Michael Gray, Macquarie Capital Markets (9/14/11) "Extorre has reported significant drill results for 16 holes from its 95%-controlled, permitted Cerro Moro high-grade Au-Ag project in Santa Cruz province, Argentina. Results were from the high-grade Zoe vein for which drilling required to document a 43-101 resource has now been completed. A revised resource estimate is expected to be released in October 2011 and include contributions from new discoveries at the Zoe, Martina, Carla and Esperanza-Nin vein zones."
David West, Salman Partners (9/13/11) "Extorre Gold Mines Limited reported the completion of drilling for its upcoming Cerro Moro project resource estimate update. . .the revised resource estimate is expected to incorporate the discoveries at the Martina, Carla, Esperanza-Nini and Zoe zones. . .Although Cerro Moro currently hosts a modest 1.3 Moz. gold-equivalent resource, with the original resource expected from Zoe, we expect this level to increase nicely in the October resource update. With the number of targets still untouched at the project and the potential for more exploration success, we would not be surprised to see Cerro Moro double its resource size over the coming few years."
Imaru Casanova, McNicoll Lewis & Vlak (9/12/11) "Extorre Gold Mines Ltd. announced additional results from drilling of the recently discovered Zoe zone at the company's Cerro Moro project in Argentina; Extorre indicated that it has completed all the drilling required for an updated NI 43-101 compliant resource estimate. . .the Zoe results reported indicate average grades significantly above the 7.3 g/t gold and 380 g/t silver that we assume in our current Cerro Moro discounted cash flow valuation. We. . .expect further definition of additional higher-grade resources will enhance Cerro Morro's resource base and will have a positive impact on our valuation; we maintain our Buy rating."
Andrew Kaip, BMO Capital Markets (9/12/11) "Ongoing infill and extensional drill results from the Zoe vein at Extorre Gold Mines' high-grade Cerro Moro gold-silver project in Argentina continue to return narrow high-grade mineralization. . .results from 18 intercepts in 16 drill holes returned weighted average grades of 5.8 g/t gold and 359 g/t silver over an average intercept of 2.2m; these results included several bonanza-grade intercepts over narrow widths."
Morning Coffee (9/12/11) "Extorre Gold Mines Ltd. released additional drill results from Zoe zone at the Cerro Morro project in Argentina, where five drill rigs remain active. . .the company suggests only a small number (20 of 109) holes have tested the central high grade zone at Zoe and that the highest grade portion of the system could remain open at depth. . .a new Cerro Morro resource estimate is expected to be released in October 2011 and include contributions from recent discoveries at the Zoe, Martina, Carla and Esperanza-Nini zones."
