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Market: TSX
Sector: General Mining - Gold
EPIC: XG
Latest Price: C$2.95  (0,00%)
52-week High: C$14.57
52-week Low: C$2.27
Market Cap: C$285.91M
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Extorre Gold Mines
www.extorre.com

Extorre Gold Mines is an emerging gold & silver producer in Argentina, which is listed under the symbol XG on the Toronto Stock Exchange (TSX) and the NYSE-AMEX Exchange. The cash position on November 1, 2011, is $35 million. Cerro Moro is Extorre's flagship gold-silver property located in mining friendly Santa Cruz Province.

 

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Extorre Gold Mines announces high grade gold-silver results from Cerro Moro in Argentina

25th Jan 2011, 8:46 am

Extorre Gold Mines (TSX:XG) (FSX:E1R) (OTCQX:EXGMF) announced Monday high gold-silver grades as part of the final batch of results from the infill drilling program at its Cerro Moro project in Santa Cruz, Argentina.

The drilling, which took place at the Gabriela and Loma Escondida vein zones, was designed to upgrade inferred resources to the indicated category, as only indicated resources are to be included in the pre-feasibility study of the property, due to be completed by the second quarter.

Of the 46 drill holes completed, 24 returned significant results, said Extorre. Highlights include hole MD1066 at Gabriela, which intersected 4.8 metres at 12.4g/t gold and 1,603 g/t silver (39.1 g/t gold equivalent), including 0.79 m at 70.7 g/t gold  and 8,935 g/t silver (219.6 g/t gold equivalent).

At Loma, hole MD1073 returned 2.63 m at 14.8 g/t gold and 1,208 g/t silver (35.0 g/t gold equivalent), including 0.30 m at 81.5 g/t gold and 6,851 g/t silver (195.7 g/t gold equivalent).

Meanwhile, MD1087 intersected 0.77 m at 105.3 g/t gold and 1,592 g/t silver (131.8 g/t gold equivalent), including 0.35 m at 224.1 g/t gold and 2,748 g/t silver (269.9 g/t gold equivalent).

"The infill drill program has been successful in confirming continuity of high grade gold-silver mineralization in both the Loma Escondida and Gabriela vein zones," said president and CEO Eric Roth.

"These veins are very important as they will potentially provide high grade open pit ore to the Cerro Moro plant in the early production years. It is noteworthy that this batch of results includes the highest silver-gold grades obtained to date from the Gabriela vein."

The infill drill results from the Gabriela and Loma Escondida veins will form part of an updated mineral resource estimate, which will be included in the prefeasibility study, the company said.

"The completion of the infill drilling allows us to focus the four rigs on establishing the upside of the extensive Cerro Moro vein system. We expect to drill +5,000 metres per month through 2011, allowing us to test many targets that have had little or no drilling to date," added Roth.

In April, the property was estimated to have indicated resources of 357,000 oz. gold + 15.3 million oz. silver (612,000 oz. gold equivalent) , plus inferred resources of 190,000 oz. gold + 12.0 million oz. silver (390,000 oz. gold equivalent).

Aside from Cerro Moro, Extorre's assets comprise approximately $42 million in cash, the Don Sixto project, and other mineral exploration properties in Argentina.

Mining permits and approvals for the Cerro Moro mine are expected to be received by the end of the first quarter this year.

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