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Este blog fue creado para publicar novedades sobre la mineria en Argentina, complementando así nuestro web y presencia en redes sociales. Como todas nuestras actividades, apunta a conectar a la comunidad minera argentina y establecer un ámbito de promoción de la actividad en el mundo, generando oportunidades de negocios.
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This blog was created to publish news on argentinean mining, thus complementing our website and presence in social networks. As all of our activities, it intends to connect the mining community in Argentina and provide a place to promote the activity in the world, developing business opportunities.

28 jun 2011

TNR Advises of Minera Andes drill results and development at Los Azules Copper


Vancouver B.C.: TNR Gold Corp. (the "Company") announces that it has become aware of a news release issued by Minera Andes Inc. ("MAI") on June 27, 2011 disclosing drill results from the January to May 2011 exploration program at the Los Azules project ("Project"). As most recently disclosed by the Company in its press release of May 16, 2011, the Company is involved in a legal dispute with MAI regarding TNR's interest in the Project. As a result, a qualified person of TNR (within the meaning of National Instrument 43-101) has not been able to verify the information disclosed by MAI, and, thus, such information should not be relied upon by TNR shareholders. The news release also describes results of condemnation holes for surface facilities which have been drilled on properties including Escorpio IV. (referred to as "contested concession"), Escorpio IV is currently held in TNR's wholly owned subsidiary, Solitario Argentina S.A..

The Los Azules project is an advanced-stage exploration project that is the subject of a National Instrument 43-101 compliant report prepared for MAI that discloses certain Measured, Indicated and Inferred Resources. TNR's wholly owned subsidiary, Solitario Argentina S.A., originally served notice of its intention to exercise its 25 per-cent back-in right to certain of the properties comprising the Los Azules project. Solitario's back-in right is the subject of a lawsuit filed by MAI's, and the terms of the back in right are the subject of litigation between Solitario and Xstrata ("MIM"). On May 16, 2011, the British Columbia Supreme Court granted TNR the right to add a new claim to the litigation, alleging that MIM and MAI did not complete the required exploration expenditures to earn its option on April 23, 2007. A court date, originally set for June 20, 2011 in Vancouver, has been adjourned and a new date will be set in due course.

In the legal dispute with MIM, TNR is also seeking confirmation of its ownership of the Escorpio IV property, which is located adjacent to the Project and a declaration that the Escorpio IV property is excluded from the Exploration and Option Agreement.



Additional information can be obtained on the TNR corporate Los Azules webpage - http://www.tnrgoldcorp.com/s/LosAzules.asp

ABOUT TNR GOLD CORP.

TNR is a diversified international mineral exploration company focusing on the advancement of existing properties and identifying and acquiring new prospective projects. TNR has a portfolio of 9 active projects, and a 29% interest in International Lithium Corp, ("ILC"), which has 9 active rare metal projects.
The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the TNR and ILC's commitments to generating projects, diversifying its markets, and building shareholder value.



On behalf of the board,



Gary Schellenberg

President -- TNR Gold Corp.



16 jun 2011

TNR GOLD Corporate Update Post Lithium Spinoff


Vancouver B.C.: TNR Gold Corp. (the "Company"). The Company is pleased to provide our shareholders with an update on TNR Gold Corps's activities over the past year and an outlook of its objectives for 2011 and beyond.

TNR has recently completed a major endeavour, the successful completion of a plan of arrangement entailing the spin-out of TNR's lithium and rare metals subsidiary, International Lithium Corp (ILC:TSXV). As a testament to the merits of the projects, ILC was able to solicit and secure a strategic investor in Jiangxi Ganfeng Lithium Co. Ltd., a prominent lithium product manufacturer. TNR retains 29% ownership in ILC and will continue to benefit from the future potential of lithium and rare metals.

Following the successful listing of ILC, TNR can now fully focus on the gold and rare earth element ("REE") projects that it has been readying for this juncture. One prime example to the strengthening of TNR's core project portfolio is in the recent consolidation of 100% ownership of the Company's Shotgun gold project in Alaska, from NovaGold. The Shotgun Project is situated in a prolific world class gold region with previous operators estimating a non NI43-101 compliant historical resource of 980,000 ounces grading 0.93 gram per tonne at a cut-off of 0.5g/t Au. TNR's goal for the coming year is dedicated to proving and expanding the mineralization at Shotgun and seeking a major partner to assist in the development of this large gold project.

