April*1st,*2012       Discovery*and*Development*of**High*Grade*Gold7Silver*Projects*in*Argen<na*
2"                           Cautionary StatementCautionary Note to U.S. Investors – The United States Securities and Exch...
3"Capital Structure –April 1, 2012Shares                    96.9   MWarrants                  0.12   MOptions             ...
4"                                       An Experienced Management TeamA Strong Board                   President     Eric...
Extorre Project Locations                                                        5"                         1.36 million i...
6"                                                             100%*EXTORRE*LANDS*   San%Jose%(1.3*M*Oz*Au,*90*M*Oz*Ag)*  ...
7"CERRO MOROProject Location!  Pro-mining Santa   Cruz Province!  90 km road to a   deep water port!  Population of   Puer...
Cerro Moro Resource – November 2011                                                                           8"          ...
Cerro Moro – Resource LocationAreas included in the Cube November 2011 Resource Estimate                           Mapped/...
*                                                 10"Cerro*Moro*Mine*Development*          Program**                GR Eng...
11" Preliminary*Economic*Assessment*(PEA)*        Project*Parameters*Summary*(Updated*Study*Released*April*2012)"Mine*Life...
12"         Cerro*Moro*Mine*Design*Combina<on*of*Open*Pit*and*Underground*Mining*  Escondida Far West                     ...
13"       Conceptual*Mine*Development**              at*Cerro*Moro**             Esperanza/ Nini Open%Pit                 ...
14"  Conceptual*Mine*Development**      at*the*Escondida*Vein**                                              *            ...
Cerro Moro Metallurgy                                                                                                     ...
Cerro Moro – Conceptual Plant Design                                                                                      ...
17"                 Conceptual Project Schedule                                                                2011       ...
18"Excellent Resource Expansion Potential    Aggressive Exploration – Strategic Land Position 1600km2               The Ce...
19"Cerro Moro Project Surface Ownership                                           Cerro Moro tenement outline     Extorre ...
1.*Zoe*              PRIORITY 20"               2.*Zoe*East* EXPLORATION               3.*Belen*NE*               4.*Mar<n...
21"Ground Magnetics Leads to New Discoveries                                                        Over 30 veins         ...
All Mineralization Open to Depth; Long Sections                                                                           ...
23"Perspective Projection of Nov 2011 Block Models              Generalized View Looking North  NINI            ESPERANZA ...
Cerro Moro Project – Zoe Discovery                                                                                    1 ki...
Zoe Discovery – Projected Long SectionNote: Displayinggold equivalents*  by true width.* Gold equivalentgrade is calculate...
26"                                                             100%*EXTORRE*LANDS*   San%Jose%(1.3*M*Oz*Au,*90*M*Oz*Ag)* ...
27"Falcon – Crest Zone – Drill Plan on Resistivity                                           North                        ...
Puntudo Project – Renaldo Silver Target               28"North            Property Boundary       Property Boundary
29"              News*Flow7*2012**!  Cerro Moro continued drilling announcements   every 2 months - new discoveries!  Upda...
30"  Extorre*in*an**Industry*Context*
31"                  Extorre & the Metals Industry                 GOLD MARKET                           SILVER MARKET!  E...
32"Mining Analyst Coverage Daniel Earle                      Michael Gray Daniel.earle@tdsecurities.com     Michael.gray@m...
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Extorre Presentation April 2012

  1. 1. April*1st,*2012 Discovery*and*Development*of**High*Grade*Gold7Silver*Projects*in*Argen<na*
  2. 2. 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
  3. 3. 3"Capital Structure –April 1, 2012Shares 96.9 MWarrants 0.12 MOptions 9.52 MFully Diluted 106.56 MManagement / Insiders 15%Institutions 60%Retail 25%Cash $37 M
  4. 4. 4" An Experienced Management TeamA Strong Board President Eric Roth – C.E.O. Geologist – 20 yrs Trevor Mulroney - C.O.O. Mng. Engineer- 25 yrsYale 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 yr Rob Reynolds Director Corporate Darcy Daubaras – CFO Chart. Acc’t. - 14 yr Cecil Bond – VP Finance Chart. Acc’t. - 20 yr James Strauss Director Louis Montpellier – Senior VP & Legal Lawyer - 30 yr George Lawton Director Marina (Trasolini) Katusa –VP Corporate Dev. Geologist, MBA Rob Grey – VP Investor Relations IR - 7yr
  5. 5. 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. 6. 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* FALCON*VERDE Dos%Calandrias% PUNTUDO* Cerro%Moro% UNION*DOMES* Cerro%Vanguardia%(+5*M*Oz*Au)* Mina%Martha%* % Manan1al%Espejo%(685*K*Oz*Au,*50*M*Oz*Ag)* % Santa Cruz Exploration Targets
  7. 7. 7"CERRO 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
  8. 8. 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.
  9. 9. Cerro Moro – Resource LocationAreas included in the Cube November 2011 Resource Estimate Mapped/Interpreted Veins Drill hole collars as at Sep 2011
  10. 10. * 10"Cerro*Moro*Mine*Development* Program** GR Engineering is a leading engineering consulting and contracting company that specializes in providing high quality process engineering design and construction services to the mining and mineral processing industries.
