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Extorre Gold Mines Ltd. is a development stage gold-silver company with projects in Argentina. The cash position as of June 1, 2012, was $27M. The company's principal asset is the high-quality Cerro Moro gold-silver project in Argentina. Preliminary project economics are scheduled to be released to the market in March 2012. The near- term objective is to complete the engineering and economic studies necessary to make a production decision in 2012 and to achieve commercial production in 2014.

On November 3, 2011, an NI-43-101-compliant mineral resource estimate was released. The grades are exceptional by industry standard: Indicated Category: 1.35 Moz Au eq* (2.42 Mt at 7.4 g/t gold and 498 g/t silver, for a Au eq grade** of 17.4 g/t), plus Inferred Category: 1.05 Moz Au eq* (4.75 Mt at 3.5 g/t gold and 172 g/t silver, for a gold equivalent grade** of 6.9 g/t gold).

Multiple drill rigs continue at Cerro Moro, testing targets that have excellent potential to further expand the high-grade resource inventory.

On April 2, 2012, Extorre announced the results of an updated preliminary economic assessment, an independent review of the economics of a potential mine at Cerro Moro. Key outcomes are as follows: 1.) A nine-year open pit/underground mine to produce 848 Koz gold and 47.2 Moz for a Au eq * production of 1.79 Moz, 2.) For the first five years, Au eq production of 248 Koz* per year at an average cash cost of US$303/oz, 3.) Initial capex (direct costs): $US 207.3M (including contingency) + $US 39.6M refundable VAT + Indirect capital costs (EPCM contract, Owners costs) of US$ 36.7M, 4.) Payback period at 5% discount: 24 months, 5.)Pre-tax internal rate of return: 63%, 6.) Pre-tax NPV5: $737M

Cautionary Note: The Cerro Moro preliminary economic assessment 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.

* Au eq is calculated by dividing the contained silver by 50, adding it to the gold value and assuming 100% metallurgical recovery.
** Au eq grade is calculated by dividing the silver assays by 50, adding it to the gold value and assuming 100% metallurgical recovery.