Imaru Casanova, McNicoll Lewis & Vlak (5/31/11) "The latest assay results [from Extorre's Cerro Moro project] continue to show high gold and silver grades. Significant assay results from the 9 holes reported include: 8.4 g/t gold and 1,332 g/t silver over a width of 8m in hole MD1220; 36.3 g/t gold and 1,858 g/t silver over a width of 2m in hole MD1234 and 37 g/t gold and 1,924 g/t silver over a width of 2m in hole MD1253. . .The Zoe drill results continue to show grades that are significantly higher than our current life of mine assumption. . .We incorporate the potential of these higher grade results via a nominal value to exploration, but expect further definition of additional higher-grade resources will have a significant positive impact on our valuation of Extorre."
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