Corporate Structure
Background
Exeter Resource Corporation (the "Company"), formerly Golden Glacier Resources Inc., is a mineral exploration company engaged in the acquisition, exploration and development of resource properties in Chile, South America.
On March 11, 2010 at a special meeting, Exeter Resource Corporation (“Exeter”) shareholders approved a proposal to undertake a spin-out transaction pursuant to which the assets of Exeter would be separated into two highly focused companies. As a result, Exeter transferred to Extorre the Cerro Morro and Don Sixto projects and all other exploration properties in Argentina, together with approximately $25 million. Exeter retained all assets relating to the Caspiche gold-copper discovery in Chile, together with approximately $43 million in working capital, and become a Maricunga district, Chile, focused exploration company.
The spin-out of Extorre was designed to unlock the value of Cerro Moro and the other exploration properties in Argentina for its shareholders. Extorre is an emerging gold-silver producer, leaving Exeter effectively as a single asset company focused on the advancement of the Caspiche gold copper discovery. The spin-out proposal resulted in each Exeter shareholder of record on the effective date of the transaction receiving one share in Extorre for each share held in Exeter. There was no change in shareholder’s holdings in Exeter.
The Company's current primary activity is therefore the exploration of the Caspiche copper gold porphyry project in the Maricunga District in Chile, where the Company owns outright, or has the right to acquire through option agreements, interests in exploration properties. The Company's properties at present contain no defined economic reserves of recoverable minerals. There is no operating income. Should the Company successfully identify through its exploration efforts commercially mineable reserves on any of its mineral properties, it will seek to develop the opportunity by either bringing the property into commercial production itself, through a contract mining arrangement, or by way of a joint venture. Alternatively, the company may view the best return to shareholders as an outright or partial sale of the project or company itself.
The Company is incorporated under the laws of British Columbia and is listed on the Frankfurt Stock Exchange under the trading symbol "EXB", the NYSE-Amex under the trading symbol XRA and on the TSX (the "TSX") under the trading symbol, "XRC".
Corporate operations of the Company are directed from Vancouver and Chile, by management and directors who have professional expertise and extensive industry experience.