VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 3, 2010) - Extorre Gold Mines Limited (TSX:XG)(FRANKFURT:E1R)(PINK SHEETS:EXGMF) ("Extorre" or the "Company") is pleased to report assay results from the first fourteen diamond drill holes completed on the Martina Zone, a new zone of high grade gold mineralisation at its 100%-owned Cerro Moro project in Santa Cruz Province, Argentina. In addition, Extorre reports results from the Escondida Far West and Carla Zones where drilling is defining high grade mineralisation to be included (or reclassified) in the next resource statement.
The Martina Zone is located approximately 2 kilometres ("km") (6,560 feet ("ft")) south east of the high grade Escondida Central zone, and is hosted within an extensional "jog" along the Escondida structure. Eleven diamond drill holes, from a total of 21 holes completed to date are presented in the table below. Best results include:
*MD849 cut two vein zones (see attached section), a 1.60 metre ("m") vein zone from 260.47m to 262.07m grading 17.9g/t gold and 212g/t silver, and a separate 1.42m vein zone from 293.58m to 295.00m grading 41.2g/t gold and 123g/t silver.
*MD888 intersected a 1.25m vein zone grading 20.0 g/t gold and 53g/t silver
*MD935 intersected a 1.40m vein zone grading 23.0g/t gold and 62g/t silver
*MD943 intersected 0.65 metres grading 171.3g/t gold and 6,314g/t silver, and
*MD 949 intersected 2.22m grading 106.7g/t gold and 348g/t silver
At Escondida Far West, MD953, one of the deepest intersections on the project to date, and located some 80 m below the previous high grade resource calculated for this zone, intersected:
*1.51m grading 98.4g/t gold and 26g/t silver
and, located above the previous drilling at the same zone:
*MD897 intersected a 3.2m section grading 39.0g/t gold and 2,145g/t silver.
At Escondida Far West, +20 new diamond drill holes have now been completed with assays from the first ten holes available. Three holes contain significant results as presented in the following table:
On the Carla Vein, results from follow-up drill holes (last drilled in 2007) have demonstrated grades similar to the high grade Escondida structure. Carla is located 1.4 km (4,590 ft) northeast of the new Martina discovery. Carla is interpreted to represent a separate northwest striking structure. Of 8 holes drilled, 4 returned significant results as presented in the following table.
Eric Roth, Extorre's President and CEO, stated, "The discovery of high grade gold mineralisation at Martina demonstrates the potential of Cerro Moro. Whilst many assays are awaited, the combined visual indicators of quartz veining, base metal sulphides and in some cases silver minerals, suggests the best mineralisation at Martina commences nearly 200m (656 ft) vertically from surface.
"The Martina discovery has important exploration implications for the entire project, as generally speaking we have confined our discovery drilling to the top 100 m. Results to hand for Martina demonstrate a strike length of 500m (1,640 ft), with current drilling having tested a strike length of 800m (2,625 ft). One drill rig has been dedicated to defining the discovery.
"A second drill is testing extensions to high grade mineralisation at the Escondida Far West Zone (contains 57% of the total Indicated resource given for the Escondida vein in the April, 2010 resource estimate). We are very encouraged with the high grade results from MD953, as this opens the Escondida vein to potential major depth extensions going forward. We would expect that following initial drill testing at depth such as MD953, detailed follow up drilling to delineate the zones would be conducted from underground at the development stage.
"Drilling on the Carla vein indicates the target is somewhat complex with significant depth extensions to the high grade near surface mineralisation appearing to be problematic. From results to date, we expect the Carla vein could contribute a modest tonnage of high grade open pit mineralisation for mining early in the production plan.
"A third drill is continuing to expand mineralisation at the Gabriela vein (previously reported Inferred resource of 5.8 million ounces of silver and 39,500 ounces of gold). The vein remains open in a south-easterly direction with 15 drill holes completed to date. Assays are awaited.
"A fourth drill (a multipurpose diamond and reverse circulation rig) is continuing our water evaluation program. On completion of this work in early August, the rig will be mobilised to our regional prospects in Santa Cruz Province."
Separately, in response to the significant delays that Extorre has faced with respect to assay turnaround, we have entered into a contract with Acme Analytical Laboratories ("Acme") for the installation and management of an on-site sample preparation facility at Cerro Moro. Acme advises that this facility could be fully operational by late August.
