Extorre Gold Mines Limited (TSX:XG)(NYSE Amex: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:
http://www.extorre.com/pdf/reports/Extorre_Cerro_Moro_ITR_Dec2011.pdf.
Technical Report Highlights:
Indicated Category Resource: 1.35 million ounces gold
equivalent(i) (2.42 million tonnes ("Mt") at 7.4 g/t gold and 498
g/t silver, for a gold equivalent grade(ii) of 17.4 g/t), plus
Inferred Category Resource: 1.05 million ounces gold
equivalent(i) (4.74 Mt at 3.5 g/t gold and 172 g/t silver, for a
gold equivalent grade(ii) of 6.9 g/t gold).
(i) Gold equivalent ounces are calculated by dividing the silver
ounces by 50, then adding those ounces to the gold-only ounces.
(ii) 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 Extorre's Cerro Moro Project, Santa Cruz Argentina"
dated December 16th, 2011 filed on SEDAR (www.sedar.com). 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 Extorre's 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(i) per year for the first 3 years at a cash
cost of US $236/ounce gold equivalent(i).
You are invited to visit the Extorre web site at
www.extorre.com.
EXTORRE GOLD MINES LIMITED
Eric Roth Suite 1660, 999 West Hastings St.
President and CEO Vancouver, BC
extorre@extorre.com Canada V6C 2W2
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 Company's 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 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.
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.
Contacts: Extorre Gold Mines Limited Eric Roth President and
CEOextorre@extorre.com 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 1660, 999 West
Hastings St. Vancouver, BC Canada V6C 2W2www.extorre.com
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