In Argentina, in addition to the work that our joint venture partners such as La Mancha and NGEX Resources are performing on our properties, TNR will focus on its El Tapau project, which has experienced limited drill coverage consisting of 7 holes with one reporting a significant intersection of 82 metres grading 0.49% Cu that has not been followed up on. The company has also recently discovered five historic drill holes drilled on or near the property boundaries internal to our large claim concession, which had returned significant grades of gold, silver and copper. This year, the Company will attempt to validate these remarkable historic results as well as drill the untested geophysical anomalies proximal to this zone to demonstrate the significant potential of the property.

In addition, TNR has bolstered its project portfolio and expanded its commodity exposure with the addition of two new properties, the Big Beaver House and Seabrook REE projects. The Big Beaver House boasts one of the largest carbonatite complexes in Ontario at 5 by 5 kms in scale, has experienced limited historic drilling with only a partial suite of REE elements analyzed for and when reanalyzed relatively recently by the Ontario Geological Survey reported Nd+La+Ce grades up to 3,200 ppm indicating significant total REE potential. These early stage REE projects will be explored throughout the summer with the resulting advancement providing the basis to entice a strategic partner to help finance continued development of these assets.

Throughout the last three years, TNR has also been seeking resolution on its ownership status of the Los Azules, an advanced-staged exploration project in San Juan, Argentina which hosts one of the largest undeveloped copper resources in the world.

In May 2011, following a two-day hearing before the British Columbia Supreme Court, TNR and its subsidiary, Solitario Argentina S.A., have been granted leave to amend their pleadings to add a new claim to the litigation (the "New Claim") over the Los Azules project in Argentina. The litigation involves TNR, Minera Andes Inc., MIM Argentina Exploraciones S.A. ("Xstrata") and related entities. The Los Azules project is an advanced exploration project currently reporting a National Instrument 43-101 compliant Inferred Resource.

The New Claim alleges that Xstrata and Minera Andes did not complete the required exploration expenditures required for Xstrata's exercise of its option on April 23, 2007 to acquire certain properties constituting the northern half of the Los Azules project (the "Properties"). On that basis, TNR and Solitario advance a claim of breach of contract and intentional interference with economic relations, and seek the return of the Properties, or alternatively, damages as against the defendants or any of them.

As a result of the New Claim being added to the litigation, the trial scheduled to commence on June 20, 2011 in Vancouver, BC has been adjourned so that documents relating to the New Claim can be produced. A new date for the trial will be set in due course.



In the original Notice of Civil Claim, among other claims, TNR and Solitario seek rectification of a 2004 Exploration and Option Agreement with Xstrata (later assigned to Minera Andes) to restore a right on the part of Solitario to back-in to up to 25% of the Properties any time within 120 days of the production of a feasibility study. Minera Andes and Xstrata oppose rectification and the other relief sought by TNR and Solitario.

TNR will be vigorously defending its legal position and invite all shareholders to learn more about the case proceedings via the publicly available documents. The original Notice of Civil Claim, Application with amended claim, and the Reasons for Judgment on the amendment application are available from the BC Supreme Court registry and database (BC Online) and are hosted on TNR's webpage. www.tnrgoldcorp.com/s/LosAzules.asp


Over the past twenty-one years TNR, through its lead generator business model, has been successful in generating high quality exploration projects in North and South America and Europe. With the Company's expertise, resources and industry network, it is well positioned to aggressively identify, source, explore, partner and continue to expand its current project portfolio. TNR remains committed to following this business model and the ability it provides to continue to unlock value for ourselves and its shareholders.



Exploration success begins with having the right people, patience, perseverance and timing. TNR believes it has these key ingredients in place for a successful 2011 and beyond.

ABOUT TNR GOLD CORP. / INTERNATIONAL LITHIUM CORP

TNR is a diversified international mineral exploration company focusing on the advancement of existing properties and identifying and acquiring new prospective projects. TNR has a portfolio of 18 active projects, of which 9 rare metals projects, including Mariana, is now held by TNR's now-listed subsidiary, ILC. TNR remains a large shareholder in ILC at 29% of outstanding shares.

