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Extorre Reports More High Grade Results From Completed Cerro Moro In-Fill Drilli
ng ; New Resource Due in April
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Extorre Reports More High Grade Results From Completed Cerro Moro
In-Fill Drilling ; New Resource Due in April
Vancouver, B.C., April 5, 2010 – Extorre Gold Mines Limited (TSX
:XG, Frankfurt: E1R, OTC: EXGMF – "Extorre" or the "Company") is
pleased to report the completion of its in-fill drilling program
at Cerro Moro, Santa Cruz Province, Argentina.
Of the final 106
diamond drill holes assayed, 59 holes returned significant
results, including 27 with very high grades.
Most notable was a
bonanza intersection in MD753 with 3.4 metres (11.2 feet) at 448
.8 g/t (13.0 oz/ton) gold equivalent*.
Selected high grade results at a 1 g/t gold equivalent* cut-off
grade are reported below (abbreviations used are metres ("m")
and grams per tonne ("g/t")):
To view table data please view the release on the Extorre website.
http://www.extorre.com
* 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 holes MD710, MD756, and MD828 contained intervals
with core recoveries less than 85%.
The mineralized interval in
MD710 averaged 63%.
The mineralized interval in MD756 between
139.45m and 143.52m averaged 75%.
The mineralized interval in
MD828 averaged 83%.
As there is no correlation between gold and
/or silver grades and core recovery in the database, the results
have been presented above.
Extorres Exploration Manager Matthew Williams stated, "The
Escondida Vein in-fill drilling program comprised a total of 325
diamond drill holes, of which the above 106 drill hole batch
completes the data package to be used by Cube Consulting ("Cube"
) for the estimation of a new NI43-101 mineral resource.
The
latest results are consistent with earlier assay batches, where
very high grade to bonanza grade assays characterise the six
sectors that constitute the Escondida Vein.
The completed in-fill drilling program is expected to satisfy our
goal of converting a substantial part of the previously
announced "inferred resource" category to the higher "indicated"
category.
The entire data set is now with Cube to facilitate a
scheduled release for the new resource estimate in April, 2010.
That estimate will be followed by a preliminary economic
assessment in Q3-2101that will set out the operating and capital
costs for a potential mine at Cerro Moro.
"Exploration drilling is continuing at Cerro Moro, testing
potential extensions to the Escondida Vein and a number of other
areas referred to as Fomicruz JV, Esperanza, Gabriela and Carla.
Two rigs are performing this drilling with a third being used
for drilling required for water and engineering studies."
The location of the 59 drill holes reported in the table above is
shown on the following plan and longitudinal sections.
Of 47
diamond drill holes that returned less significant results, 24
holes returned narrow and/or low grade intersections and 23
holes were poorly mineralized.
Click Here for the sections and plans
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 and have been
calculated using a 1.0 g/t gold equivalent cut-off grade, 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 ("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 Gold Mines Limited is a Canadian public company listed on
the Toronto Stock Exchange under the symbol "XG".
It is a spin
-out entity from Exeter Resource Corporation ("Exeter") pursuant
to a March 11, 2010 shareholder vote to split into two
independently focussed public companies.
Extorres assets comprise approximately $25 million in cash plus
the Cerro Morro and Don Sixto projects, and all other Exeter
exploration properties in Argentina.
Exeter retained all assets
relating to the Caspiche gold-copper discovery in Chile,
together with approximately $45 million in working capital.
Extorre will initially apply for listing on the OTCQX exchange.
That listing will be followed by an application to list on the
NYSE-Amex.
Listing is subject to Extorre receiving exchange
acceptances of its listing application.
The Cerro Moro Project in Santa Cruz Province, Argentina is
currently 100% owned by Extorre.
The Santa Cruz Government
mining company, Fomicruz S.E.
is entitled to a 5% participating
interest on completion of mine permitting.
In July, 2009, a NI
43-101 compliant inferred mineral resource estimate was
announced for drilling completed to the end of 2008.
The
estimate comprised 646,000 ounces gold equivalent at a grade of
18 g/t gold equivalent*(or 0.5 oz/ton gold equivalent*).
You are invited to visit the Extorre web site at www.extorre.com
EXTORRE GOLD MINES LIMITED
Eric Roth
President and CEO
[mailto:]
For further information, please contact:
Rob Grey, VP Corporate Communications
Tel: 604.688.9592 Fax: 604.688.9532
Toll-free: 1.888.688.9592
Suite 1260, 999 West Hastings St.
Vancouver, BC Canada V6C 2W2
*Inferred mineral resource estimate of 1,098 Mt containing 371
,000 ounces gold at a grade of 10.5 g/t and 19.2 million ounces
silver at a grade of 545 g/t for 646,000 ounces gold equivalent
at a grade of 18 g/t gold equivalent.
Gold equivalent is
calculated by dividing the silver assay result by 70, adding it
to the gold value and assuming 100% metallurgical recovery (see
Exeter Resource Corporation news release NR 9-14 dated July 8,
2009).
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, the Companys belief
as to the extent and timing of its drilling programs, various
studies including engineering, environmental, infrastructure and
other studies, and exploration results, budgets for its
exploration programs, the potential tonnage, grades and content
of deposits, timing, establishment and extent of resources
estimates, potential for financing its activities, potential
production from and viability of its properties, permitting
submission and timing and expected cash reserves.
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 the Company has based
these forward-looking statements on its 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 the Companys
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 the ability to obtain any
necessary approvals, waivers, consents and other requirements
necessary or desirable to permit or facilitate the proposed
Arrangement, the risk that any applicable conditions of the
proposed transaction may not be satisfied, 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
officers, directors or promoters of the Company with certain
other projects; the absence of dividends; currency fluctuations;
competition; dilution; the volatility of the Companys 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 Exeter
Resource Corporations Annual Information Form for the financial
year ended December 31, 2008, dated March 27, 2009 filed with
the Canadian Securities Administrators and available at www
.sedar.com.
Although the Company has 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.
The Company is 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 U.S.,
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
www.extorre.com
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