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EXTORRE NEARS COMPLETION OF INITIAL RESOURCE DEFINITION DRILLING FOR ZOE AT CERR
O MORO - HIGH GOLD-SILVER GRADES CONTINUE
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Extorre Nears Completion of Initial Resource
Definition Drilling for Zoe at Cerro Moro
High Gold-Silver Grades Continue
Vancouver, B.C., September 12, 2011 – Extorre Gold Mines Limited
(AMEX:XG; TSX:XG; Frankfurt: E1R, "Extorre" or the "Company") is
pleased to announce that the drilling required for a new
National Instrument 43-101 compliant resource estimate at Cerro
Moro has now been completed.
The new Cerro Moro resource
estimate is expected to be released in October 2011 and include
contributions from recent discoveries at the Zoe, Martina, Carla
, and Esperanza-Nini zones.
Drilling with at least 5 rigs will
continue to test high priority targets on the Zoe structure and
elsewhere on the property.
Recent drilling results include further high gold-silver grades
from the Zoe discovery.
Assay highlights include:
MD1300 intersected 2.00 metres ("m") at 13.0 grams per tonne ("g
/t") gold + 457.6 g/t silver (22.1 g/t gold equivalent*),
including 0.31 m at 80.3 g/t gold + 2,566 g/t silver (131.6 g/t
gold equivalent*).
MD1304 intersected 2.39 m at 6.8 g/t gold + 1,622 g/t silver (39
.3 g/t gold equivalent*), including 0.58 m at 17.0 g/t gold + 4
,255 g/t silver (102.1 g/t gold equivalent*).
MD1315 intersected 0.75 m at 32.0 g/t gold + 1,605 g/t silver (64
.1 g/t gold equivalent*),
including 0.45 m at 52.7 gold + 2,624 g/t silver (105.1 g/t gold
equivalent*).
MD1317 intersected 5.20 m at 18.6 g/t gold + 198 g/t silver (22.6
g/t gold equivalent*), including 1.36 m at 68.7 g/t gold + 601 g
/t silver (80.7 g/t gold equivalent*).
Click here for a link to a table with additional significant
results.
A total of 109 drill holes have been completed to date at Zoe.
Results from the remaining 34 holes are currently in core
cutting and assaying with assay intercepts expected to be
available to the market in October.
Figure: Zoe Projected Long Section displaying interpreted high
grade gold-silver plunges.
Matt Williams, Extorre´s Exploration Manager stated "Drilling
during the last two months has concentrated on extensions and
infill at Zoe in preparation for the revised resource statement.
"Of the 109 holes drilled to date at Zoe, 20 holes have been
drilled approximately 500 m east and west of the Zoe central
high grade zone.
Although the Zoe structure was intersected in
the majority of the holes the intercepts are interpreted to
potentially be above the high grade zone portion of the system.
Deeper drilling is now scheduled to test for such blind targets
."
Click here for the Zoe projected long section and map.
Going forward, five drills will remain at Cerro Moro.
One drill
will remain on the high grade central portion of the Zoe deposit
to increase the density of drill holes in that area.
A second
drill will test the deeper target area west of Zoe towards the
Martina prospect.
A third drill will continue to test for
potential Zoe extensions up to 2 kilometres to the east of Zoe.
A fourth rig will complete a program of PQ sized (large diameter
) drilling to provide samples for metallurgical test work,
including bond, rod and ball work indices, abrasion indices and
SMC tests.
Finally, a fifth drill will return to testing the
potential for further "Zoe discoveries" at the various regional
prospects on the Cerro Moro property.
*Gold equivalent grade is calculated by dividing silver grades by
50 and adding this figure to gold grade and assuming 100%
metallurgical recovery.
Quality Control and Assurance
Drill widths presented in the table 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.
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.
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 500 or
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 ("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).
The assets of the Company
comprise $40 million in cash, the Cerro Moro, Puntudo and Don
Sixto projects, and other mineral exploration properties in
Argentina.
On August 4, 2011
Extorre announced the results of the second Preliminary Economic
Assessment ("PEA-2") for a potential mine development at Cerro
Moro.
The study was based on the interim (April, 2011) NI 43-101
compliant mineral resource estimate.
In PEA-2 production is
based on an 8.25 year, 1,000 tonnes per day mining and
processing operation, to produce a total of 494,700 ounces of
gold and 26.6 million ounces of silver.
The pre-tax NPV0 for the
project is $581 million and the pre-tax IRR is 89.3%.
The
proposed mine would produce an average of 206,300 ounces gold
equivalent** per year for the first 3 years at a cash cost of
$US236/ounce gold equivalent**.
PEA-2 did not include any
resources from the Zoe discovery, as this was still being
drilled at that time.
Click here for a link to the National Instrument 43-101 compliant
report.
The Company expects to release an updated resource statement in
Q4-2011 to include the Zoe discovery and three other deposits.
That resource statement will lead to a revised economic
assessment and a revision to the Environmental Impact Assessment
approval received on May 17, 2011.
** Gold equivalent ounces are calculated by dividing silver
ounces by 50 and adding this figure to gold ounces.
You are invited to visit the Extorre web site at
Latest news
August 23 2011
Extorre Announces Results For 20 Holes Drilled At The Puntudo
Project Silver-Gold Discovery In Argentina
more
August 04 2011
Extorre Announces Update to Cerro Moro Preliminary Economic
Assessment 8 Year Mine Life +200,000 Oz/Yr.
Gold Equivalent for
First 3 Years
more
July 20 2011
Extorre Extends High Grade Gold-Silver Zones at Cerro Moro
more
Contact
EXTORRE GOLD MINES LIMITED
Eric Roth
President and CEO
[]
Suite 1660, 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 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
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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