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March 2012




      Discovery and Development of
High Grade Gold-Silver Projects in Argentina
2

                           Cautionary Statement
Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission (“SEC”) permits
mining companies in their filings with the SEC to disclose only those mineral deposits that a company can
economically and legally extract or produce. We use certain terms in this presentation, such as “inferred resource”,
that the SEC guidelines strictly prohibit us from including in our filing with the SEC. U.S. investors are urged to
consider closely the disclosure contained in our Management Discussion and Analysis for the quarter ended March
31, 2010 filed on SEDAR and available at www.sedar.com.

This document and the information contained in it do not constitute a prospectus and do not form any part of an offer
of, or invitation to apply for, securities in any jurisdiction. Potential investors should no rely solely on the information
contained herein prior to making any investment decision. Investors should seek independent advice from a qualified
finance and investment advisor, giving due regard to their own personal circumstances, prior to forming any
investment decision

Safe Harbor Statement - This presentation may contain certain “forward-looking statements” within the meaning of
the United States Private Securities Litigation Reform Act of 1995. These statements reflect our current belief and are
based upon currently available information. Actual results could differ materially from those described in this
presentation as a result of numerous factors, some of which are outside of the control of Extorre Gold Mines Limited.

Many of the assay results presented are preliminary and may not be accurate due to various factors, including but not
limited to sample recoveries, true widths and interpretations.

Preliminary Economic Assessment (PEA) – The Cerro Moro PEA 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
preliminary assessment and project economics will be realized. A NI 43-101 Technical Report for the Cerro
Moro PEA has been filed on SEDAR (www.sedar.com) and is posted on the Company’s website at
www.extorre.com
3



Capital Structure –March 13, 2012
 Shares                   96.29   M
 Warrants                  0.12   M
 Options                  10.15   M
 Fully Diluted           106.56   M

 Management / Insiders      15%
 Institutions               60%
 Retail                     25%
 Cash                      $38 M
4
                                       An Experienced Management Team

A Strong Board                   President     Eric Roth – C.E.O.                             Geologist – 20 yrs

                                               Trevor Mulroney - C.O.O.                       Mng. Engineer- 25 yrs
 Yale Simpson      Co-Chairman
                                 Exploration   Matt Williams – Exploration Manager            Geologist - 17 yr

Bryce Roxburgh     Co-Chairman                 Fernando Chacon – Project Manager              Geologist - 8 yr

                                 Development   Gonzalo Damond – Commercial Manager            Engineer - 17 yr
   Eric Roth        President
                                               Alberto Carlocchia – Country Mgr, Argentina    Lawyer – 13 yrs
Ignacio Celorrio     Director
                                               Victor Vera – Mine Devel. Superintendent       Engineer – 15 yr

Rob Reynolds         Director    Corporate     Darcy Daubaras – CFO                           Chart. Acc’t. - 14 yr

                                               Cecil Bond – VP Finance                        Chart. Acc’t. - 20 yr
James Strauss        Director
                                               Louis Montpellier – Senior VP & Legal          Lawyer - 30 yr
George Lawton        Director
                                               Marina (Trasolini) Katusa –VP Corporate Dev.   Geologist, MBA

                                               Rob Grey – VP Investor Relations               IR - 7yr
Extorre Project Locations                                                        5




                         1.36 million indicated + 1.05 million inferred
                         ounces Au Eq*




   *Gold equivalent grade is calculated by dividing the silver assay result by
   50, adding it to the gold value and assuming 100% metallurgical recovery.
   See slide 7 for full resource grades and tonnes.
6
                                                              100% EXTORRE LANDS
   San Jose (1.3 M Oz Au, 90 M Oz Ag)                         FOMICRUZ 80/20% JV
                                                              AGREEMENT
  Cerro Negro (+6 M Oz Au)                                    FAVORABLE VOLCANIC ROCKS
                                                              MINE/ADVANCED PROJECT