The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the TNR and ILC's commitments to generating projects, diversifying its markets, and building shareholder value.



On behalf of the board,



Gary Schellenberg

President -- TNR Gold Corp.


4 jun 2011

Wealth Commences Drilling on Its Rodeo de los Molles Rare Earth Element Project, Argentina


VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 3, 2011) - Wealth Minerals Ltd. (TSX VENTURE:WML)(OTCQX:WMLLF)(FRANKFURT:EJZ) (the "Company" or "Wealth") - is pleased to announce that diamond drilling has commenced on the Rodeo de los Molles property ("Rodeo") located in San Luis Province, Argentina. This, the initial drill campaign on the property, will consist of a minimum of 30 holes (approximately 2,000 metres) and will first target high-grade rare earth element (REE) mineralization at the main Mina Norte and La Juli zones before stepping out to test newly defined areas.

To view Figure 1 accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/wml63.jpg

Recently announced results (NR11-05 - click here to view: http://www.wealthminerals.com/s/NewsReleases.asp?ReportID=451248&_Type=News-Releases&_Title=Initial-Sampling-Confirms-Presence-of-High-Grade-Rare-Earth-Element-Mineral...) from surface channel sampling confirm the presence of outcropping high-grade REE mineralization. Additionally, 136 selected rock grab samples collected from outcrop and material quarried by the previous operator average 1.70% Total Rare Earth Oxide (TREO) with values ranging from detection limits to 28.9% TREO.

Rodeo de los Molles Rare Earth Deposit Overview

The Rodeo de los Molles ("Rodeo") rare earth deposit is the largest undeveloped Rare Earth Element project in Argentina with an historical resource of 5.6Mt at 2.1% total rare element oxide. The historical geologic resource estimate for Rodeo was prepared in 1992 (including metallurgical testwork) and is based on approximately 6,000 metres of RAB drilling. This historical resource estimate is considered relevant by the Company given the global concerns regarding secure future supplies of REEs and for the purposes of the Company's decision to acquire the property and to guide the Company in formulating an exploration program for the property. However, the Company cautions that the resource estimate was prepared before the introduction of NI 43-101, and is therefore historical in nature and the Company is not treating such resource as a current resource under NI 43-101. Investors are further cautioned that a qualified person has not yet completed sufficient work to be able to verify the historical resources, and therefore they should not be relied upon.

Historical exploration at the Rodeo deposit has only tested REE mineralization to very shallow depths of approximately 30 to 40 vertical metres. The mineralization discovered to date remains open for expansion in all directions, including at depth.

The Rodeo property may be worked all year round and infrastructure is excellent – a paved road is within 2 kilometres of the deposit and power and water are within 8 kilometres.

Qualified Person & QA/QC Controls

R. Scott Heffernan, M.Sc., P.Geol., Wealth's Vice-President, Exploration, and a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Heffernan is not independent of Wealth by virtue of being an officer and shareholder and a holder of incentive stock options.

Wealth's activities to date at Rodeo have been supervised by R. Scott Heffernan, P.Geol., Wealth's Vice-President Exploration, and Diego Charchaflie, P.Geo, Principal of LPF Consulting SA, who are responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project rigorously collect and track samples which are then sealed and shipped to the Activation Laboratorios Ltda. laboratory facilities in Coquimbo, Chile for preparation and then forwarded to Activation Laboratories Ltd. ("Actlabs") of Ancaster, Ontario for geochemical analysis by '8-REE Assay Package by Fusion ICP & ICP/MS'. Actlabs' Quality System is accredited to international quality standards through the International Organization for Standardization/International Electrotechnical Comission (ISO/IEC) 17025. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards.

About Wealth Minerals Ltd.

Wealth is an early stage mineral exploration company with approximately 50.6 million shares issued and listings on the TSX Venture and Frankfurt Stock Exchanges. The Company's focus is the acquisition and exploration of prospective uranium and rare earth element properties, primarily in Argentina and Peru. In addition to ongoing work programs on its existing properties, it continues to actively evaluate new potential uranium and rare earth projects in these and other countries.

For further details on the Company readers are referred to the Company's web site (www.wealthminerals.com) and its Canadian regulatory filings on SEDAR at www.sedar.com.

On Behalf of the Board of Directors of WEALTH MINERALS LTD.

