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Cerro Moro Infill Drilling For Pre-Feasibility Study Completed - Drilling Now Fo
cused Entirely on New Veins and Extensions
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Cerro Moro Infill Drilling For Pre-Feasibility Study Completed
- Drilling Now Focused Entirely on New Veins and Extensions
Vancouver, B.C., January 24, 2011 – Extorre Gold Mines Limited
(TSX:XG, Frankfurt: E1R, OTC: EXGMF – "Extorre" or the "Company")
is pleased to report high gold-silver grades from the final
assay batch of the infill drilling program at its 100% owned
Cerro Moro Project in Santa Cruz Province, Argentina.
The
purpose of the infill drilling at the Gabriela and Loma
Escondida vein zones was primarily to upgrade Inferred category
resources to the Indicated category.
Only Indicated resources
will be included in the Cerro Moro Pre-Feasibility Study ("PFS")
, which is due for completion in the second quarter of 2011.
Of the 46 drill holes completed, 24 returned significant results
including the following exceptional intercepts:
Gabriela Vein
MD1066 intersected 4.80 metres ("m") at 12.4 grams per tonne ("g
/t") gold + 1,603 g/t silver (39.1 g/t gold equivalent*)
including 0.79 m at 70.7 g/t gold + 8,935 g/t silver (219.6 g/t
gold equivalent*)
Loma Escondida Vein
MD1073 intersected 2.63 m at 14.8 g/t gold + 1,208 g/t silver (35
.0 g/t gold equivalent*)
including 0.30 m at 81.5 g/t gold + 6,851 g/t silver (195.7 g/t
gold equivalent*)
MD1087 intersected 0.77 m at 105.3 g/t gold + 1,592 g/t silver
(131.8 g/t gold equivalent*)
including 0.35 m at 224.1 g/t gold + 2,748 g/t silver (269.9 g/t
gold equivalent*)
Eric Roth, Extorre´s President and CEO, stated "The infill drill
program has been successful in confirming continuity of high
grade gold-silver mineralization in both the Loma Escondida and
Gabriela vein zones.
These veins are very important as they will
potentially provide high grade open pit ore to the Cerro Moro
plant in the early production years.
It is noteworthy that this
batch of results includes the highest silver-gold grades
obtained to date from the Gabriela vein.
"The completion of the infill drilling allows us to focus the
four rigs on establishing the upside of the extensive Cerro Moro
vein system.
We expect to drill +5,000 metres per month through
2011, allowing us to test many targets that have had little or
no drilling to date."
Significant results from Gabriela vein infill drilling (at a 1.0
g/t gold equivalent* cut-off grade):
Drill Hole From (m) To (m) Width (m) Gold (g/t) Silver (g/t) Gold
Equivalents*
(g/t) Gold
Equivalents*
(oz/ton) MD1053 90.65 97.45 6.80 1.9 218 5.5 0.16 including
91.00 92.00 1.00 4.1 421 11.1 0.32 MD1056 38.00 48.00 10.00 1
.5 223 5.2 0.15 including 40.00 41.07 1.07 5.4 678 16.7 0.48
MD1058 64.00 69.10 5.10 1.2 186 4.3 0.12 MD1059 20.00 23.20 3
.20 1.8 142 4.2 0.12 including 21.15 21.60 0.45 5.5 424 12.5 0
.36 MD1062 46.33 49.40 3.07 5.8 507 14.3 0.41 including 48.11
48.75 0.64 18.3 1,044 35.7 1.04 MD1064 70.41 72.51 2.10 2.7
342 8.4 0.24 MD1066 59.60 64.40 4.80 12.4 1,603 39.1 1.13
including 62.46 63.25 0.79 70.7 8,935 219.6 6.37 MD1072 69.00
72.00 3.00 3.3 498 11.6 0.34 including 70.32 70.78 0.46 13.1 1
,773 42.7 1.24 MD1077 10.73 20.50 9.77 2.0 278 6.7 0.19
including 18.42 19.62 1.20 7.4 1,277 28.7 0.83 MD1078 45.00 53
.00 8.00 1.8 213 5.4 0.16 including 51.00 53.00 0.60 4.8 543 13
.9 0.40 MD1081 24.00 34.50 10.50 2.1 258 6.4 0.19 including
26.40 26.70 0.30 7.8 975 24.0 0.70 and 32.80 33.10 0.30 11.6 1
,676 39.5 1.15 MD1083 54.50 60.00 5.50 1.9 422 8.9 0.26
including 56.45 57.05 0.60 4.6 1,290 26.1 0.76 MD1086 47.60 53
.00 5.40 4.2 795 17.5 0.51 including 48.26 49.67 1.41 10.6 1
,871 41.7 1.21 MD1098 102.00 103.80 1.80 2.0 275 6.5 0.19
MD1100 95.00 97.55 2.55 1.8 190 5.0 0.15
Significant results from Loma Escondida vein infill drilling (at
a 1.0 g/t gold equivalent* cut-off grade):
Drill Hole From (m) To (m) Width (m) Gold (g/t) Silver (g/t) Gold
Equivalents*
(g/t) Gold
Equivalents*
(oz/ton) MD1069 4.43 6.00 1.57 10.0 371 16.2 0.47 including 5
.00 5.43 0.43 32.0 1,182 51.7 1.50 MD1073 16.47 19.10 2.63 14.8
1,208 35.0 1.02 including 17.10 17.40 0.30 81.5 6,851 195.7 5
.68 MD1079 39.78 40.55 0.77 4.7 294 9.6 0.28 MD1082 13.00 16
.50 3.50 9.6 539 18.5 0.54 including 14.50 15.00 0.50 30.2 1
,733 59.1 1.71 MD1084 39.17 39.95 0.78 26.1 1,420 49.8 1.44
Including 39.17 39.55 0.38 52.5 2,690 97.3 2.82 MD1087 31.73
32.50 0.77 105.3 1,592 131.8 3.82 including 31.73 32.08 0.35
224.1 2,748 269.9 7.83 MD1089 41.80 42.20 0.40 9.65 905 24.7 0
.72 MD1091 18.50 18.85 0.35 17.3 1,184 37.0 1.07
* Gold equivalent grade is calculated by dividing the silver
assay result by 60, adding it to the gold value and assuming 100
% metallurgical recovery.
