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Extorre March Powerpoint Extorre March Powerpoint Presentation Transcript

  • March 2012 Discovery and Development ofHigh Grade Gold-Silver Projects in Argentina
  • 2 Cautionary StatementCautionary Note to U.S. Investors – The United States Securities and Exchange Commission (“SEC”) permitsmining companies in their filings with the SEC to disclose only those mineral deposits that a company caneconomically and legally extract or produce. We use certain terms in this presentation, such as “inferred resource”,that the SEC guidelines strictly prohibit us from including in our filing with the SEC. U.S. investors are urged toconsider closely the disclosure contained in our Management Discussion and Analysis for the quarter ended March31, 2010 filed on SEDAR and available at www.sedar.com.This document and the information contained in it do not constitute a prospectus and do not form any part of an offerof, or invitation to apply for, securities in any jurisdiction. Potential investors should no rely solely on the informationcontained herein prior to making any investment decision. Investors should seek independent advice from a qualifiedfinance and investment advisor, giving due regard to their own personal circumstances, prior to forming anyinvestment decisionSafe Harbor Statement - This presentation may contain certain “forward-looking statements” within the meaning ofthe United States Private Securities Litigation Reform Act of 1995. These statements reflect our current belief and arebased upon currently available information. Actual results could differ materially from those described in thispresentation as a result of numerous factors, some of which are outside of the control of Extorre Gold Mines Limited.Many of the assay results presented are preliminary and may not be accurate due to various factors, including but notlimited to sample recoveries, true widths and interpretations.Preliminary Economic Assessment (PEA) – The Cerro Moro PEA is by definition preliminary in nature as itincludes some mineral resources that are too speculative geologically to have the economic considerations appliedto them that would enable them to be categorized as reserves at this time. As such there is no certainty that thepreliminary assessment and project economics will be realized. A NI 43-101 Technical Report for the CerroMoro PEA has been filed on SEDAR (www.sedar.com) and is posted on the Company’s website atwww.extorre.com
  • 3Capital Structure –March 13, 2012 Shares 96.29 M Warrants 0.12 M Options 10.15 M Fully Diluted 106.56 M Management / Insiders 15% Institutions 60% Retail 25% Cash $38 M
  • 4 An Experienced Management TeamA Strong Board President Eric Roth – C.E.O. Geologist – 20 yrs Trevor Mulroney - C.O.O. Mng. Engineer- 25 yrs Yale Simpson Co-Chairman Exploration Matt Williams – Exploration Manager Geologist - 17 yrBryce Roxburgh Co-Chairman Fernando Chacon – Project Manager Geologist - 8 yr Development Gonzalo Damond – Commercial Manager Engineer - 17 yr Eric Roth President Alberto Carlocchia – Country Mgr, Argentina Lawyer – 13 yrsIgnacio Celorrio Director Victor Vera – Mine Devel. Superintendent Engineer – 15 yrRob Reynolds Director Corporate Darcy Daubaras – CFO Chart. Acc’t. - 14 yr Cecil Bond – VP Finance Chart. Acc’t. - 20 yrJames Strauss Director Louis Montpellier – Senior VP & Legal Lawyer - 30 yrGeorge Lawton Director Marina (Trasolini) Katusa –VP Corporate Dev. Geologist, MBA Rob Grey – VP Investor Relations IR - 7yr
  • Extorre Project Locations 5 1.36 million indicated + 1.05 million inferred ounces Au Eq* *Gold equivalent grade is calculated by dividing the silver assay result by 50, adding it to the gold value and assuming 100% metallurgical recovery. See slide 7 for full resource grades and tonnes.
  • 6 100% EXTORRE LANDS San Jose (1.3 M Oz Au, 90 M Oz Ag) FOMICRUZ 80/20% JV AGREEMENT Cerro Negro (+6 M Oz Au) FAVORABLE VOLCANIC ROCKS MINE/ADVANCED PROJECT Don Nicolas RECENT DRILLING FALCONVERDE Dos Calandrias PUNTUDO Cerro Moro UNION DOMES Cerro Vanguardia (+5 M Oz Au) Mina Martha Manantial Espejo (685 K Oz Au, 50 M Oz Ag) Santa Cruz Exploration Targets
  • 7CERRO MOROProject Location Pro-mining Santa Cruz Province 90 km road to a deep water port Population of Puerto Deseado 20,000 Site is 80 km from grid power EIA approved, connection permits in progress
  • Cerro Moro Resource – November 2011 8 National Instrument 43-101 Compliant Resource Estimate, by Cube Consulting An Exceptional Gold & Silver DepositIndicated Mineral ResourcesInferred Mineral Resources Indicated and Inferred resources shown above utilise a 1.0 g/t gold equivalent* cut-off * Note: Gold equivalent grade is calculated by dividing the silver assay result by 50, adding it to the gold value and assuming 100% metallurgical recovery.