Hendrik Van Alphen, President & CEO

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the potential to establish a NI 43-101 compliant resource at 'Rodeo', the potential for the expansion of the known mineralized zones at 'Rodeo'; the potential for the amenability of 'Rodeo' mineralization to respond to proven technologies and methods to recover both light and heavy rare earth oxides, the potential for mineralization at 'Rodeo' to have relatively straight-forward geometallurgy, business and financing plans and business trends, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, dilution, the volatility of the Company's common share price and volume; variations in the market price of any mineral products the Company may produce or plan to produce, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's Management Discussion and Analysis filed with certain securities commissions in Canada, and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com,and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.


Argentex Drills 13.0 Meters Grading 525.1 g/t Ag Within the Tranquilo Vein System; Exploration Program at Pinguino Project, Argentina Continues to Del


VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 2, 2011) - Argentex Mining Corporation (TSX VENTURE:ATX)(OTCBB:AGXM) is pleased to release additional drill results from its ongoing 2011 exploration program at its 100%-owned Pinguino Project in Santa Cruz, Argentina.

Approximately 19,000 meters of drilling have been completed to-date in 203 holes during 2011. Testing of silver and gold targets first identified in 2010 at Tranquilo and Marta Este have provided excellent silver results over large intervals. These new drill results extend the original discovery area and expand the potential of the high-grade zone within the Tranquilo mineralized vein system.

Results below are from the most recent 12 holes:



"Consistent positive drill results from Pinguino continue to add silver resources to the project as we push towards the goal of delivering a new updated mineral resource update," commented Ken Hicks, President of Argentex. "The Tranquilo vein system is exciting noting the strength, persistence and size of the Tranquilo mineralized system within the region. Drill testing of this structure, which was first explored in late 2010, intersected the largest interval of high-grade silver of over 2,400 g/t Ag over 6.0 meters. The silver zone continues to expand along strike and to depth."

Results

The table above displays selected analytical results from a total of 12 reverse circulation and core holes; 3 holes from Marta Este, 9 holes from Tranquilo. A map of drill hole collars is available on our web site at www.argentexmining.com.

About Pinguino

Argentex's Pinguino property is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. Argentex believes that recent high-grade silver discoveries within newly tested structures of the district scale vein system at Pinguino show potential for the development of a significant silver resource.

The Deseado Massif is an active region of mining with four precious metal mines currently in production, and includes multiple active advanced and early stage exploration projects.

Quality Assurance

Samples selected for analysis are sent to Acme Analytical Laboratories' sample preparation lab in Mendoza, Argentina. From there, sample pulps are sent to Santiago, Chile for fire assay gold analysis and to Vancouver, Canada for Group 1DX multi-element MS-ICP analysis. Samples with over-limit zinc, lead, silver and/or copper are reanalyzed using an ore-grade high detection limit 7AR analysis, also conducted in Vancouver. Acme Analytical Laboratories is an accredited ISO 9000:2001 full-service commercial laboratory with its head office in Vancouver. Referee analyses will be carried out by Alex Stewart (assayers) Argentina S.A. in Mendoza, Argentina. Argentex, Acme and Alex Stewart all maintain comprehensive and independent Quality Control/Quality Assurance programs.

Exploration on the Pinguino property is being conducted under the supervision of Mr. Kenneth Hicks, P.Geo. Argentex's President and a "Qualified Person" (QP) as defined by Canada's National Instrument 43-101.

About Argentex:

Argentex Mining Corporation is an exploration company focused on the discovery of silver, gold and polymetallic deposits on its advanced late-stage exploration projects in the Patagonia region of southern Argentina.

In 2011, Argentex is currently advancing its highly prospective projects in Santa Cruz province, focusing primarily on its 100%-controlled Pinguino project. An early 2011 drill program of approximately 17,000 meters has been increased to a minimum of 20,000 meters because of positive results to date. More than 11,200 meters of RC drilling and 7,700 meters of core drilling have been completed in 2011. About 55,000 meters of drilling has been completed on the project to date.

Argentex's 10,000-hectare Pinguino property is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. Pinguino is easily accessible, situated approximately 400 meters above sea level in low-relief topography. An existing system of all-weather roads provides year-round access to the property.