                                 Don Nicolas                  RECENT DRILLING

                                                              FALCON
VERDE                                   Dos Calandrias




                 PUNTUDO
                                                              Cerro Moro
                                                                            UNION DOMES

                                            Cerro Vanguardia (+5 M Oz Au)

                 Mina Martha
                     Manantial Espejo (685 K Oz Au, 50 M Oz Ag)




                         Santa Cruz
                     Exploration Targets
7

CERRO MORO
Project Location
   Pro-mining Santa
    Cruz Province
   90 km road to a
    deep water port
   Population of
    Puerto Deseado
    20,000
   Site is 80 km from
    grid power
   EIA approved,
    connection
    permits in
    progress
Cerro Moro Resource – November 2011                                                                           8


               National Instrument 43-101 Compliant Resource Estimate, by Cube Consulting


               An Exceptional Gold & Silver Deposit
Indicated Mineral Resources




Inferred Mineral Resources




                    Indicated and Inferred resources shown above utilise a 1.0 g/t gold equivalent* cut-off
                    * Note: Gold equivalent grade is calculated by dividing the silver assay result by
                    50, adding it to the gold value and assuming 100% metallurgical recovery.
Cerro Moro – Resource Location
Areas included in the Cube November 2011 Resource Estimate




                           Mapped/Interpreted Veins
                           Drill hole collars as at Sep 2011
10

Excellent Resource Expansion Potential
     Aggressive Exploration – Strategic Land Position 1600km2

               The Cerro Moro Vein Field (95% XG)
Continued resource growth will come from extensions of existing veins,
         (including Zoe, Carla, Martina, Nini and Esperanza)
                plus many other new drill ready veins

                       Don Sixto (100% XG)
               Potential beyond existing gold resource

            Puntudo Project – Santa Cruz (100% XG)
                      6 exploration targets

        Other Regional Targets – Santa Cruz (100% XG)
                   Falcon, Verde, Azul, Ventana

         The Fomicruz Joint Venture (XG Earning 80%)
               Union Domes, Escondida Extensions
11
Cerro Moro Project Surface Ownership
                              Cerro Moro tenement outline




     Extorre 14,000 hectare
        Estancia/ranch
       purchase (green)




                                                ZOE




                                                            5 kilometres
                                                              3.0 mile
1. Zoe               PRIORITY 12
               2. Zoe East EXPLORATION
               3. Belen NE
               4. Martina           TARGETS
               5. Mosquito Feeder target
               6. Michele
               7. Romina
               8. Tres Lomas NW
               9. Esperanza & Nini Extensions
               10. Gabriela Extensions
               11. Carlita, & Carlita to Deborah
               12. Escondida West Extension
               13. Escondida Far East Deeps
               14. Fomicruz Escondida Deeps
               15. Loma Escondida East
               16. Deborah Parallel
               17. Esperanza Parallel
               18. Agostina
               19. Deborah NE
               20. Carla to Zoe
               21. Esperanza to Carla
               22. Carla Deeps
               23. Loma Escondida West
               24. Natalia
               25. Silica Ridges
               26. Georgina
               27. Lechuzo
               28. Lucia
5 kilometres   29. Deborah Termination Structure
 3.0 miles     30. Carolene
13

Ground Magnetics Leads to New Discoveries
                                                     Over 30 veins
                                                      identified to
                                                         date.

                                                       Detailed
                                                     magnetic data
                                                    shows the veins

                                                    Drilling on new
                                                    veins underway

                                                     Priority is to
                                                    discover high-
                                                     grade, near
                                                    surface veins




          Black lines = mapped veins         5 km
          White lines = exploration target
14
   All Mineralization Open to Depth; Long Sections
                                   ZOE
                                                                     Current depths
                                                                     from surface to
           MARTINA                                                      significant
                                                                      mineralization

                                                                   Far West   270 m
                                                                   Central    220 m
                                                      320 metres   Martina    290 m
                                                                   Gabriela   320 m

                             ESCONDIDA




                                                  320 metres

Fomicruz   Far West   West    Central      Far East                            Martina


