February 14, 2011 / 2:50 PM / 7 years ago

UPDATE 1-Exeter exercises option to buy Caspiche project

TORONTO, Feb 14 (Reuters) - Exeter Resource Corp XRC.TO said on Monday it has exercised its option to acquire control of the Caspiche gold-copper project in Chile from Anglo American (AAL.L).

The Canadian exploration company said Anglo American will now transfer the title on the property to Exeter and retain a 3 percent net smelter royalty on production from the project.

The Caspiche project is located in the Maricunga Belt of Chile, sandwiched between Barrick Gold’s (ABX.TO) Cerro Casale copper-gold project to the south and Kinross Gold’s (K.TO) Maricunga gold mine to the north. Exeter is currently conducting a pre-feasibility study on the project.

Shares of Exeter were up 1.1 percent at C$5.37 on Monday on the Toronto Stock Exchange following the announcement.

$1=$0.99 Canadian; editing by Peter Galloway Reporting by Euan Rocha; editing by Peter Galloway

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