In total, Argentex owns 100% of the mineral rights to more than 35 projects located within approximately 307,981 acres (124,636 hectares) of highly prospective land located in the Santa Cruz and Rio Negro provinces of Argentina. Shares of Argentex common stock trade on the TSX Venture Exchange under the symbol ATX and on the OTCBB under the symbol AGXM.

In addition to the recent drill results, Argentex also announces that on May 27, 2011 one of its investors exercised share purchase warrants pursuant to which it purchased 72,500 of the Company's common shares at an exercise price of CDN$0.90 per share for approximately $66,700 ($CDN 65,250).

On behalf of Argentex Mining Corporation:

"Ken E. Hicks"
President

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements in this news release include statements about the company's belief that these new results extend the original 2010 discovery area and expand the potential of the high grade zone within the Tranquilo system, its goal of delivering a new updated mineral resource update and its belief that recent high-grade silver discoveries within newly tested structures at Pinguino show potential for the development of a significant silver resource. Actual results may differ materially from those currently anticipated due to a number of factors beyond the Company's control. These risks and uncertainties include, among other things, competition for qualified personnel and risks that are inherent in Argentex's operations including the risk that the Company may not find any minerals in commercially feasible quantity or raise funds sufficient to prosecute its exploration plans. These and other risks are described in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Benton Exercises Remaining Warrants in Coro Mining Corp.


THUNDER BAY, ONTARIO--(Marketwire - June 2, 2011) -Benton Resources Corp. (TSX VENTURE:BTC) ("Benton" or "the Company") is pleased to announce that it has exercised its remaining 2,437,500 warrants in Coro Mining Corp. ("Coro") at a price of $0.50 per warrant for a total outlay of $1,218,750. The warrants were exercisable at $0.50 until June 1, 2011 and $0.65 thereafter until they were due to expire in June 2012. The Company now holds 57,866,754 common shares of Coro. The Company believes that its investment in Coro has excellent upside potential from its current value. Coro is currently awaiting ratification of its Environmental Impact Statement on the San Jorge Copper Gold project by the provincial legislature in the Mendoza province of Argentina. At current commodity prices the San Jorge project has robust economics. Coro is also currently conducting a 2,000 meter diamond drill program at its Cerro Chacay project, which is a very prospective early stage copper porphyry project in Chile which is situated 12 kms from Teck Resources Limited's Relincho copper deposit where a prefeasibility study is currently expected to be completed this year.

About Benton:

Benton is a Canadian based junior with multiple joint ventures and a diversified property portfolio in Gold, Nickel, Copper, and Platinum group elements. The Company currently has approximately $13.2 million in cash, owns approximately 57.9 million shares of Coro Mining Corp. (TSX:COP), holds approximately 348,000 shares of Stillwater Mining Company (NYSE:SWC), holds 782,500 shares in Marathon Gold Corp. (TSX:MOZ), holds 1.6 million shares in Puget Ventures (TSX VENTURE:PVS), holds approximately 4.47 million shares of Mineral Mountain Resources Ltd. (TSX VENTURE:MMV), and holds 815,000 shares of Bell Copper Corporation (TSX VENTURE:BCU). Benton is currently in the process of spinning out the majority of its assets by a plan of arrangement into a new listed company in order to separate its investment in Coro Mining from its cash, equities and exploration assets. Benton shareholders will receive a pro-rata interest in this new company via one new common share for each share held as of the effective date as yet to be determined and pursuant to regulatory approval.

Clint Barr (P.Geo), V.P. Exploration for Benton Resources Corp., is the qualified person responsible for this release.

On behalf of the Board of Directors of Benton Resources Corp.,

Stephen Stares, President

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


Metropolitan Mining Inc.: Private Placement of Equity Securities


VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 1, 2011) -Metropolitan Mining Inc. (TSX VENTURE:MNZ) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Metropolitan Mining Inc. ("Metropolitan" or the "Company") announces that it intends to complete a non-brokered private placement (the "Placement") pursuant to which it proposes to issue up to 5,900,000 units. Each unit (a "Unit") will be issued at a price of $0.06 per Unit and consist of one common share and one share purchase warrant (a "Share Purchase Warrant"), for gross proceeds of up to $354,000. Each Share Purchase Warrant will entitle the holder thereof to acquire one common share of the Company at a price of $0.10 for a period of two years from the date of issue. The Common Shares and the Warrants issued in connection with this Placement will be subject to a four-month hold period from the closing date, as prescribed by the TSX Venture Exchange and applicable securities laws.