                                GABRIELA




                                               320 metres
15
Perspective Projection of Nov 2011 Block Models
              Generalized View Looking North

  NINI
            ESPERANZA         GABRIELA


                                            CARLA
                                                             ZOE
ESCONDIDA


                         MARTINA




            AuEQ50 g/t                          Scale: 2 km x 2 km Grid
                            Blue lines: Interpreted Faults
                                Red lines: Mapped Veins
Cerro Moro Project – Zoe Discovery
                                                                                    1 kilometre
                                                                                   0.5 mile
                                  Carla                    Carlita
                                                                                                  N



Martina


                                                                           ZOE
   Location of new
significant drill hole.
   In progress/awaiting results
   No significant result
   Existing holes


                                   ESCONDIDA – ZOE LONG SECTION KEY                  1.0 km


                                                                           400 m

     Fomicruz           Far West     West Central   Far East     Martina                  Zoe
Zoe Discovery – Projected Long Section
Note: Displaying
gold equivalents*
 by true width.


* Gold equivalent
grade is calculated
by    dividing   the
silver assay result
by 50, adding it to
the gold value and
assuming       100%
metallurgical
recovery.



   Location of new
significant drill hole.
   No significant result
   Awaiting results                                     160 metres
   Existing holes
   Significant result in
 footwall or hanging wall.
   Interpreted plunge                 ZOE LONG SECTION KEY




                         640 metres
18
                                          Cerro Moro Metallurgy
High gold and silver recoveries (95% and 87.5%, respectively) are achievable
    via a combination of flash flotation, gravity separation, and leaching
                                                                                 CONV LEACHING - GOLD
                                         100
                                          90
                                          80
             Recoveries (%)

                                          70
                                          60                                                                                                      Leaching
                                          50                                                                                                      Gravity
                                          40                                                                                                      Flash Flotation
                                          30
                                          20
                                          10
                                           0
                                                   ECF         ECO          EE         EW        LOMA          ESP       ESP-SE       GAB


                                                                                    CONV LEACHING - SILVER
                                          100
                                           90
                                           80
                        Recoveries (%)




                                           70
                                           60                                                                                                     Leaching
                                           50                                                                                                     Gravity
                                           40
                                                                                                                                                  Flash Flotation
                                           30
                                           20
                                           10
                                            0
                                                     ECF         ECO         EE          EW        LOMA         ESP      ESP-SE        GAB




                                               For more detailed information on metallurgy please view company technical reports filed on Sedar
Cerro Vanguardia Mine
Satellite view of AngloGold
Ashanti’s 209,000 ounces
 gold, 2.8 million ounces
  silver per year open pit
 mine west of Cerro Moro
           Project

    6 million ounce gold
         resource

 Waste/ore ratio +23 to 1

    Cash costs (2010)
       $366/ounce
    Total costs (2010)
       $517/ounce
20
      Cerro Moro – Conceptual Plant Design
               Modular Design to Accommodate Potential Future Expansions




A
                                       Merrill-Crowe
                                                                             CYCLONE
B
                                                       LEACH

                                      GOLD         h.g. concentrate          FLASH
                                      ROOM                                   FLOTATION
    A. 750 ton/day “Base Case”
       Production Plan from PEA-1                  h.g concentrate
                                                     .
                                                                             GRAVITY
    B. Potential Future Expansion

                               MINE                                   BALL MILL
                                             CRUSHER                                     PUMP

                                         CERRO MORO
                                                  –
21


    Updated Mine Economic Study

 Updated Preliminary Economic Assessment (PEA-3) will
  use November 2011 Mineral Resource which includes
  new discoveries at Zoe, Carla, Martina & Esperanza-Nini


 Increased resource base will allow for increased mining
  and processing rates (1000tpd - 1,500 tpd) to be
  evaluated

 PEA-3 scheduled to be completed in Q1 2012

           Cautionary Note: The Cerro Moro PEA 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 preliminary assessment and project
           economics will be realized. A NI 43-101 Technical Report for the Cerro Moro PEA has
           been filed on SEDAR (www.sedar.com) and is posted on the Company’s website at
           www.extorre.com
22