Click Here for the long sections and plans
Quality Control and Assurance
Drill widths presented above are drill intersection widths and may not represent the true widths of mineralisation.
Gold assay results presented above are preliminary with no cutting of high grades. All diamond drill core samples are split on regular metre intervals or on geological contacts and represent sawn half HQ-size core. Reverse circulation drill samples are collected using a cyclone in one metre intervals. Samples were prepared at the Acme Analytical Laboratories ("AcmeLabs") preparation facility in Mendoza, Argentina and assayed by fire assay (50 gram charge) at the AcmeLabs laboratory in Chile, both ISO-9001:2000 certified laboratories.
Check assaying of all samples assaying greater than 1.0 g/t gold is completed by Acme Labs. Samples returning greater than 10 g/t gold and/or greater than 100 g/t silver are assayed using gravimetric analyses. Standard and blank samples are used throughout the sample sequence as checks for the diamond drilling reported in this release. Standard, blank and duplicate samples are used throughout the sample sequence as checks for the RC percussion drilling.
Assaying by the screen fire assay method has been implemented in conjunction with standard 50 gram fire assaying, for diamond drill cores that contain visible gold. The procedure for screen fire assaying involves crushing and sieving of a nominal 1,000 gram sample to a particle size of 100 microns. All material which does not pass through the 100 micron sieve is then assayed. Two fire assays are undertaken on the undersize material as a check on homogeneity. The total gold content is then calculated.
Matthew Williams, Extorre's Exploration Manager and 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.
About Extorre
Extorre Gold Mines Limited is a Canadian public company listed on the Toronto Stock Exchange (symbol -XG) and on the OTCQX (symbol EXGMF). Extorre's assets comprise approximately $17 million in cash, the Cerro Morro and Don Sixto projects, and other mineral 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 Santiago-based NCL Ingenieria y Construccion, Extorre's consultants 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/year (gold equivalent) mine. The submission of an Environmental Impact Assessment to Provincial authorities for permitting is also scheduled for Q3-2010.
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, 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 our interim financial statements and MD&A for the fiscal period ended March 31, 2010 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 mineralisation 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 mineralisation 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
For more information, please contact
Extorre Gold Mines Limited
Eric Roth
President and CEO
extorre@extorre.com
or
Extorre Gold Mines Limited
Rob Grey
VP Corporate Communications
604.681.9512 or Toll-free: 1.888.688.9512
604.688.9532 (FAX)
or
Extorre Gold Mines Limited
Suite 1260, 999 West Hastings St.The Martina Zone is located approximately 2 kilometres ("km") (6,560 feet ("ft")) south east of the high grade Escondida Central zone, and is hosted within an extensional "jog" along the Escondida structure. Eleven diamond drill holes, from a total of 21 holes completed to date are presented in the table below. Best results include:
*MD849 cut two vein zones (see attached section), a 1.60 metre ("m") vein zone from 260.47m to 262.07m grading 17.9g/t gold and 212g/t silver, and a separate 1.42m vein zone from 293.58m to 295.00m grading 41.2g/t gold and 123g/t silver.
*MD888 intersected a 1.25m vein zone grading 20.0 g/t gold and 53g/t silver
*MD935 intersected a 1.40m vein zone grading 23.0g/t gold and 62g/t silver
*MD943 intersected 0.65 metres grading 171.3g/t gold and 6,314g/t silver, and
*MD 949 intersected 2.22m grading 106.7g/t gold and 348g/t silver
At Escondida Far West, MD953, one of the deepest intersections on the project to date, and located some 80 m below the previous high grade resource calculated for this zone, intersected:
*1.51m grading 98.4g/t gold and 26g/t silver
and, located above the previous drilling at the same zone:
*MD897 intersected a 3.2m section grading 39.0g/t gold and 2,145g/t silver.
At Escondida Far West, +20 new diamond drill holes have now been completed with assays from the first ten holes available. Three holes contain significant results as presented in the following table:
On the Carla Vein, results from follow-up drill holes (last drilled in 2007) have demonstrated grades similar to the high grade Escondida structure. Carla is located 1.4 km (4,590 ft) northeast of the new Martina discovery. Carla is interpreted to represent a separate northwest striking structure. Of 8 holes drilled, 4 returned significant results as presented in the following table.
