XG Extorre Gold Mines Ltd. Ordinary Shares (Canada)

Extorre Gold Mines Limited (TSX:XG)(NYSE Amex:XG)(FRANKFURT:E1R) ("Extorre" or the "Company") has determined that it will not proceed at this time with the $50,085,000 bought deal financing previously announced on January 30, 2012. As part of the prospectus review process, Extorre received comments from the securities regulators in respect of its Technical Report titled "Independent Technical Report Resource Estimation for the Cerro Moro Project Santa Cruz Province, Argentina" effective November 3rd, 2011 (the "Report"), in particular relating to its preliminary economic assessment announced on August 4, 2011, and certain aspects of its public record relating to the Report. Extorre held discussions with the securities regulators to review these comments, however, as a result of the delay a final short form prospectus could not be filed in the required time frame. Extorre is working to clarify its continuous disclosure record, including the preparation of an updated preliminary economic assessment in accordance with National Instrument 43-101 scheduled for completion in late March 2012. Extorre remains 100% dedicated to moving the project forward.

Yale Simpson, Co-Chairman of Extorre commented, "Extorre will continue to advance the Cerro Moro Project as planned and will pursue alternative financing strategies."

About Extorre

Extorre is a Canadian public company listed on the Toronto and NYSE Amex Exchanges (symbol XG).

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

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 CEO 604.681.9512 or Toll-free: 1.888.688.9512 604.688.9532 (FAX)extorre@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@extorre.com Extorre Gold Mines Limited Suite 1660, 999 West Hastings St. Vancouver, BC Canada V6C 2W2 www.extorre.com

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