                 Conceptual Project Schedule
                                                    2011             2012                  2013
                                                     Q4    Q1   Q2          Q3   Q4   H1          H2
Discovery Drilling

Delineation Drilling on New Resources

Mineral Resource Updates

Mine Economics Study Update (w/ Zoe) (PEA-3)

Environmental Impact Assessment Revision

Mine Financing

Decline Development (at Escondida Far West)

Decline Development (at Escondida Central & East)

Advanced Engineering and Construction

Mine Commissioning

Community / Social / Environmental
23
                                                              100% EXTORRE LANDS
   San Jose (1.3 M Oz Au, 90 M Oz Ag)                         FOMICRUZ 80/20% JV
                                                              AGREEMENT
  Cerro Negro (+6 M Oz Au)                                    FAVORABLE VOLCANIC ROCKS
                                                              MINE/ADVANCED PROJECT

                                 Don Nicolas                  RECENT DRILLING

                                                              FALCON
VERDE                                   Dos Calandrias




                 PUNTUDO
                                                              Cerro Moro
                                                                            UNION DOMES

                                            Cerro Vanguardia (+5 M Oz Au)

                 Mina Martha
                     Manantial Espejo (685 K Oz Au, 50 M Oz Ag)




            Regional Exploration Targets
                 Falcon, Puntudo…
24

Falcon – Crest Zone – Drill Plan on Resistivity
                                           North




                                                 High
                                                        20




                                                        O
                                                        h
                                                        m
                                                        .
                                                        m




                                                        10

                                                 Low




                                    200 metres
Puntudo Project – Renaldo Silver Target              25




North




             Property Boundary       Property Boundary
26


              News Flow- 2012
 Cerro Moro continued drilling announcements
  every 2 months - new discoveries
 Updated PEA-3 in Q1-2012 (includes the
  additional Nov. 2011 resources)
 Update to mining permit – Q2-2012, start mine
  decline, evaluate financing options
 Excellent potential for new discoveries at Falcon
  and Puntudo properties.
27




  Extorre in an
Industry Context
28

                  Extorre & the Metals Industry
                 GOLD MARKET                           SILVER MARKET
 Exploration expenditures are               Industrial silver demand is expected to
  increasing yet fewer new resources          increase from 487million ounces silver
  are being discovered                        in 2010 to 666million ounces in 2015
 New discoveries are replacing less         This demand could underpin strong
  than half the current production            silver prices

Resources versus Gold Production 1997-2008      World Industrial Silver Demand Forecast




   Source: MEG
29

Mining Analyst Coverage

 Daniel Earle                      Michael Gray
 Daniel.earle@tdsecurities.com     Michael.gray@macquarie.com
                                   604-639-6372
 416 308 7906




 Adam Graf                         John Hayes
 agraf@dahlmanrose.com             Johnp.hayes@bmob.com
 212-702-4527                      416-359-6189




 David West                        Imaru Casanova
 dwest@salmanpartners.com          icasanova@mlvco.com
 604-622-5569                      212.542.5869