Eric Roth, Extorre's President and CEO, stated, "The discovery of high grade gold mineralisation at Martina demonstrates the potential of Cerro Moro. Whilst many assays are awaited, the combined visual indicators of quartz veining, base metal sulphides and in some cases silver minerals, suggests the best mineralisation at Martina commences nearly 200m (656 ft) vertically from surface.
"The Martina discovery has important exploration implications for the entire project, as generally speaking we have confined our discovery drilling to the top 100 m. Results to hand for Martina demonstrate a strike length of 500m (1,640 ft), with current drilling having tested a strike length of 800m (2,625 ft). One drill rig has been dedicated to defining the discovery.
"A second drill is testing extensions to high grade mineralisation at the Escondida Far West Zone (contains 57% of the total Indicated resource given for the Escondida vein in the April, 2010 resource estimate). We are very encouraged with the high grade results from MD953, as this opens the Escondida vein to potential major depth extensions going forward. We would expect that following initial drill testing at depth such as MD953, detailed follow up drilling to delineate the zones would be conducted from underground at the development stage.
"Drilling on the Carla vein indicates the target is somewhat complex with significant depth extensions to the high grade near surface mineralisation appearing to be problematic. From results to date, we expect the Carla vein could contribute a modest tonnage of high grade open pit mineralisation for mining early in the production plan.
"A third drill is continuing to expand mineralisation at the Gabriela vein (previously reported Inferred resource of 5.8 million ounces of silver and 39,500 ounces of gold). The vein remains open in a south-easterly direction with 15 drill holes completed to date. Assays are awaited.
"A fourth drill (a multipurpose diamond and reverse circulation rig) is continuing our water evaluation program. On completion of this work in early August, the rig will be mobilised to our regional prospects in Santa Cruz Province."
Separately, in response to the significant delays that Extorre has faced with respect to assay turnaround, we have entered into a contract with Acme Analytical Laboratories ("Acme") for the installation and management of an on-site sample preparation facility at Cerro Moro. Acme advises that this facility could be fully operational by late August.
Click Here for the long sections and plans
Quality Control and Assurance
Drill widths presented above are drill intersection widths and may not represent the true widths of mineralisation.
Gold assay results presented above are preliminary with no cutting of high grades. All diamond drill core samples are split on regular metre intervals or on geological contacts and represent sawn half HQ-size core. Reverse circulation drill samples are collected using a cyclone in one metre intervals. Samples were prepared at the Acme Analytical Laboratories ("AcmeLabs") preparation facility in Mendoza, Argentina and assayed by fire assay (50 gram charge) at the AcmeLabs laboratory in Chile, both ISO-9001:2000 certified laboratories.
Check assaying of all samples assaying greater than 1.0 g/t gold is completed by Acme Labs. Samples returning greater than 10 g/t gold and/or greater than 100 g/t silver are assayed using gravimetric analyses. Standard and blank samples are used throughout the sample sequence as checks for the diamond drilling reported in this release. Standard, blank and duplicate samples are used throughout the sample sequence as checks for the RC percussion drilling.
Assaying by the screen fire assay method has been implemented in conjunction with standard 50 gram fire assaying, for diamond drill cores that contain visible gold. The procedure for screen fire assaying involves crushing and sieving of a nominal 1,000 gram sample to a particle size of 100 microns. All material which does not pass through the 100 micron sieve is then assayed. Two fire assays are undertaken on the undersize material as a check on homogeneity. The total gold content is then calculated.
Matthew Williams, Extorre's Exploration Manager and 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.
About Extorre
Extorre Gold Mines Limited is a Canadian public company listed on the Toronto Stock Exchange (symbol -XG) and on the OTCQX (symbol EXGMF). Extorre's assets comprise approximately $17 million in cash, the Cerro Morro and Don Sixto projects, and other mineral 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 Santiago-based NCL Ingenieria y Construccion, Extorre's consultants 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/year (gold equivalent) mine. The submission of an Environmental Impact Assessment to Provincial authorities for permitting is also scheduled for Q3-2010.
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, 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 our interim financial statements and MD&A for the fiscal period ended March 31, 2010 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 mineralisation 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 mineralisation 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
For more information, please contact
Extorre Gold Mines Limited
Eric Roth
President and CEO
extorre@extorre.com
or
Extorre Gold Mines Limited
Rob Grey
VP Corporate Communications
604.681.9512 or Toll-free: 1.888.688.9512
604.688.9532 (FAX)
or
Extorre Gold Mines Limited
Vancouver, BC Canada V6C 2W2
www.extorre.com
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