Directors and officers of the Company will acquire up to 50% of the Units under the Placement, including Michael Thomson, CEO and a director of the Company, who has indicated his intention to subscribe for up to CDN$ 75,000 or 1,250,000 Units. Any such participation would be considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any units issued to nor the consideration paid by such persons will exceed 25% of the Company's market capitalization calculated as of the close of trading on the TSX Venture Exchange on May 31, 2011.

The proposed use of proceeds from the Placement is to provide corporate overhead for a one year period, to provide Metropolitan with a reserve for asset acquisition investigations and for general working capital purposes.

Metropolitan, a junior mining company, currently holds an interest in a copper/gold exploration property located in Salta, Argentina, pursuant to an option agreement. Management of the Company continues to investigate potential resource property acquisitions and other opportunities on an ongoing basis.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael G. Thomson, President, CEO & Director

Certain information contained in this press release, including information and statements which may contain words such as "could", "plans", "should", "anticipates", "expect", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking information. Forward-looking statements are based on the opinions and estimates of management relying on their experience at the date the statements are made, and are subject to a variety of risks, uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV, changes in the business environment that might impact the intended use of proceeds and terms of the financing and changes in the intention of the parties to subscribe to the private placement. All of the forward-looking information contained in this press release is qualified by this cautionary statement. There can be no assurance that the actual results or developments anticipated by the Company, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business operations. The Company disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events. Readers should not place undue reliance on forward-looking information.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Extorre Announces A Silver-Gold Discovery at Its Puntudo Project in Western Santa Cruz Province, Argentina



VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 1, 2011) - Extorre Gold Mines Limited (TSX:XG)(NYSE Amex:XG)(FRANKFURT:E1R) ("Extorre" or the "Company") reports the discovery of significant silver-gold mineralization at its 100% owned Puntudo project, located immediately south of the Joaquin silver project owned by Coeur d'Alene Mines and Mirasol Resources, and 200 kilometres west of Cerro Moro. Extorre has completed thirty two drill holes to date, with assays in hand for the first fifteen holes. Mineralization has been intersected in drill holes that test the potential strike extension to the south, onto Extorre property, of both the La Negra and La Morocha veins (http://www.youtube.com/user/EvenKeelMedia#p/a/u/2/HOjWRGgBpyU) of the Joaquin project.

Highlights from the drilling include:

RD0001 on the La Morocha structure intersected42.3 metres("m") (138.8 feet ("ft")) at 16 grams per tonne ("g/t") silver + 0.60 g/t gold (46 g/t silver equivalent*), including6.9 m (22.6 ft) at 32 g/t silver + 1.01 g/t gold (83 g/t silver equivalent*).

RD0004 on the La Negra structure intersected 3.0 m (9.8 ft) at 695 g/t silver + 0.66 g/t gold (728 g/t silver equivalent*).

RD0015, also on the La Negra structure, intersected 9.0 m (29.5 ft) at 211 g/t silver + 1.19 g/t gold (271 g/t silver equivalent*), including5.71 m (18.7 ft) at 320 g/t silver + 1.82 g/t gold (411 g/t silver equivalent*).

The discovery site, termed the Renaldo Prospect, is located in the northeast quadrant of the Company's 29,500 hectare Puntudo project. The adjacent Joaquin project has a NI43-101 compliant resource** of 19.6 million ounces of silver in the Indicated category, and 47.9 million ounces of silver in the Inferred category. This resource is derived from the La Negra and La Morocha veins (http://www.youtube.com/user/EvenKeelMedia#p/a/u/2/HOjWRGgBpyU) which have been drilled as far south as Extorre's Renaldo Prospect's northern boundary.

With the onset of the southern winter, the two Puntudo drilling rigs and supervising teams will now be relocated to Cerro Moro, where drilling can continue year round, to supplement the four rigs operating there. We anticipate five rigs to be testing the new high grade Zoe discovery and the sixth on regional drilling at Cerro Moro from mid-June.