 Wendell Zerb
 Wendell.zerb@canaccordadams.com
 604 643 7485

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Extorre March Powerpoint

  • 1. March 2012 Discovery and Development of High Grade Gold-Silver Projects in Argentina
  • 2. 2 Cautionary Statement Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission (“SEC”) permits mining companies in their filings with the SEC to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this presentation, such as “inferred resource”, that the SEC guidelines strictly prohibit us from including in our filing with the SEC. U.S. investors are urged to consider closely the disclosure contained in our Management Discussion and Analysis for the quarter ended March 31, 2010 filed on SEDAR and available at www.sedar.com. This document and the information contained in it do not constitute a prospectus and do not form any part of an offer of, or invitation to apply for, securities in any jurisdiction. Potential investors should no rely solely on the information contained herein prior to making any investment decision. Investors should seek independent advice from a qualified finance and investment advisor, giving due regard to their own personal circumstances, prior to forming any investment decision Safe Harbor Statement - This presentation may contain certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements reflect our current belief and are based upon currently available information. Actual results could differ materially from those described in this presentation as a result of numerous factors, some of which are outside of the control of Extorre Gold Mines Limited. Many of the assay results presented are preliminary and may not be accurate due to various factors, including but not limited to sample recoveries, true widths and interpretations. Preliminary Economic Assessment (PEA) – The Cerro Moro PEA 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 preliminary assessment and project economics will be realized. A NI 43-101 Technical Report for the Cerro Moro PEA has been filed on SEDAR (www.sedar.com) and is posted on the Company’s website at www.extorre.com
  • 3. 3 Capital Structure –March 13, 2012 Shares 96.29 M Warrants 0.12 M Options 10.15 M Fully Diluted 106.56 M Management / Insiders 15% Institutions 60% Retail 25% Cash $38 M
  • 4. 4 An Experienced Management Team A Strong Board President Eric Roth – C.E.O. Geologist – 20 yrs Trevor Mulroney - C.O.O. Mng. Engineer- 25 yrs Yale Simpson Co-Chairman Exploration Matt Williams – Exploration Manager Geologist - 17 yr Bryce Roxburgh Co-Chairman Fernando Chacon – Project Manager Geologist - 8 yr Development Gonzalo Damond – Commercial Manager Engineer - 17 yr Eric Roth President Alberto Carlocchia – Country Mgr, Argentina Lawyer – 13 yrs Ignacio Celorrio Director Victor Vera – Mine Devel. Superintendent Engineer – 15 yr Rob Reynolds Director Corporate Darcy Daubaras – CFO Chart. Acc’t. - 14 yr Cecil Bond – VP Finance Chart. Acc’t. - 20 yr James Strauss Director Louis Montpellier – Senior VP & Legal Lawyer - 30 yr George Lawton Director Marina (Trasolini) Katusa –VP Corporate Dev. Geologist, MBA Rob Grey – VP Investor Relations IR - 7yr
  • 5. Extorre Project Locations 5 1.36 million indicated + 1.05 million inferred ounces Au Eq* *Gold equivalent grade is calculated by dividing the silver assay result by 50, adding it to the gold value and assuming 100% metallurgical recovery. See slide 7 for full resource grades and tonnes.
  • 6. 6 100% EXTORRE LANDS San Jose (1.3 M Oz Au, 90 M Oz Ag) FOMICRUZ 80/20% JV AGREEMENT Cerro Negro (+6 M Oz Au) FAVORABLE VOLCANIC ROCKS MINE/ADVANCED PROJECT Don Nicolas RECENT DRILLING FALCON VERDE Dos Calandrias PUNTUDO Cerro Moro UNION DOMES Cerro Vanguardia (+5 M Oz Au) Mina Martha Manantial Espejo (685 K Oz Au, 50 M Oz Ag) Santa Cruz Exploration Targets
