Extorre Gold Mines Limited

Cerro Moro Gold-Silver Project, Argentina (100% ownership)

Cerro Moro is Extorre's flagship gold-silver property located in mining friendly Santa Cruz Province. The exploration priority is to expand the known mineral resources with an aggressive +100,000 metres drilling campaign. Six drill rigs have been operating continuously at Cerro Moro. As of November, 2011 the Company will reduce to four drill rigs, with three rigs continuing to delineate the Zoe deposit and potential extensions. The Zoe structure has been tested for 2.2 kilometres of strike with significant mineralisation delineated over a 1.1 kilometre long zone. Low grade shallow holes will be followed up with deeper holes to test for high grade mineralised zones in the interval 150-250 metres below surface.

Much of a potential 4 kilometre long easterly strike length of the Zoe structure is covered by a veneer of younger (post mineralisation) volcanic rocks that have no geochemical signature. Detailed geophysics (ground magnetic and CSAMT surveys) are being completed by Extorre in this area in order to assist with prioritising drill targets in this area of "blind" mineralization.

Extorre achieved an important milestone with the formal approval of its Environmental Impact Assessment from the Santa Cruz provincial government last May, 2011. This approval permits Extorre to proceed with mine development at Cerro Moro. See the press release dated May 17th, 2011 for more details.

Assays at the very high grade Zoe discover are up to 8.60 meters of 39.9 grams per tonne gold + 4056 grams per tonne silver (107.5 grams per tonne gold equivalent). See the press release dated May 4th, 2011 for more details.

On November 3rd, 2011 an updated NI 43-101 compliant mineral resource estimate was released for Cerro Moro:

Indicated Category: 1.35 million ounces gold equivalent* (7.4 g/t gold and 498 g/t silver, for a gold equivalent grade** of 17.4 g/t), plus

Inferred Category: 1.05 million ounces gold equivalent* (3.5 g/t gold and 172 g/t silver, for a gold equivalent grade** of 6.9 g/t gold).

The Indicated Category resource includes 757,000 oz gold equivalent* from the Escondida and Loma Escondida sectors at an average grade of 35 g/t gold equivalent*, and 267,000 oz gold equivalent* from Zoe at an average grade of 79 g/t gold equivalent*, grades that are considered exceptional by industry standards. The new resource included maiden mineral resources for the Zoe, Carla, Martina, and Esperanza Northwest-Nini sectors. The drill testing of further new targets at both the Cerro Moro project and on select Santa Cruz Regional prospects is ongoing.

Extorre released the results of an updated preliminary economic assessment ("PEA") of the Cerro Moro Project on August 4th, 2011. The PEA highlighted the robust economics of a future mine expected to produce an average of 206,300 gold equivalent* ounces annually during the first 3 years of operations. The cash cost per ounce is estimated to be US$236 per ounce gold equivalent*. Initial CAPEX (Direct Costs) $US 150M + $US 26M recoverable VAT, Initial Indirect Costs (EPCM, Owners Costs) $US 32M The project economics were calculated using gold and silver prices of US$1320/ounce and US$26/ounce, respectively.

A NI 43-101 compliant Preliminary Economic Assessment (PEA) for Cerro Moro can be accessed from this website. The report provides estimated mine operating and capital costs for a potential 1000 tonne per day mine to deliver +200,000 ounces gold equivalent* per annum over the initial three years of operations. An Environmental Impact Assessment that incorporates a 750 tad mining scenario was submitted to Provincial authorities in September 2010 and was approved in May 2011. The Santa Cruz Mines Ministry has indicated that the approval time for an addendum to expand throughput on an existing EIA is considerably shorter than that for a new EIA submission.

*Gold equivalent grade is calculated by dividing the silver assay result by 50, adding it to the gold value and assuming 100% metallurgical recovery.

Outside of the Cerro Moro project area, Extorre has completed drilling to realise the discovery potential of its 100% owned Falcon, Union Domes and Puntudo gold-silver properties.

A Cerro Moro updated preliminary economic assessment is being performed by GR Engineering Services, Australia. The Study is scheduled for completion in the first quarter of 2012.

Extorre owns 100% of the Don Sixto gold-silver deposit in Mendoza Province, Argentina. In June 2007, the Mendoza government passed legislation that restricts mining in Mendoza Province. The project has been placed on hold, although the Company is optimistic that in due course mining will be permitted for projects that can be demonstrated to be both economically viable and sustainable for communities.

For more details on the projects please CLICK HERE

Directors

Eric Roth, President and CEO

Darcy Daubaras, CFO

Yale Simpson, Co-Chairman

Bryce Roxburgh, Co-Chairman



Robert G Reynolds, Director



Ignacio Celorrio, Director

James Strauss - Director

George Lawton - Director

Management
    * Eric Roth - President and CEO
    * Cecil Bond - Vice President Finance
    * Louis Montpellier - Senior Vice President 
    * Marina Trasolini - Vice President, Corporate Development 
    * David Carmichael - Cerro Moro Project Development Manager 
    * Fernando Chacon - Cerro Moro Project Manager
    * Matt Williams - Exploration Manager 
    * Glen van Kerkvoort - Chief Geologist 
    * Darcy Daubaras - CFO 
    * Gonzalo Damond - Commercial Manager 
    * Patricia Inzirillo - Administration and Legal 
    * Rob Grey - VP Investor Relations

Capital Structure

As of November 8, 2011

Shares Issued: 92,244,575

Warrants Issued: 221,739

Options: 10,163,838

Fully Diluted: 102,630,152

Treasury: C$32 million