March 24, 2010 (FinancialWire) — Exeter Resource Corp. (AMEX: XRA) (TSX: XRC) and Extorre Gold Mines Ltd. (TSX : XG) said they have closed a spin-out transaction and that Extorre now trades as an independent company on the TSX under the symbol "XG."

As a result of the closing, Extorre holds all of Exeter's former interest in the Argentine Cerro Moro and Don Sixto Projects as well as its Argentine Patagonian exploration projects and an initial $25 million from Exeter. Extorre's initial focus is on development of the Cerro Moro Project, while exploration drilling will continue to test for new high grade vein targets.

Exeter will continue to hold and focus on advancing its Caspiche Project, located in northern Chile.

Extorre shares will not be initially listed on NYSE-AMEX. For US shareholders, Extorre intends to initially apply for listing on the OTCQX exchange and subsequently on the NYSE-AMEX.

Exeter shares now trade "ex-distribution" on the TSX and will trade "ex-distribution" on the NYSE-AMEX on March 24, 2010.

As a result of the spin-out transaction, Exeter's board of directors has determined that the relative value for Exeter and Extorre is 80% and 20% respectively.

Canada-based Exeter Resource’s focus is the discovery, evaluation and development of gold deposits in the Maricunga district in Chile.

Canada-based Extorre Gold Mines is the spin-out entity of Exeter Resource and is now focused on advancing the bonanza grade Cerro Moro Project in Argentina closer to a development decision.

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.