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Gold/Mining/Energy : Argentina Area Play - Gold & Silver in the Deseado Massif

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From: TheSlowLane5/17/2011 7:19:48 AM
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Extorre Receives Approval for Cerro Moro Mine Development

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 17, 2011) -Extorre Gold Mines Limited (TSX:XG)(NYSE Amex:XG)(FRANKFURT:E1R) ("Extorre" or the "Company") is pleased to announce the formal approval of the Cerro Moro Environmental Impact Assessment ("EIA") by the Santa Cruz provincial government. The EIA was submitted to authorities in September 2010. This approval together with the receipt of the Project Pre-Feasibility Study expected in June 2011 will enable Extorre to proceed with advanced engineering and mine development.

Eric Roth, Extorre's President and CEO stated: "The successful permitting of the Cerro Moro gold-silver mine represents an important milestone for Extorre, and is the first step in what we expect will be a straight-forward mine development. Cerro Moro's ideal geographic location and very high grade gold-silver veins should allow Extorre to obtain near term, low cash cost gold-silver production from a relatively modest capital investment.

"We would like to acknowledge the support we have received from the Santa Cruz government and local communities for the development of Cerro Moro.

"With our ongoing exploration success, including the recently announced high grade gold-silver discovery at Zoe, the Company will now have an opportunity to evaluate the potential for expanding the scope and the life of the proposed mine."

Separately, Extorre is pleased to announce completion of the purchase of the 14,000 hectare Estancia (ranch) that covers the principal vein zones at the Cerro Moro Project. The purchase of the property provides Extorre with full ownership of the surface rights that cover the Escondida, Zoe, Loma Escondida, Esperanza, and Gabriela vein zones. It also covers those areas selected for the construction of the mineral processing facilities and general mine infrastructure.
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