  • 7. 7 CERRO MORO Project Location  Pro-mining Santa Cruz Province  90 km road to a deep water port  Population of Puerto Deseado 20,000  Site is 80 km from grid power  EIA approved, connection permits in progress
  • 8. Cerro Moro Resource – November 2011 8 National Instrument 43-101 Compliant Resource Estimate, by Cube Consulting An Exceptional Gold & Silver Deposit Indicated Mineral Resources Inferred Mineral Resources Indicated and Inferred resources shown above utilise a 1.0 g/t gold equivalent* cut-off * Note: Gold equivalent grade is calculated by dividing the silver assay result by 50, adding it to the gold value and assuming 100% metallurgical recovery.
  • 9. Cerro Moro – Resource Location Areas included in the Cube November 2011 Resource Estimate Mapped/Interpreted Veins Drill hole collars as at Sep 2011
  • 10. 10 Excellent Resource Expansion Potential Aggressive Exploration – Strategic Land Position 1600km2 The Cerro Moro Vein Field (95% XG) Continued resource growth will come from extensions of existing veins, (including Zoe, Carla, Martina, Nini and Esperanza) plus many other new drill ready veins Don Sixto (100% XG) Potential beyond existing gold resource Puntudo Project – Santa Cruz (100% XG) 6 exploration targets Other Regional Targets – Santa Cruz (100% XG) Falcon, Verde, Azul, Ventana The Fomicruz Joint Venture (XG Earning 80%) Union Domes, Escondida Extensions
  • 11. 11 Cerro Moro Project Surface Ownership Cerro Moro tenement outline Extorre 14,000 hectare Estancia/ranch purchase (green) ZOE 5 kilometres 3.0 mile
  • 12. 1. Zoe PRIORITY 12 2. Zoe East EXPLORATION 3. Belen NE 4. Martina TARGETS 5. Mosquito Feeder target 6. Michele 7. Romina 8. Tres Lomas NW 9. Esperanza & Nini Extensions 10. Gabriela Extensions 11. Carlita, & Carlita to Deborah 12. Escondida West Extension 13. Escondida Far East Deeps 14. Fomicruz Escondida Deeps 15. Loma Escondida East 16. Deborah Parallel 17. Esperanza Parallel 18. Agostina 19. Deborah NE 20. Carla to Zoe 21. Esperanza to Carla 22. Carla Deeps 23. Loma Escondida West 24. Natalia 25. Silica Ridges 26. Georgina 27. Lechuzo 28. Lucia 5 kilometres 29. Deborah Termination Structure 3.0 miles 30. Carolene
  • 13. 13 Ground Magnetics Leads to New Discoveries Over 30 veins identified to date. Detailed magnetic data shows the veins Drilling on new veins underway Priority is to discover high- grade, near surface veins Black lines = mapped veins 5 km White lines = exploration target
  • 14. 14 All Mineralization Open to Depth; Long Sections ZOE Current depths from surface to MARTINA significant mineralization Far West 270 m Central 220 m 320 metres Martina 290 m Gabriela 320 m ESCONDIDA 320 metres Fomicruz Far West West Central Far East Martina GABRIELA 320 metres
  • 15. 15 Perspective Projection of Nov 2011 Block Models Generalized View Looking North NINI ESPERANZA GABRIELA CARLA ZOE ESCONDIDA MARTINA AuEQ50 g/t Scale: 2 km x 2 km Grid Blue lines: Interpreted Faults Red lines: Mapped Veins
  • 16. Cerro Moro Project – Zoe Discovery 1 kilometre 0.5 mile Carla Carlita N Martina ZOE Location of new significant drill hole. In progress/awaiting results No significant result Existing holes ESCONDIDA – ZOE LONG SECTION KEY 1.0 km 400 m Fomicruz Far West West Central Far East Martina Zoe
  • 17. Zoe Discovery – Projected Long Section Note: Displaying gold equivalents* by true width. * Gold equivalent grade is calculated by dividing the silver assay result by 50, adding it to the gold value and assuming 100% metallurgical recovery. Location of new significant drill hole. No significant result Awaiting results 160 metres Existing holes Significant result in footwall or hanging wall. Interpreted plunge ZOE LONG SECTION KEY 640 metres