Click to see a figure showing a plan view of drilling at the Renaldo discovery and its relationship to the adjacent Coeur–Mirasol Joaquin project. (http://www.extorre.com/pdf/release/diagram_17.pdf)

Drill targeting on Extorre's Renaldo Prospect at Puntudo was based on extrapolating along strike from the La Negra and La Morocha veins (http://www.youtube.com/user/EvenKeelMedia#p/a/u/2/HOjWRGgBpyU) at Joaquin in conjunction with in-house ground magnetic data. The resultant magnetic imagery shows a southwest striking linear magnetic low approximately 100 m (328 ft) wide and +1,000 m (3,280 ft) long extending to the southeast following the La Negra trend. The extension to the La Morocha trend is observed as a magnetic discontinuity extending +1,500 m (4,920 ft) into the Extorre property. Additional targets in the Renaldo area, including the intersection of the La Morocha and La Negra structural trends have been identified.

Glen van Kerkvoort, Extorre's Chief Geologist commented "There is a saying in the mining business that the best place to find mineralization is alongside a known deposit. That has certainly been the case for our Renaldo Prospect. Boosted by the success of the Couer d'Alene and Mirasol discovery to the north we were able to fast track the discovery process at Renaldo. We are encouraged by the fact that Coeur d'Alene has notified Mirasol of its intention to proceed with a Bankable Feasibility Study on Joaquin project.

"The main focus of drilling to date has been the south-eastern extension of the La Negra structure in an area obscured by sand and gravel cover. However, approximately half of the total resource for the Joaquin project to the north is derived from the La Morocha structure and, with the encouraging result in our drill hole RD0001 we have initiated testing of that trend.

"Geologically we interpret the Renaldo discovery to be a silver dominant, high level, low sulfidation epithermal vein (http://www.youtube.com/user/EvenKeelMedia#p/a/u/2/HOjWRGgBpyU) system. Wider intercepts of lower grade silver mineralization appear to correlate with oxidized material, similar to the geological descriptions provided for the Joaquin property. Assays and rock sampling around RD0006, located one kilometre south from Joaquin, suggest that the La Negra vein (http://www.youtube.com/user/EvenKeelMedia#p/a/u/2/HOjWRGgBpyU) may become gold rich in this area, and that is now being drill tested."
Drilling results from the Renaldo Prospect (at a 25.0 g/t silver equivalent* cut-off grade):





















































Assays from additional Extorre drill holes will be released as they become available.

Quality Control and Assurance

Drill widths presented in the table above are drill intersection widths and may not represent the true widths of mineralization.

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. Samples were prepared at the Acme Analytical Laboratories ("Acme Labs") preparation facility on-site at Cerro Moro (managed and staffed by Acme Labs), and assayed by fire assay (50 gram charge) at the Acme Labs laboratory in Chile, an ISO-9001:2000 certified laboratory.

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.

Glen van Kerkvoort, Extorre's Chief Geologist 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). Extorre's assets comprise approximately $26 million in cash, the Cerro Morro, Puntudo and Don Sixto projects, and other mineral exploration properties in Argentina.

In addition to the two drill rigs operating on the Puntudo project, four rigs are drilling at Cerro Moro. Three rigs are testing the Zoe discovery where high grade to bonanza grade gold-silver intercepts are being recorded.

On April 19, 2010, Extorre announced a NI 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.

*** Gold equivalent grade is calculated by dividing the silver assay result by 60, adding it to the gold value and assuming 100% metallurgical recovery.

Extorre released the results of a preliminary economic assessment ("PEA") of the Cerro Moro project on October 19, 2010. The PEA highlighted the robust economics of a future mine expected to produce an average of 133,500 gold equivalent*** ounces annually during the first 5 years of operations. The cash cost per ounce (gold equivalent***) is estimated to be US$201 per ounce. Project CAPEX has been estimated at US$131 million. The project economics were calculated using gold and silver prices of US$950/ounce and US$16/ounce, respectively.

The Province of Santa Cruz formally approved the Cerro Moro Environmental Impact Assessment report on May 16, 2011. That report approves the mining plan put forward to the Province in September 2010. The Company anticipates receipt of its Cerro Moro Pre-feasibility Study in Q2-2011.

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

EXTORRE GOLD MINES LIMITED

Eric Roth, President and CEO

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 PFS, 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 our financial statements and MD&A for the fiscal period ended December 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 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.

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