$50 Million Bought Deal

Exeter Resource Corporation Announces Closing of CAD$50 Million Bought Deal Financing

Exeter Resource Corporation (NYSE-AMEX:XRA, TSX:XRC, Frankfurt:EXB - "Exeter" or the "Company") is pleased to announce that it has closed the bought deal equity financing announced October 4, 2010 (the "Offering").  The Company has issued 8,065,000 common shares at a price of CDN$6.20 per common share for gross proceeds of CDN$50,003,000. 
The Offering was led by Canaccord Genuity Corp. and included TD Securities Inc., BMO Nesbitt Burns Inc. and GMP Securities Inc. (the "Underwriters").  In connection with the Offering the Underwriters received a cash commission equal to 6% of the gross proceeds raised through the Offering.
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 fund 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.