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 South America.
The Company's current primary activity is the exploration of mineral properties in Argentina, 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.
On October 10, 2002, the share capital of the Company was consolidated on the basis of a ten old shares for one new share, the authorized post-consolidation share capital was increased to 100,000,000 common shares, and the name of the company was changed to "Exeter Resource Corporation". The Company is incorporated under the laws of British Columbia and is listed on the Frankfurt Stock Exchange under the trading symbol "EXB" and on the TSX Venture Exchange (the "Exchange") under the trading symbol, "XRC".
Since its restructuring, the Company has predominantly been involved in the examination and acquisition of mineral exploration opportunities and securing capital for the implementation of its exploration programs.
Corporate operations of the Company are directed from Vancouver and Argentina, by management and directors who have professional expertise and extensive industry experience.
Intercorporate Relationships
Exeter has entered into agreements whereby it has acquired 100% of the issued shares of Cognito Ltd., a company incorporated under the laws of the British Virgin Islands.
Cognito Limited has an extant option to acquire 100% of the Don Sixto Project.
Exeter has also acquired 100% of the issued shares of Estelar Resources Ltd., a company incorporated under the laws of the British Virgin Islands.
Estelar Resources Limited has three advanced drill ready porphyry copper gold projects and one epithermal gold exploration project in Argentina. It has a registered Branch Office in the country.