  11. 11. 11" Preliminary*Economic*Assessment*(PEA)* Project*Parameters*Summary*(Updated*Study*Released*April*2012)"Mine*Life" 9"years"Throughput** 1,300"tonnes"per"day" 248,000"ounces"gold"equivalent*"Average*Annual*Produc<on*(Years*1*to*5)* (123,125"oz."gold"+"of"6.25"Moz.)" 1.79"million"ounces"gold"equivalent*"Total*Ounces*Recovered*" (848,000"oz."gold"+"47.29"Moz."Silver)" Direct:"$US"207.3M"+"$US"39.6M"VAT"" (VAT"recoverable)""Ini<al*Project*CAPEX* Indirect:"$US"37.2M"(EPCM"contract,"owners’" costs,"commissioning)"Cash*Costs* $US"304"/ounce"gold"equivalent*" Financial*Summary*Payback*Period*(5%*discount)" 24"months"Pre7tax*IRR" 63%"Acer*tax*IRR" 47%"Pre7tax*NPV*(5%*discount)" $US"737.4"million"Acer*Tax*NPV*(5%*discount)" $US"463"million"Metal*Prices* $US"1320/oz."gold,"$US"26/oz."silver" Cautionary Note: The Cerro Moro Preliminary Economic Assessment (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 project economics will be realized.
  12. 12. 12" Cerro*Moro*Mine*Design*Combina<on*of*Open*Pit*and*Underground*Mining* Escondida Far West Loma Escondida Open Pits Underground Mines Escondida West-Central
  13. 13. 13" Conceptual*Mine*Development** at*Cerro*Moro** Esperanza/ Nini Open%Pit GabrielaOpen%Pit/ UG N Debora Open%PitEscondida%FW%Open%Pit/ UG Loma%Open%Pit Carla%Open%Pit Escondida%Open%Pit/ UG Martina/UG Zoe%Open%Pit%/UG Process%Plant 1000m
  14. 14. 14" Conceptual*Mine*Development** at*the*Escondida*Vein** * N 1500)m Escondida)Central)&)East)Open)PitEscondida)Central)Underground Loma)Open)Pit Escondida)Far)West)Open)Pit Escondida)Far)West)Underground
  15. 15. Cerro Moro Metallurgy 15"High gold and silver recoveries (95% and 93%, 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
  16. 16. Cerro Moro – Conceptual Plant Design 16" Modular Design to Accommodate Potential Future ExpansionsA MerrillbCrowe CYCLONEB LEACH GOLD h.g."concentrate FLASH ROOM FLOTATION A.  1,300 ton/day “Base Case” Production Plan ."concentrate h.g GRAVITY B. Potential Future Expansion MINE BALL"MILL CRUSHER PUMP CERRO*MORO* –
  17. 17. 17" Conceptual Project Schedule 2011 2012 2013 Q4 Q1 Q2 Q3 Q4 H1 H2Discovery/DrillingDelineation/Drilling/on/New/Resources/Mineral/Resource/UpdatesMine/Economics/Study/Update/(w//Zoe)/(PEAF3)Environmental/Impact/Assessment/RevisionMine/FinancingDecline/Development/(at/Escondida/Far/West)Decline/Development/(at/Escondida/Central/&/East)Advanced/Engineering/and/ConstructionMine/CommissioningCommunity///Social///Environmental Caution: This schedule assumes the timely completion of engineering studies, receipt of various permits, and the availability of capital for the development of the project.
  18. 18. 18"Excellent 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
  19. 19. 19"Cerro Moro Project Surface Ownership Cerro Moro tenement outline Extorre 14,000 hectare Estancia/ranch purchase (green) outline Fomicruz JV tenement ZOE 5 kilometres 3.0 mile
  20. 20. 1.*Zoe* PRIORITY 20" 2.*Zoe*East* EXPLORATION 3.*Belen*NE* 4.*Mar<na* 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.*Agos<na* 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.*Lucia*5 kilometres 29.*Deborah*Termina<on*Structure*3.0 miles 30.*Carolene*
  21. 21. 21"Ground 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
  22. 22. All Mineralization Open to Depth; Long Sections 22" 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 EastMartina GABRIELA 320 metres
  23. 23. 23"Perspective Projection of Nov 2011 Block Models Generalized View Looking North NINI ESPERANZA GABRIELA CARLA ZOEESCONDIDA MARTINA N AuEQ50 g/t Scale: 2 km x 2 km Grid Blue lines: Interpreted Faults Red lines: Mapped Veins
  24. 24. 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
  25. 25. 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
  26. 26. 26" 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* FALCON*VERDE Dos%Calandrias% PUNTUDO* Cerro%Moro% UNION*DOMES* Cerro%Vanguardia%(+5*M*Oz*Au)* Mina%Martha%* % Manan1al%Espejo%(685*K*Oz*Au,*50*M*Oz*Ag)* % Regional Exploration Targets Falcon, Puntudo…
  27. 27. 27"Falcon – Crest Zone – Drill Plan on Resistivity North High 20 O h m . m 10 Low 200 metres
  28. 28. Puntudo Project – Renaldo Silver Target 28"North Property Boundary Property Boundary
  29. 29. 29" News*Flow7*2012**!  Cerro Moro continued drilling announcements every 2 months - new discoveries!  Updated PEA-3 in Q1-2012 (includes the additional Nov. 2011 resources)!  Apply for Revised Mining Permit – Q2-2012!  Start construction of mine decline–Q2-2012, evaluate financing options!  Excellent potential for new discoveries at Falcon and Puntudo properties.
  30. 30. 30" Extorre*in*an**Industry*Context*
  31. 31. 31" 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
  32. 32. 32"Mining Analyst Coverage Daniel Earle Michael Gray Daniel.earle@tdsecurities.com Michael.gray@macquarie.com 416 308 7906 604-639-6372 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

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