  • Cerro Moro – Resource LocationAreas included in the Cube November 2011 Resource Estimate Mapped/Interpreted Veins Drill hole collars as at Sep 2011
  • 10Excellent Resource Expansion Potential Aggressive Exploration – Strategic Land Position 1600km2 The Cerro Moro Vein Field (95% XG)Continued resource growth will come from extensions of existing veins, (including Zoe, Carla, Martina, Nini and Esperanza) plus many other new drill ready veins Don Sixto (100% XG) Potential beyond existing gold resource Puntudo Project – Santa Cruz (100% XG) 6 exploration targets Other Regional Targets – Santa Cruz (100% XG) Falcon, Verde, Azul, Ventana The Fomicruz Joint Venture (XG Earning 80%) Union Domes, Escondida Extensions
  • 11Cerro Moro Project Surface Ownership Cerro Moro tenement outline Extorre 14,000 hectare Estancia/ranch purchase (green) ZOE 5 kilometres 3.0 mile
  • 1. Zoe PRIORITY 12 2. Zoe East EXPLORATION 3. Belen NE 4. Martina TARGETS 5. Mosquito Feeder target 6. Michele 7. Romina 8. Tres Lomas NW 9. Esperanza & Nini Extensions 10. Gabriela Extensions 11. Carlita, & Carlita to Deborah 12. Escondida West Extension 13. Escondida Far East Deeps 14. Fomicruz Escondida Deeps 15. Loma Escondida East 16. Deborah Parallel 17. Esperanza Parallel 18. Agostina 19. Deborah NE 20. Carla to Zoe 21. Esperanza to Carla 22. Carla Deeps 23. Loma Escondida West 24. Natalia 25. Silica Ridges 26. Georgina 27. Lechuzo 28. Lucia5 kilometres 29. Deborah Termination Structure 3.0 miles 30. Carolene
  • 13Ground Magnetics Leads to New Discoveries Over 30 veins identified to date. Detailed magnetic data shows the veins Drilling on new veins underway Priority is to discover high- grade, near surface veins Black lines = mapped veins 5 km White lines = exploration target
  • 14 All Mineralization Open to Depth; Long Sections ZOE Current depths from surface to MARTINA significant mineralization Far West 270 m Central 220 m 320 metres Martina 290 m Gabriela 320 m ESCONDIDA 320 metresFomicruz Far West West Central Far East Martina GABRIELA 320 metres
  • 15Perspective Projection of Nov 2011 Block Models Generalized View Looking North NINI ESPERANZA GABRIELA CARLA ZOEESCONDIDA MARTINA AuEQ50 g/t Scale: 2 km x 2 km Grid Blue lines: Interpreted Faults Red lines: Mapped Veins
  • Cerro Moro Project – Zoe Discovery 1 kilometre 0.5 mile Carla Carlita NMartina ZOE Location of newsignificant drill hole. In progress/awaiting results No significant result Existing holes ESCONDIDA – ZOE LONG SECTION KEY 1.0 km 400 m Fomicruz Far West West Central Far East Martina Zoe
  • Zoe Discovery – Projected Long SectionNote: Displayinggold equivalents* by true width.* Gold equivalentgrade is calculatedby dividing thesilver assay resultby 50, adding it tothe gold value andassuming 100%metallurgicalrecovery. Location of newsignificant drill hole. No significant result Awaiting results 160 metres Existing holes Significant result in footwall or hanging wall. Interpreted plunge ZOE LONG SECTION KEY 640 metres
  • 18 Cerro Moro MetallurgyHigh gold and silver recoveries (95% and 87.5%, respectively) are achievable via a combination of flash flotation, gravity separation, and leaching CONV LEACHING - GOLD 100 90 80 Recoveries (%) 70 60 Leaching 50 Gravity 40 Flash Flotation 30 20 10 0 ECF ECO EE EW LOMA ESP ESP-SE GAB CONV LEACHING - SILVER 100 90 80 Recoveries (%) 70 60 Leaching 50 Gravity 40 Flash Flotation 30 20 10 0 ECF ECO EE EW LOMA ESP ESP-SE GAB For more detailed information on metallurgy please view company technical reports filed on Sedar
