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Additional Information
Market: TSX
Sector: General Mining - Gold
EPIC: XG
Latest Price: C$3.34  (13.22% Ascending)
52-week High: C$14.57
52-week Low: C$2.27
Market Cap: C$323.71M
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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 Mines closes $25m private placement financing

14th Jul 2011, 3:20 pm

Extorre Gold Mines (TSE:XG, AMEX:XG) said Tuesday it has closed its $25.2 million bought deal private placement financing. 

The company issued 2.4 million common shares at a price of $10.50 each. The offering was conducted by a syndicate of underwriters, who received a cash commission, as well as broker warrants. 

The proceeds from the financing will be used to explore and develop the company's mineral projects in Argentina. 

In late June, Extorre announced it expanded the scope of its economic study for the company's Cerro Moro project in Argentina, including a larger production scenario to reflect recent drilling success and the increasing gold and silver inventory on the property.

The preliminary economic assessment (PEA) study is due out in the middle of July, the company said, and will be categorised as a PEA instead of a pre-feasibility study (PFS) to allow for the inclusion of additional mineralized zones, with a portion of the resource now being inferred, as opposed to higher confidence categories.

The company chose to do this as prefeasibility studies can only be followed by another of the same kind, or a feasibility study, and the recent Zoe find at the property would thus have to be fully drilled off to the "indicated" resource category before Extorre could undertake a PFS - potentially taking up to one year.


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