EXETER DISCOVERS NEW HIGH GRADE GOLD-SILVER ZONE AT CERRO MORO, ARGENTINA

Vancouver, B. C., November 26, 2007 – Exeter Resource Corporation (AMEX:XRA, TSX-V:XRC, Frankfurt: EXB – “Exeter” or the “Company”) reports that step-out drill hole MRC 175 has discovered a new high-grade gold-silver zone at Cerro Moro, Argentina. The new zone is located along strike from mineralization previously reported on the Escondida Vein. Assays from additional drilling in the immediate vicinity of MRC 175 are yet to be received, but visually, some of those holes appear to have intersected sulphides characteristic of hosting the high-grade gold-silver mineralization encountered at Escondida.

The new zone represents the first of more than 20 targets being tested in a “scout” drilling program designed to locate new zones of ore grade mineralization under shallow, but extensive overburden. The results from MRC 175 are the first assays to be released from +5,000 metres of drilling recently completed on the property.

Assays from MRC175, a reverse circulation percussion drill hole sited 430 metres north-west along strike from the known mineralized Escondida vein system, include the following significant results:

• 6.0 metres (“m”) (19.7 feet) at 11.5 grams per tonne (“g/t”) gold (0.33 oz/ton) from a down hole depth of 68.0 m (223.1 feet); including

• 2.0 m (6.6 feet) at 31.1 g/t gold (0.90 oz/ton) from a down hole depth of 71.0 m (233.0 feet).

Note: Silver assay results for MRC 175 are awaited and will be released when received.

Exeter’s Chief Geologist Glen Van Kerkvoort commented: “The vein textures evident in MRC175, coupled with widening intercepts encountered as we drill deeper into this new zone, suggest that we have tapped into the top of a blind mineralized body with the entire zone preserved below. The results reported above do not include the silver assays which are typically very significant.

“The discovery of this new zone certainly demonstrates the potential of the Escondida structure to host mineralization to the northwest of previously reported ore grade mineralization. Significantly, we have yet to drill test the structure along the southeast extension, where the structure appears to continue for another 1.6 kilometres. This three-kilometre long structure has the potential for multiple high grade gold-silver zones.

"The large Cerro Moro epithermal system is estimated to be some 100 square kilometres (39 square miles) in size. Fortunately, we have now refined our geological and geophysical interpretation of the system to an extent that we are very optimistic that a number of the more than 20 targets yet to be drilled will prove to be ore bearing.

“It is very fulfilling indeed for our exploration geologists to have the opportunity to define their careers by participating in the success of a project such as Cerro Moro.”

Assay results from some 60 drill holes completed since early August are awaited. Two drill rigs are continuing the scout drilling program with a third rig testing expansions to the known high grade zones at Escondida, Loma Escondida and Esperanza.