  • Cerro Vanguardia MineSatellite view of AngloGoldAshanti’s 209,000 ounces gold, 2.8 million ounces silver per year open pit mine west of Cerro Moro Project 6 million ounce gold resource Waste/ore ratio +23 to 1 Cash costs (2010) $366/ounce Total costs (2010) $517/ounce
  • 20 Cerro Moro – Conceptual Plant Design Modular Design to Accommodate Potential Future ExpansionsA Merrill-Crowe CYCLONEB LEACH GOLD h.g. concentrate FLASH ROOM FLOTATION A. 750 ton/day “Base Case” Production Plan from PEA-1 h.g concentrate . GRAVITY B. Potential Future Expansion MINE BALL MILL CRUSHER PUMP CERRO MORO –
  • 21 Updated Mine Economic Study Updated Preliminary Economic Assessment (PEA-3) will use November 2011 Mineral Resource which includes new discoveries at Zoe, Carla, Martina & Esperanza-Nini Increased resource base will allow for increased mining and processing rates (1000tpd - 1,500 tpd) to be evaluated PEA-3 scheduled to be completed in Q1 2012 Cautionary Note: The Cerro Moro PEA is by definition preliminary in nature as it includes some mineral resources that are too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as reserves at this time. As such there is no certainty that the preliminary assessment and project economics will be realized. A NI 43-101 Technical Report for the Cerro Moro PEA has been filed on SEDAR (www.sedar.com) and is posted on the Company’s website at www.extorre.com
  • 22 Conceptual Project Schedule 2011 2012 2013 Q4 Q1 Q2 Q3 Q4 H1 H2Discovery DrillingDelineation Drilling on New ResourcesMineral Resource UpdatesMine Economics Study Update (w/ Zoe) (PEA-3)Environmental Impact Assessment RevisionMine FinancingDecline Development (at Escondida Far West)Decline Development (at Escondida Central & East)Advanced Engineering and ConstructionMine CommissioningCommunity / Social / Environmental
  • 23 100% EXTORRE LANDS San Jose (1.3 M Oz Au, 90 M Oz Ag) FOMICRUZ 80/20% JV AGREEMENT Cerro Negro (+6 M Oz Au) FAVORABLE VOLCANIC ROCKS MINE/ADVANCED PROJECT Don Nicolas RECENT DRILLING FALCONVERDE Dos Calandrias PUNTUDO Cerro Moro UNION DOMES Cerro Vanguardia (+5 M Oz Au) Mina Martha Manantial Espejo (685 K Oz Au, 50 M Oz Ag) Regional Exploration Targets Falcon, Puntudo…
  • 24Falcon – Crest Zone – Drill Plan on Resistivity North High 20 O h m . m 10 Low 200 metres
  • Puntudo Project – Renaldo Silver Target 25North Property Boundary Property Boundary
  • 26 News Flow- 2012 Cerro Moro continued drilling announcements every 2 months - new discoveries Updated PEA-3 in Q1-2012 (includes the additional Nov. 2011 resources) Update to mining permit – Q2-2012, start mine decline, evaluate financing options Excellent potential for new discoveries at Falcon and Puntudo properties.
  • 27 Extorre in anIndustry Context
  • 28 Extorre & the Metals Industry GOLD MARKET SILVER MARKET Exploration expenditures are Industrial silver demand is expected to increasing yet fewer new resources increase from 487million ounces silver are being discovered in 2010 to 666million ounces in 2015 New discoveries are replacing less This demand could underpin strong than half the current production silver pricesResources versus Gold Production 1997-2008 World Industrial Silver Demand Forecast Source: MEG
  • 29Mining Analyst Coverage Daniel Earle Michael Gray Daniel.earle@tdsecurities.com Michael.gray@macquarie.com 604-639-6372 416 308 7906 Adam Graf John Hayes agraf@dahlmanrose.com Johnp.hayes@bmob.com 212-702-4527 416-359-6189 David West Imaru Casanova dwest@salmanpartners.com icasanova@mlvco.com 604-622-5569 212.542.5869 Wendell Zerb Wendell.zerb@canaccordadams.com 604 643 7485