Extorre Gold (XG) Updates on Cerro Moro Project

Extorre Gold Mines Limited (AMEX: XG) updates on an economic study of the Cerro Moro Project.

Key findings:

• The July study will be categorised as a Preliminary Economic Assessment instead of a Prefeasibility Study to facilitate the incorporation of additional mineralized zones.
  
  
• The engineering inputs are to the confidence level of a PFS but a portion of the resource for the July study will be in inferred. Although the lower confidence resource would not be mined until the latter years of the project they do contribute to the mine life.
  
  
• The daily throughput in this study is being modelled at 750 and 1,000 tonnes/day, not just the 750 tonnes/day scenario contemplated in the October 19, 2010 study.
  
  
• The study will use a silver/gold value ratio of 50:1, not the 60:1 ratio of the earlier study.
  
  
• Gold and silver prices used in the study are $1,320 and $26 respectively.
  
  
• A new PEA with a further 50% production expansion is proposed before year-end. That scenario will include the Zoe discovery and a number of additional veins that are not included in the current PEA.

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