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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.

 

Full Extorre Gold Mines profile here
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Extorre Gold announces new gold-silver find in Argentina

24th Feb 2011, 5:35 pm

Extorre Gold Mines (TSE:XG) (OTC:EXGMF) said Tuesday it has made a new gold-silver discovery on the Falcon property in Santa Cruz, Argentina.

The company said that four of the five initial holes drilled, as part of the reconnaissance program, intercepted broad zones of gold-silver mineralization.

Highlights include hole FD004, which returned 53 metres at 1.12 g/t gold and 30 g/t silver, or a 1.62 g/t gold equivalent.

The Falcon project, which covers an area of 13,986 hectares, is located just 80 km to the northwest of Extorre’s existing Cerro Moro project, which has an estimated indicated resource of 612,000 ounces of gold equivalent at an average grade of 32.3 g/t.

Drilling to date at Falcon has focused on the Crest target, where initial drilling has delineated a broad zone of mineralization with a 400 metre strike length. Mineralization remains open in all directions and follow-up drilling is planned for next month, Extorre said.

“Falcon is an exciting new project with some analogies to a lithological controlled system such as deposits in the Ivanhoe mining district of northern Nevada,” said the company’s chief geologist, Glen Van Kerkvoort.

“We look forward to results from the next drilling program at Falcon whereby we expect to gain better information on the size and continuity of the gold mineralized zone.”

Falcon was optioned from Cerro Vanguardia S.A. (CVSA) along with the Puntudo, Verde and Azul properties. All of these properties are subject to a once only back-in right, whereby CVSA has the right to earn up to a 70% interest in the properties by paying Extorre for expenditures to date as well as Extorre’s share of development costs.

Extorre said that CVSA is required to decide whether or not to implement the back-in right next month. In the event that CVSA does not opt to back in, Extorre will retain 100% ownership and CVSA will retain a 2% net smelter royalty.

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