The Gold Report

Extorre Gold Mines Ltd. TICKER: XG:TSX; XG:NYSE.A; E1R:FSE Visit Company Website Extorre Gold Mines Ltd. is a Canadian gold-silver company with advanced-stage properties in Argentina. On November 3rd, 2011, an updated NI-43-101-compliant mineral resource estimate was released for Cerro Moro: Indicated category: 1.Moz* (7.4 g/t Au and 498 g/t Ag, for an Au eq grade** of 17.4 g/t), plus Inferred Category: 1.05 Moz Au eq* (3.5 g/t Au and 172 g/t Ag, for an Au eq grade** of 6.9 g/t Au). The Indicated category resource includes 757 Koz Au eq* from the Escondida and Loma Escondida sectors at an average grade of 35 g/t Au eq* and 267 Koz Au eq* from Zoe at an average grade of 79 g/t Au eq*, grades that are considered exceptional by industry standards. The new resource included maiden mineral resources for the Zoe, Carla, Martina and Esperanza Northwest-Nini sectors. The drill testing of further new targets at both the Cerro Moro project and on select Santa Cruz regional prospects is ongoing. The company's cash position in December, 2011, is $27M. A Cerro Moro updated preliminary economic assessment is being performed by GR Engineering Services, Australia. The study is scheduled for completion in the first quarter of 2012. * Au eq ounces are calculated by dividing the silver ounces by 50, then adding those ounces to the gold-only ounces. ** Au eq grade is calculated by dividing the silver assay result by 50, adding it to the gold value and assuming 100% metallurgical recovery.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

John Hayes, BMO Capital Markets (1/30/12) "Extorre Gold Mines Ltd. has entered into a bought deal agreement with a group of underwriters pursuant to which the company will sell 5.3M common shares at CA$9.45/share for total gross proceeds of CA$50.1M. Proceeds are to be used to fund ongoing exploration and development at its Argentine projects and for general working capital purposes."

The Gold Report Interview with Michael Gray (12/16/11) "We've highlighted to clients what we would call game-changing exploration upside that a number of our stocks are exposed to. One example would be Extorre Gold Mines Ltd., an explorer in Santa Cruz, Argentina. . .Extorre's Cerro Moro project has Measured, Indicated and Inferred resources of 2.4 Moz Au eq that, according to its recent scoping study, are both mineable via open-pit and underground methods. We model Cerro Moro's high-grade silver resources to have -$1,045 cash operating costs on a silver byproduct basis. This is one of the best high-grade projects out there in our view.

. . .Extorre's Cerro Moro project is basically an array of veins in the early stages of exploration that have a number of similarities with Cerro Vanguardia. It already has 2.4 Moz Au eq in resources. We feel comfortable that Cerro Moro could ultimately grow to a +5 Moz number in its life. We currently value Cerro Moro based on 2.7 Moz Au eq. . .Companies that have expressed interest in that region certainly are potential suitors. . .We also think given that it has high silver content—roughly 50% of the value—some of the midtier silver producers could also be interested."

Michael Gray, Macquarie Capital Markets (12/15/11) "Extorre Gold Mines Ltd.'s Zoe vein has bonanza-grade shoots. . .drill holes within 80m below the trench documented up to 30.5 g/t Au and 4,404 g/t Ag over 0.7m. . .the company released Zoe drill results on December 7 for 17 holes of the 28 drilled just ahead of the site visits. This included an infill hole that returned 487.4 g/t Au and 37,993 g/t Ag over 0.65m within 11.15m at 36.3 g/t Au and 4,412 g/t Ag. . .this also included the deepest intersection to date within a high-grade plunging shoot that documented 1.3 g/t Au and 261 g/t Ag over 9m including 2.3 g/t Au and 953 g/t Ag over 1.4m. . .the high-grade shoots at Zoe are open down-plunge to the west and currently document a ~450m vertical extent of high-grade mineralization."

John Hayes, BMO Capital Markets (12/14/11) Extorre Gold Mines Ltd. has now included the Zoe deposit as a potential mining operation in the Cerro Moro documented-cash-flow (DCF) model. . .the inclusion of the Zoe deposit into our DCF has increased the 0% net-asset-value estimate by 15%. . .we estimate life-of-mine production of 740 Koz gold and 44 Moz silver at estimated weighted average co-product total cash costs of ~US$603/oz gold and US$10.14/oz silver. Production is forecast to commence in 2014, averaging ~76 Koz gold and 4.5 Moz silver over a mine life of about 10 years."

Daniel Earle, TD Newcrest (12/8/11) "Extorre Gold Mines Ltd. provided an exploration update on the Zoe deposit of its Cerro Moro gold/silver project (95%) in Santa Cruz Province, Argentina. . .we expect results to upgrade part of, and modestly expand, the existing resource. . .highlights from infill drilling at Zoe returned some spectacular intervals that are typical, in our view, of the existing resource. . .these included: 11.15m at 124.5 g/t Au eq. (MD1391), 4.60m at 96 g/t Au eq. (MD1405), and 3.55m 89.2 g/t Au eq. (MD 1411)."

• Corporate Snapshot (10/19/11)
• Corporate Presentation (10/19/11)

(1/26/12) XG: Cerro Morro Update

(12/9/11) XG: Drilling in Argentina

(5/19/11) XG: Latest on the Zoe Discovery

(4/24/11) XG: Discovery at Cerro Moro

(5/7/11) Interview with Rob Grey of Extorre Gold Mines

(4/16/11) XG: No Better Place For Gold

(1/22/11) Weekend Show

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