October 2009 Presentation

Exeter Resource Corp.
October, 2009
e

Capital Structure – October 8, 2009

Shareholder Base
Fully Diluted Shares: 73,200,000
* To be completed

An Experienced Management Team
A Strong Board

5 Year Spot Prices of Gold and Oil

Per Share Gold Leverage for Select Emerging Miners
d
Exeter is 0.35 oz. gold per share
Source: modified from Dahlman Rose estimates. Feb 2009

Corporate Information

Market Capitalization: C$340M. (at C$5.50)
Trading Liquidity: 400,000 shares per day; 60% on NYSE-Amex, 40% on TSX-V
Cash at September 1, 2009: C$30 million
No Debt.
Low Discovery cost - Caspiche $2/oz.

Cerro Moro $20/oz (gold equivalent)

Exeter’s Caspiche gold-copper discovery
Cerro Casale (Barrick-Kinross)
25 million oz. gold resource
Refugio Mine (Kinross)
6.2 million oz. gold resource
Caspiche Porphyry
Discovery
19.6 Million oz. gold resource
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.

Caspiche ProjectNational Instrument 43-101 Compliant Inferred Resource
Estimate by AMEC International
Including Higher Grade Core:
Note: This can be compared to the Cerro Casale mineral reserve (NI43-101 compliant) of21.2 million ounces gold and 5.31 billion pounds of copper based on 1.09 billion metric tons at a grade of 0.61 g/t gold and 0.22% copper
*Gold equivalence for copper and silver was calculated by Exeter using assumed metal prices of $800/oz for gold, $12/oz for silver and $2/lb for copper and assumes 100% metal recovery.

Caspiche Drilling – February 2009
CSD-016A
CSD028
CSD028
CSD-036A
CSD030
CSD029
3 drills operating to establish a NI43-101 resource

Gold Distribution
LONG SECTION POSITION
CROSS SECTION

BLOCK MODEL LEGEND
BLOCK MODEL
LONG SECTION
SECTION 1
SECTION 3
SECTION 2
SECTION 5
SECTION 4
1 km
½ mi
AMEC PIT
SURFACE
Potential system Plunge
BASE OF OXIDATION
1 km
½ mi

Caspiche Development Schedule
Current Street Valuation:
US$20 per Gold Oz
With Development Studies:
0.9 x NPV
Transaction Premium:30% to 50%
Americas gold development companies trade at a multiple to project NPV:

At US$800/oz Au0.9x
Average Values US$40-$60/oz Gold

Before Development Studies

DEVELOPMENT ACTIVITIES

Project Location

N
Cerro Moro – Exeter Licenses – 870 sq. miles
535 sq.mi.
Cerro Moro
68 sq.mi.
267 sq.mi.
Cerro Vanguardia Gold Mine
68 sq. mi.
50 kilometres
30 miles

Cerro Vanguardia Mine
Open Pits
Satellite view of AngloGold Ashanti’s 220,000 ounces per year open pit gold mine west of Cerro Moro Project
6 million ounce gold resource
Waste/ore ratio +23 to 1
Cost per ounce (2007) $330.
Treatment Plant
Open Pits
Open Pits
*Image taken from Google Earth
3 miles / 5 kilometers

Cerro Moro Project
National Instrument 43-101 Compliant Resource Estimateby Snowden U.K.
Escondida- Cut-off grade 2.0 g/t gold
Esperanza and Gabriela – Cut-off 150g/t silver
* Note: Gold equivalent grade is calculated by dividing the silver assay result by 70, adding it to the gold value and assuming 100% metallurgical recovery.

Cerro Moro
25 selected vein intercepts
The high grade Escondida vein is gravel covered

Cerro Moro Veins and Drilling

Total drilling - 2004 to Sept. 2009: 72,000m
Total drill holes -702
Escondida Zone - 55% of the total drilling

(38,000 metres)
2.5 km

N
Escondida Vein – Drilling Update
MD587
MD588
MRC600
ESCONDIDAFOMICRUZ EXTENSION
ESCONDIDA
Location of new significant drill hole.
2 kilometres
Low grade Au/Ag
1 mile
No significant result
Awaiting assays
Existing holes

Cerro Moro Landscape

Escondida Vein Long Section
Contour of grade (g/t) x meters
Gold equivalent
Fomicruz JV Drilling
1,000 meters (3300 ft.)
Red shadingindicates +30 gram-meters gold equivalent per metric ton.
Grey dots represent pierce points of existing drill holes.
Green dots show drill holes in progress to increase the data density for mine planning purposes (50 drill holes yet to be reported).
Black dots represent pierce points of planned drill holes.

Resource and Infrastructure Programs

Cerro Moro Development Schedule

Exeter in an Industry Context

The dynamic of the gold mining business continues to be driven by M&A activity as producers strive for increased production and gold inventories.
Cumulative industry expenditures of +$4 billion/year yield “mega” gold deposits (+5 million ounces) at a rate of only 1 per year.
The timeline from discovery to production is ever increasing, as is the cost per new ounce discovered. Today’s discovery cost exceeds $50 per ounce (industry average).
The major producers carry their gold inventories at an EV/share of $132/ounce (industry average).
Exeter’s EV/share is presently less than $20/ounce.
Exeter’s total gold inventory includes by-product credits. Data is from NI43-101 compliant resources .

Market Valuations – Why Producers Buy Juniors
Average: US$132/oz
__ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __
Based on 5th November 2008 share prices
Enterprise Value is market capitalization plus net debt
Equivalent ounces calculated on US$600/oz for gold and US$1.70/lb for copper
NYSE-AMEX: XRA TSX.V: XRC

TSX Gold Companies - Potential Acquisition Targets
Market Cap
per Oz Au (C$)
Source: MineWeb September 2009 (updated share prices- October 2, 2009)

Major Undeveloped Global Gold Deposits
Not Owned by Major Companies
Source: TD Equity Research September 2009

Exeter’s Share Price History Vs. Gold

Historic and Current Sale Prices of Gold Projects

SHARE PRICE INCREASE AS EXETER’S GOLD RESERVE IS REVALUED THROUGH PROJECT DE-RISKING OF CASPICHE ASSET

Mining Analyst Recommendations by Canadian Brokerage Firms