Mill

View to North East

slide18

PROPOSED INFRASTRUCTURE:

Cerro Casale & Caspiche

slide19

Oxide Ore Metallurgy

Maricunga Mine (Kinross Gold) oxide ore leach pads

and infrastructure located15 km north of Caspiche

  • Oxide Ore
  • Flat lying blanket (+100m)
  • Minimal copper content
  • Bulk mining/low costs
  • Early cash flow

2009 Column Testwork

  • 2010 Testwork Program
  • McClelland Laboratories
  • (Heap leaching specialists)
  • 11 new composite samples
  • 29 new column tests
  • Extrapolation of results to possible run of mine leaching
  • Program is Underway
slide20

Sulfide Gold-Copper Metallurgy

  • Large tonnages, relatively low grades – must use flotation
  • Copper minerals: chalcopyrite ± 80%, bornite, enargite, chalcocite
  • So test conventional copper porphyry flowsheet schemes

Initial targeted

Copper Recovery

Initial targeted

Gold Recovery

  • Copper recovery optimisation - first stage completed
  • Gold recovery optimisation – first stage commencing

LSHA Low sulfide/high arsenic HSLA High sulfide/low arsenic

LSLA Low sulfide/low arsenic HSHA High sulfide/high arsenic

slide21

Concentrate Treatment Options

  • Testwork indicates the average arsenic content of Caspiche copper-gold sulfide concentrates exceeds acceptance levels by smelters.
  • 1. SNC Lavelin engaged in 2009 by Exeter to perform a Scoping Study to consider proprietary processing routes to either:
    • Treat the concentrate to produce a “clean concentrate” for sale to conventional smelters (2 process options),
    • or
    • Produce cathode copper and gold dore at Caspiche using hydrometallurgical processes (6 process options).
  • 2. SNC Lavelin and Exeter agree on one preferred process for each route
    • Reductive Roasting to produce clean concentrates, and
    • High TemperaturePressure Oxidation to produce cathode/dore
  • Pilot plant flowsheet test late 2010 - 50-70 kg. concentrate for testwork of both process options
slide22

Concentrate Treatment Options

Scoping Study by SNC Lavelin - 8 treatment options :

Select preferred two options for testing from pilot plant

  • REDUCTIVE ROASTING
  • Produce a “clean concentrate” for conventional sale
  • Low upfront capital costs
  • Proven technology
  • HIGH TEMPERATURE PRESSURE OXIDATION
  • Produces LME grade copper and gold dore
  • directly
  • Low realisation costs of 2 to 4 USc/lb. copper
  • (direct shipping of metal, not concentrate)
  • Proven technology
slide23

Historic and Current Sale Prices of Gold Projects

**Gold equivalence for copper was calculated by AMEC using assumed metal prices of US$950/oz for au and $2.30/lb for cu

slide24

Exeter in an Industry Context

  • Despite record gold exploration expenditure the rate of mega discoveries (+5 million ounces) continues to drop.
  • New discoveries currently replace only half of current production.
  • Technology improvements and increased demand have lead to a drop in average mine head grades over time.
  • Industry discovery costs now average approximately US$50 per ounce (cf. Caspiche at <$2 per ounce)
slide25

Exeter in an Industry Context

  • The Fraser Institute’s 2010 survey on political risk placed Chile 5th out of 72
  • mining jurisdictions.
  • Gold remains the best currency as paper currencies continue to depreciate against it.
mining analyst coverage by canadian brokerage firms
Mining Analyst Coverage by Canadian Brokerage Firms

Mr. Wendell Zerb Mr. Daniel Earle

wendell.zerb@canaccordadams.comdaniel.earle@tdsecurities.com

604.643.7485 416 308 7906

Mr. David West Mr. Wayne Hewgill

dwest@salmanpartners.com whewgill@pifinancialcorp.com

604-622-5569 604 718 7552

Adam Graf John Hayes

agraf@dahlmanrose.comjohnp.hayes@bmonb.com

212-702-4504 416 359-6189