Extorre Gold Mines Limited

Extorre Gold Mines Limited

May 19, 2010 09:03 ET

Extorre Lists on OTCQX Market in the USA

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 19, 2010) -  Extorre Gold Mines Limited (TSX:XG) (FRANKFURT:E1R) (OTCQX:EXGMF) (PINK SHEETS:EXGMF) ("Extorre" or the "Company") reports that it has commenced trading on OTCQX in the United States. The ticker symbol is "EXGMF". As part of the listing process, Extorre is now included in the Standard & Poors Corporation Records publication, providing an exemption from registration in 38 States, with the exception of California and New York among other States.

Extorre intends to seek a listing of its shares on the NYSE-Amex. To that end, Extorre intends to file a registration statement with the Securities Exchange Commission. Listing will be subject to fulfilling all of the requirements of the Securities and Exchange Commission and the NYSE-Amex. A listing on the NYSE-Amex would provide US investors in all States the ability to trade in the Company's shares.

Three 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 exploration to realize the discovery potential of other properties in its portfolio.

About Extorre

Extorre Gold Mines Limited is a Canadian public company listed on the Toronto Stock Exchange under the symbol "XG". It is a spin-out entity from Exeter Resource Corporation ("Exeter"). Extorre's assets comprise approximately $22 million in cash, the Cerro Morro and Don Sixto projects, and other exploration properties in Argentina.

On April 19, 2010, Extorre announced an updated National Instrument 43-101 compliant mineral resource estimate for Cerro Moro:

Indicated Category: 357,000 Oz. Gold + 15.3 Million Oz. Silver (612,000 Oz. Gold Equivalent*), plus

Inferred Category: 190,000 Oz. Gold + 12.0 Million Oz. Silver (390,000 Oz. Gold Equivalent*)

The 612,000 ounce gold equivalent* indicated resource, 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 Cerro Moro.

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.

Matthew Williams, Extorre's Exploration Manager considered a "qualified person" within the definition of that term in National Instrument 43-101, Standards of Disclosure for Mineral Projects, has supervised the preparation of the technical information contained in this news release.

You are invited to visit the Extorre web site at www.extorre.com.

* Gold equivalent grade is calculated by dividing the silver assay result by 60, adding it to the gold value and assuming
100% metallurgical recovery

Safe Harbour Statement – This news release contains "forward-looking information" and "forward-looking statements" (together, the "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, including the Company's belief as to the extent and timing of its drilling programs, various studies including the PEA and the Environmental Impact Assessment, and exploration results the potential tonnage, grades and content of deposits, timing, establishment and extent of resources estimates, potential production from and viability of its properties, and permitting submission and timing. These forward-looking statements are made as of the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.While the Company has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, the effects of general economic conditions, the price of gold and silver, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgments in the course of preparing forward-looking information. In addition, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; uncertainties and risks related to carrying on business in foreign countries; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters of the Company with certain other projects; the absence of dividends; currency fluctuations; competition; dilution; the volatility of the Company's common share price and volume; tax consequences to U.S. investors; and other risks and uncertainties, including those relating to the Cerro Moro project and general risks associated with the mineral exploration and development industry described in filed with the Canadian Securities Administrators and available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company is under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.

Cautionary Note to United States Investors - The information contained herein and incorporated by reference herein has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States securities laws. In particular, the term "resource" does not equate to the term "reserve". The Securities Exchange Commission's (the "SEC") disclosure standards normally do not permit the inclusion of information concerning "measured mineral resources", "indicated mineral resources" or "inferred mineral resources" or other descriptions of the amount of mineralization in mineral deposits that do not constitute "reserves" by SEC standards, unless such information is required to be disclosed by the law of the Company's jurisdiction of incorporation or of a jurisdiction in which its securities are traded. U.S. investors should also understand that "inferred mineral resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Disclosure of "contained ounces" is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures.


Contact Information

  • Extorre Gold Mines Limited
    Eric Roth
    President and CEO
    Extorre Gold Mines Limited
    Rob Grey
    VP Corporate Communications
    604.681.9512 or Toll-free: 1.888.688.9512
    604.688.9532 (FAX)
    Extorre Gold Mines Limited
    Suite 1260, 999 West Hastings St.
    Vancouver, BC Canada
    V6C 2W2