🕐19.12.11 - 12:54 Uhr
EXTORRE ANNOUNCES FILING OF NI 43-101 TECHNICAL REPORT FOR CERRO MORO
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Extorre Announces Filing of NI 43-101 Technical Report
for Cerro Moro
Vancouver, B.C., December 19, 2011 – Extorre Gold Mines Limited
(AMEX:XG; TSX: XG; Frankfurt: E1R, "Extorre" or the "Company") is
pleased to announce the filing of an updated National Instrument
43-101 compliant mineral resource estimate for its Cerro Moro
project.
The technical report was prepared by independent consultants Cube
Consulting Pty Ltd.
To view the full technical report click here.
Technical Report Highlights:
Indicated Category Resource: 1.35 million ounces gold equivalent*
(2.42 million tonnes ("Mt") at 7.4 g/t gold and 498 g/t silver,
for a gold equivalent grade** of 17.4 g/t), plus
Inferred Category Resource: 1.05 million ounces gold equivalent*
(4.74 Mt at 3.5 g/t gold and 172 g/t silver, for a gold
equivalent grade** of 6.9 g/t gold).
* Gold equivalent ounces are calculated by dividing the silver
ounces by 50, then adding those ounces to the gold-only ounces.
** Gold equivalent grade is calculated by dividing the silver
assay result by 50, adding it to the gold value and assuming 100
% metallurgical recovery.
The new resources will form the basis of an updated mining and
economic study for the project (Preliminary Economic Assessment
"PEA-3") scheduled for release late in Q1-2012.
For further information please reference the NI 43-101 report
entitled "Independent Technical Report (43-101): Resource
Estimation for Extorres Cerro Moro Project, Santa Cruz
Argentina" dated December 16th, 2011 filed on SEDAR (
The technical report was prepared by Mr
.
Ted Coupland, MAusIMM(CP), Director and Principal
Geostatistician of Cube Consulting.
The mineral resource
estimates have been classified and reported in accordance with
the CIM guidelines (CIM 2005) and National Instrument NI 43-101,
Standards of Disclosure for Mineral Projects.
Mr.
Ted Coupland
is independent and a qualified person as defined by NI 43
-101.
Exploration Continues:
Following the year end break, exploration utilizing four rigs is
scheduled to continue at Cerro Moro.
Two rigs will continue to
delineate the Zoe deposit and potential extensions, with one rig
testing extensions at depth and the other rig exploring for
repetitions of the Zoe deposit up to three kilometers to the
east ("Zoe East").
Recent drilling appears to have successfully
intersected what is interpreted to be the Zoe structure however
visual indications suggest that the early intercepts are high in
the system, a geological situation common to the Zoe and the
Martina deposits.
Deeper step back holes are planned.
Other new
targets defined by Extorres geological team will also be tested
.
Drilling to provide geotechnical data to assist in detailed open
pit planning of pit wall angles and slope stability is also
being conducted.
This data will feed into PEA-3.
Eric Roth, President and CEO of the Company and a "qualified
person" within the definition of that term in National
Instrument ("NI") 43-101, Standards of Disclosure for Mineral
Projects, has supervised the preparation of the technical
information contained in this news release.
About Extorre
Extorre is a Canadian public company listed on the Toronto and
NYSE Amex Exchanges (symbol XG).
The assets of the Company
comprise CDN $27 million in cash, the Cerro Moro, Puntudo and
Don Sixto projects, and other mineral exploration properties in
Argentina.
On August 4, 2011 Extorre announced the results of the second
Preliminary Economic Assessment ("PEA-2") for a potential mine
development at Cerro Moro.
The study was based on the interim
(April, 2011) NI 43-101 compliant mineral resource estimate which
did not include any resources from the Zoe discovery, as it was
still being drilled at that time.
In PEA-2 production was based
on an 8.25 year, 1,000 tonnes per day mining and processing
operation producing a total of 494,700 ounces of gold and 26.6
million ounces of silver.
The proposed mine would produce an
average of 206,300 ounces gold equivalent* per year for the
first 3 years at a cash cost of US $236/ounce gold equivalent*.
You are invited to visit the Extorre web site at
Latest news
December 07 2011
Extorre Announces More High Grades From Zoe Vein at Cerro Moro
more
November 03 2011
Extorre Increases Gold-Silver Resources At Cerro Moro
more
October 26 2011
Extorre Responds To New Argentine Foreign Currency Transfer
Regulations
more
Contact
EXTORRE GOLD MINES LIMITED
Eric Roth
President and CEO
[]
Suite 1660, 999 West Hastings St.
Vancouver, BC Canada V6C 2W2
For further information, please contact:
Rob Grey
VP Corporate Communications
T: 604.681.9512
F: 604.688.9532
Toll-free: 1.888.688.9512
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 our 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, production costs 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 we
have based these forward-looking statements on our 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 our 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
of our officers, directors or promoters of with certain other
projects; the absence of dividends; currency fluctuations;
competition; dilution; the volatility of the our 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 the Companys
Annual Information Form for the fiscal period ended December 31,
2010, dated March 25, 2011 filed with the Canadian Securities
Administrators and available at www.sedar.com .
Although we have
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.
We are 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
Commissions (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 Companys 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.
NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
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