Extorre Comments on YPF Developments in Argentina
19 Aprile 2012 - 12:30PM
Marketwired
Extorre Gold Mines Limited (TSX:XG) (NYSE Amex:XG) (FRANKFURT:E1R)
("Extorre" or the "Company) wishes to provide its insight on the
proposed acquisition by the Argentine Federal Government of 51% of
the Argentine oil company, Yacimientos Petroliferos Fiscales (YPF),
from Spanish Oil Company Repsol.
It is important to note that there are significant differences
in regulations, tradition, public importance and internal use of
products between the oil & gas sector and the mining industry
in Argentina. Public policy in one sector is not connected with the
other.
Furthermore, the Argentinean Government initiative currently
under discussion before Congress has been enacted only in
connection with YPF which has a long Argentinean history. Extorre
notes that YPF was State owned from its inception in the early
1920's until the late 1990's, when it was privatized and a majority
stake sold to Repsol. The current re-nationalization process of YPF
has not been extended to other oil & gas companies operating in
Argentina.
There is no reported agenda in the popular press or, to
Extorre's knowledge, to extend the nationalization process to any
other company in the oil and gas sector in Argentina or to any
other sector of the economy. Additionally, recently, several mining
Provinces have joined an alliance in support of mining with the
acknowledgment of the Argentinean Government and none of the
objectives of that alliance relate to any action or policy similar
to the one taken in connection with YPF. The mining sector has also
received explicit public support from the Provinces and the Federal
Government.
Several other mining companies operating in Argentina have
publicly commented on this situation in terms similar to Extorre's
view.
Very recent discussions with potential financiers to provide
capital for the potential development of Cerro Moro have indicated
that the YPF action has not materially affected the finance ability
of the project.
About Extorre
Extorre is a Canadian public company listed on the Toronto and
NYSE Amex Exchanges (symbol XG). The principal assets of the
Company comprise CDN $35 million in cash and the Cerro Moro,
Puntudo and Don Sixto projects in Argentina.
On April 2, 2012 Extorre announced the results of a Preliminary
Economic Assessment ("PEA-3") for a potential mine development at
Cerro Moro. The study was based on the November 2011, NI 43-101
mineral resource estimate. That study modelled a nine year mine to
produce 850,000 ounces gold and 47 million ounces silver. The
proposed mine would produce an average of 248,000 ounces gold
equivalent(i) per year for the first 5 years at a cash cost of US
$303/ounce gold equivalent(i).
Exploration with four drills continues at Cerro Moro, a program
designed to increase the total resources on the property and to
in-fill drill certain areas for mine planning purposes. Results
from current drilling will be released when available.
It should be noted that PEA-3 is preliminary in nature as it
includes inferred mineral resources which are considered too
speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral
reserves, and there is no certainty that PEA-3 will be
realized.
(i)Gold equivalent ounces are calculated by dividing the silver
ounces by 50 and adding it to the gold value.
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; foreign exchange
restrictions; 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,
2011, dated March 30, 2012 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 Mr. Trevor Mulroney
President and Chief Executive Officerextorre@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 2W2 www.extorre.com
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