Note: Drill hole MD1036 at Loma Escondida appears to have
intersected significant mineralization but results are still
pending.
The infill drill results from the Gabriela and Loma Escondida
veins will form part of the database for an updated independent
mineral resource estimate.
The new mineral resource model will
be delivered to Santiago-based NCL Ltda who will update the
mining plan and ore delivery schedule for inclusion in the PFS.
The results from an additional 48 drill holes are expected to be
released to the market within the next two weeks.
These drill
holes are part of the discovery drilling program and represent
the final batch of samples from 2010 drilling.
All drilling and
field operations have resumed from a Christmas to New Year
recess period.
Acme Analytical Laboratories are expected to
commence on-site sample preparation at Cerro Moro on February 1.
Click Here for the long sections and plans
Marina Trasolini appointed Vice President - Corporate Development
Extorre is also pleased to announce the appointment of Ms.
Marina
Trasolini as Vice President - Corporate Development.
Marina
currently holds Bachelor of Science - Geology and Bachelor of
Education - Secondary Science degrees from the University of
British Columbia (UBC), and will shortly complete an MBA in
Finance from the same institution.
Before joining Extorre, Ms.
Trasolini worked as the Senior Research Analyst for renowned
newsletter writer Lawrence Roulston, editor of the Resource
Opportunities Investment Newsletter.
In that role she became
well versed in corporate finance, equity financings, company
valuations and M&A dealings in the mining sector.
Prior to this,
Ms.
Trasolini worked for a junior exploration company as an
exploration geologist.
Quality Control and Assurance
Drill widths presented above are drill intersection widths and
may not represent the true widths of mineralization.
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, Extorres 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 is a Canadian public company listed on the Toronto Stock
Exchange (symbol XG) and on the OTCQX (symbol EXGMF).
Extorres
assets comprise approximately $42 million in cash, the Cerro
Morro and Don Sixto projects, and other mineral exploration
properties in Argentina.
On April 19, 2010, Extorre announced an updated National
Instrument 43-101 compliant mineral resource estimate for Cerro
Moro:
Indicated Category: 357,000 oz.
gold + 15.3 million oz.
silver
(612,000 oz.
gold equivalent*), plus
Inferred Category: 190,000 oz.
gold + 12.0 million oz.
silver
(390,000 oz.
gold equivalent*)
The 612,000 ounce gold equivalent* indicated resource, has an
average grade of 32.3 g/t gold equivalent*, a grade considered
exceptional by industry standards.
The silver contribution is
high, accounting for over 40% of the metal value.
Additional
inferred resources of 390,000 ounces gold equivalent* are also
reported from Cerro Moro.
Extorre released the results of a PEA of the Cerro Moro Project
on October 19, 2010.
The PEA highlighted the robust economics of
a future Cerro Moro mine expected to produce an average of 133
,500 gold equivalent* ounces annually during the first 5 years of
operations.
The cash cost per ounce (gold equivalent*) is
estimated to be US$ 201 per ounce.
Project CAPEX has been
estimated at US$ 131 million (of which 21% is a VAT that is
refundable after production commences).
The project payback
period is 1.8 years.
The project economics were calculated using
gold and silver prices of US$ 950/ounce and US$ 16/ounce,
respectively.
Extorre submitted an Environmental Impact Assessment for the
Cerro Moro mine development to Santa Cruz Authorities on
September 16, 2010.
Mining permits and approvals for the Cerro
Moro mine are expected to be received by the end of Q1-2011.
You are invited to visit the Extorre web site at www.extorre.com
Latest news
Dec 14, 2010
Extorre Reports High Grade Gold-Silver Drill Intercepts From The
Cerro Moro Project
more
Dec 08, 2010
Extorre Initiates Pre-Feasibility Study At Cerro Moro
more
Dec 06, 2010
Extorre Discovers New Silver Rich Vein at Cerro Moro Project
more
Contact
EXTORRE GOLD MINES LIMITED
Eric Roth
President and CEO
[]
Suite 1260, 999 West Hastings St.
Vancouver, BC Canada V6C 2W2
For further information, please contact:
Rob Grey
VP Corporate Communications
T: 604.681.9512
F: 604.688.9532
Toll-free: 1.888.688.9512
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 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
Commissions (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 Companys 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
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