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Extorre Gold Mines (XG.TSX, XG: AMEX) announced the filing of an updated National Instrument 43-101 compliant mineral resource estimate for its flagship Cerro Moro Project in Santa Cruz Province, Argentina. The emerging gold Company reported that the resource estimate contained 1.35 million gold equivalent ounces in the Indicated Category and 1.05 million gold equivalent ounces in the Inferred Category.

The new resources will form the basis of an updated mining and economic study for the project, which is scheduled for release during the first quarter of 2012. Extorre will evaluate the potential for a mine development at a larger scale (1,000-1500 tonnes per day). The study will be at a confidence level sufficient for the Board to make a financing and mine development decision. Full Extorre Gold Mines Press Release.

• The new resource estimate is based on all drilling data available as of October 10, 2011 and includes maiden contributions from four new mineralized zones: Zoe, Martina, Carla, and Nini
• Indicated and Inferred resources increased by 46% and 166%, respectively, compared to the previous resource estimate
• Considerable potential for additional mineralization remains at the majority of the veins included in the resource, both along strike and at depth
• Following the year end break, exploration utilizing four rigs is scheduled to continue at Cerro Moro

“Drilling the extensions of the known veins at Cerro Moro has successfully expanded multiple areas of mineralization that with further drilling could lead to additional resources on the property. Importantly this drilling demonstrates that very high grades are not confined to a particular vein or site on the property.”

“We expect the high grades to generate high production and low costs over the early years of the project and for the company to continue to try and add high grade ounces and push low grade ounces out further into the future as we expect it has done with this resource update.”