Symbol
TSX : XG
Extorre Gold Mines Limited is a Canadian public company listed on the Toronto Stock Exchange (TSX) under the symbol XG and the OTCQX in the United States under the symbol EXGMF. The Company intends to file a registration statement with the Securities and Exchange Commission and seek listing on the NYSE-Amex. The cash position on September 28, 2010 was $51 million.
Extorre is a spin-out from Exeter Resource Corporation (“Exeter”), a transaction that facilitated taking the high grade Cerro Moro Project to a mine development decision in 2010. Dr. Eric Roth is the new Chief Executive Officer and President.
Cerro Moro: Extorre’s Flagship Project
On April 19, 2010, Extorre announced an updated National Instrument 43-101 compliant mineral resource estimate for Cerro Moro:
Indicated: 357,000 Oz. Gold + 15.3 Million Oz. Silver (612,000 Oz. Gold Equivalent*)
Inferred: 190,000 Oz. Gold + 12.0 Million Oz. Silver (390,000 Oz. Gold Equivalent*)
The 612,000 ounce gold equivalent* indicated resource, entirely from the Escondida vein, has an average grade of 32.3 g/t gold equivalent*, a grade considered exceptional by industry standards. The silver contribution is high, accounting for over 40% of the metal value. Additional inferred resources of 390,000 ounces gold equivalent* are also reported from the Escondida, Loma Escondida, Gabriela, Esperanza, and Deborah veins. This inferred resource contains new material not previously estimated.
The updated resource model for the Escondida vein has been delivered to Extorre’s consultants, Santiago-based NCL Ingenieria y Construccion, for mine design and ore scheduling. The results will be used in a Preliminary Economic Assessment (PEA) for the project which is scheduled to be complete in Q3-2010. The PEA will provide estimated mine operating and capital costs for a potential 100,000 ounce gold equivalent per annum mine. The submission of an Environmental Impact Assessment to Provincial authorities for permitting is also scheduled for Q3-2010.
Four drill rigs are currently dedicated to expanding the near-mine gold-silver resources at Cerro Moro. The Escondida vein in particular, has significant potential for expansion both along strike and at depth. In addition, other veins on the property with high gold-silver grades have only been partially evaluated to date. Outside of the Cerro Moro project area, Extorre will also initiate drilling to realize the discovery potential of other properties in its portfolio.
Other Santa Cruz Projects (Excluding Cerro Moro)
Calandria
Puntudo
Verde
Chubut Projects
Lonco Trapial
Pilar
Don Sixto (La Cabeza)
As a result of political developments in Mendoza Province, Argentina, the further development of the advanced Don Sixto Gold Project has been put on hold. The Company is reviewing its legal recourse for damages suffered and will continue to work with authorities in Mendoza, and with representatives of other mining companies, to effect legislative change.
The project now has over 60,000 meters of drilling and preliminary development studies have been completed. It is located in southern Mendoza Province in central western Argentina at an altitude of 1200 meters. The climate is semi-arid, allowing good year-round access. Resources are being estimated by independent consultants, Hellman and Schofields, and will be released in July/August, 2007. Extorre has the right to 100% of the property subject only to a royalty, capped at US$1.0 million.
Corporate and Head Office
P.O. Box 41, AXA Place
Suite 1260 – 999 West Hastings Street
Vancouver, BC
Canada V6C 2W2
Toll-Free: 1-888-688-9592
P: 1-604-688-9592
F: 1-604-688-9532