  • 18. 18 Cerro Moro Metallurgy High gold and silver recoveries (95% and 87.5%, respectively) are achievable via a combination of flash flotation, gravity separation, and leaching CONV LEACHING - GOLD 100 90 80 Recoveries (%) 70 60 Leaching 50 Gravity 40 Flash Flotation 30 20 10 0 ECF ECO EE EW LOMA ESP ESP-SE GAB CONV LEACHING - SILVER 100 90 80 Recoveries (%) 70 60 Leaching 50 Gravity 40 Flash Flotation 30 20 10 0 ECF ECO EE EW LOMA ESP ESP-SE GAB For more detailed information on metallurgy please view company technical reports filed on Sedar
  • 19. Cerro Vanguardia Mine Satellite view of AngloGold Ashanti’s 209,000 ounces gold, 2.8 million ounces silver per year open pit mine west of Cerro Moro Project 6 million ounce gold resource Waste/ore ratio +23 to 1 Cash costs (2010) $366/ounce Total costs (2010) $517/ounce
  • 20. 20 Cerro Moro – Conceptual Plant Design Modular Design to Accommodate Potential Future Expansions A Merrill-Crowe CYCLONE B LEACH GOLD h.g. concentrate FLASH ROOM FLOTATION A. 750 ton/day “Base Case” Production Plan from PEA-1 h.g concentrate . GRAVITY B. Potential Future Expansion MINE BALL MILL CRUSHER PUMP CERRO MORO –
  • 21. 21 Updated Mine Economic Study  Updated Preliminary Economic Assessment (PEA-3) will use November 2011 Mineral Resource which includes new discoveries at Zoe, Carla, Martina & Esperanza-Nini  Increased resource base will allow for increased mining and processing rates (1000tpd - 1,500 tpd) to be evaluated  PEA-3 scheduled to be completed in Q1 2012 Cautionary Note: The Cerro Moro PEA 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 preliminary assessment and project economics will be realized. A NI 43-101 Technical Report for the Cerro Moro PEA has been filed on SEDAR (www.sedar.com) and is posted on the Company’s website at www.extorre.com
  • 22. 22 Conceptual Project Schedule 2011 2012 2013 Q4 Q1 Q2 Q3 Q4 H1 H2 Discovery Drilling Delineation Drilling on New Resources Mineral Resource Updates Mine Economics Study Update (w/ Zoe) (PEA-3) Environmental Impact Assessment Revision Mine Financing Decline Development (at Escondida Far West) Decline Development (at Escondida Central & East) Advanced Engineering and Construction Mine Commissioning Community / Social / Environmental
  • 23. 23 100% EXTORRE LANDS San Jose (1.3 M Oz Au, 90 M Oz Ag) FOMICRUZ 80/20% JV AGREEMENT Cerro Negro (+6 M Oz Au) FAVORABLE VOLCANIC ROCKS MINE/ADVANCED PROJECT Don Nicolas RECENT DRILLING FALCON VERDE Dos Calandrias PUNTUDO Cerro Moro UNION DOMES Cerro Vanguardia (+5 M Oz Au) Mina Martha Manantial Espejo (685 K Oz Au, 50 M Oz Ag) Regional Exploration Targets Falcon, Puntudo…
  • 24. 24 Falcon – Crest Zone – Drill Plan on Resistivity North High 20 O h m . m 10 Low 200 metres
  • 25. Puntudo Project – Renaldo Silver Target 25 North Property Boundary Property Boundary
  • 26. 26 News Flow- 2012  Cerro Moro continued drilling announcements every 2 months - new discoveries  Updated PEA-3 in Q1-2012 (includes the additional Nov. 2011 resources)  Update to mining permit – Q2-2012, start mine decline, evaluate financing options  Excellent potential for new discoveries at Falcon and Puntudo properties.
  • 27. 27 Extorre in an Industry Context
  • 28. 28 Extorre & the Metals Industry GOLD MARKET SILVER MARKET  Exploration expenditures are Industrial silver demand is expected to increasing yet fewer new resources increase from 487million ounces silver are being discovered in 2010 to 666million ounces in 2015  New discoveries are replacing less This demand could underpin strong than half the current production silver prices Resources versus Gold Production 1997-2008 World Industrial Silver Demand Forecast Source: MEG
  • 29. 29 Mining Analyst Coverage Daniel Earle Michael Gray Daniel.earle@tdsecurities.com Michael.gray@macquarie.com 604-639-6372 416 308 7906 Adam Graf John Hayes agraf@dahlmanrose.com Johnp.hayes@bmob.com 212-702-4527 416-359-6189 David West Imaru Casanova dwest@salmanpartners.com icasanova@mlvco.com 604-622-5569 212.542.5869 Wendell Zerb Wendell.zerb@canaccordadams.com 604 643 7485