Organizational Structure Running A Successful Business
Extorre June Powerpoint
1. 1
June 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 –June 1, 2012
Shares 96.9 M
Warrants 0.12 M
Options 9.52 M
Fully Diluted 106.56 M
Management / Insiders 15%
Institutions 60%
Retail 25%
Cash $27 M
4. 4
Highlights –Flagship Cerro Moro
• Environmental Impact
Assessment approved for
750 tons/day
• 2014 start-up scheduled
Staged Start-Up of PEA-3
plans shows potential for:
• US$120 million CAPEX
• Average annual
production for first 5 October 1, 2010
years of 190,000 ounces
gold equivalent*
• Reduced cash costs
* Gold equivalent ounces – calculated by dividing the silver ounces by 50 and
adding it to the gold value,
**Cash Costs are for “mine site” and exclude refining and royalty costs. Total Cash
Costs with refining/royalty are $453 per ounce gold equivalent*
5. 5
An Experienced Management Team
A Strong Board C.E.O. Trevor Mulroney Mng. Engineer- 25 yrs
Exploration Matt Williams – Exploration Manager Geologist - 17 yr
Yale Simpson Co-Chairman
Fernando Chacon – Project Manager Geologist - 8 yr
Bryce Roxburgh Co-Chairman Development Alberto Carlocchia – Country Mgr, Argentina Lawyer - 13 yrs
Gonzalo Damond – Commercial Manager Engineer – 17 yrs
Rob Reynolds Director
Victor Vera – Mine Development Superintend. Engineer – 15 yr
Ignacio Celorrio Director
Corporate Darcy Daubaras – Chief Financial Officer Chart. Acc’t. - 14 yr
Eric Roth Director Cecil Bond – Vice President Finance Chart. Acc’t. - 20 yr
Louis Montpellier – Senior Vice Pres. & Legal Lawyer - 30 yr
James Strauss Director
Marina Katusa – Vice Pres. Corp. Development Geologist, MBA
George Lawton Director
Rob Grey – Vice Pres. Corp. Communications IR - 7yr
6. Extorre Project Locations 6
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.
Important: See slide 10 for full resource grades and tonnes.
7. 7
100% EXTORRE LANDS
San Jose FOMICRUZ 80/20% JV
AGREEMENT
Cerro Negro FAVORABLE VOLCANIC ROCKS
MINE/ADVANCED PROJECT
Don Nicolas RECENT DRILLING
FALCON
VERDE Dos Calandrias
PUNTUDO Cerro Moro
UNION DOMES
Cerro Vanguardia
Mina Martha
Manantial Espejo
Santa Cruz
Exploration Targets
8. 8
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
9. 9
Argentine President Visits the
Cerro Vanguardia Mine in Support
In March 2012 Cristina Kirchner visited the Cerro Vanguardia mine,
operated by Anglogold and located in the Santa Cruz Province 120
km from Cerro Moro.
10. Cerro Moro Resource – November 2011 10
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.
11. Cerro Moro – Resource Location
11
Areas included in the Cube November 2011 Resource Estimate
Mapped/Interpreted Veins
Drill hole collars as at Sep 2011
12. 12
Cerro Moro Mine Development
Program
GR Engineering is a leading engineering
consulting and contracting company that
specializes in providing high quality process
engineering design and construction
services to the mining and mineral
processing industries.
13. 13
Preliminary Economic Assessment (PEA-3)
Project Parameters Summary (Updated Study Released April 2012)
Mine Life 9 years
Throughput 1,300 tonnes per day
248,000 ounces gold equivalent*
Average Annual Production (Years 1 to 5)
(123,125 oz. gold + of 6.25 Moz. silver)
1.79 million ounces gold equivalent* (848,000 oz.
Total Ounces Recovered
gold + 47.29 Moz. silver)
Direct: $US 207.3M + $US 39.6M VAT (VAT recoverable)
Initial Project CAPEX
Indirect: $US 37.2M (EPCM contract, owners’ costs, commissioning)
Cash Costs $US 303 /ounce gold equivalent* (first 5 years)
Financial Summary
Payback Period (5% discount) 24 months
Pre-tax IRR 63%
After tax IRR 47%
Pre-tax NPV (5% discount) $US 737.4 million
After Tax NPV (5% discount) $US 463 million
Metal Prices $US 1320/oz. gold, $US 26/oz. silver
Cautionary Note: The Cerro Moro Preliminary Economic Assessment (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 project economics will be realized.
*Gold equivalent grade is calculated by dividing the silver assay result by 50, adding it to the gold value and assuming 100% metal lurgical
recovery.
**Cash Costs are for “mine site” and exclude refining and royalty costs.
Total Cash Costs with refining/royalty are $453 per ounce gold equivalent*
15. 15
Staged Mine Startup
A potential staged mining approach to PEA-3 suggest an
initial mine CAPEX of approximately US$124 million with
open pit mining only in Stage 1 at 500-600 tpd.
Production/Cost Estimate for Stage 1 (500-600tpd):
Estimated Range
Initial Annual Production (Gold Equivalent* Ounces) 170,000 180,000
Initial Capital Expenditure (Excludes Recoverable Taxes) US$ 110 million US$ 120 million
Approximate Recoverable Taxes US$ 14 million US$ 16 million
Initial Operating Costs (Excludes Royalties and Export Tax) US$ 200 per recoverable gold eqv.* oz
Potential Free Cash Flow (Before Royalties and Taxes) US$ 190 million US$ 200 million
Stage 2 expansion underground would begin after 18 months
with the aim to reach PEA-3 levels of 1,000 to 1,100 tpd
approximately 36 months after initial construction.
Cautionary Note: The Cerro Moro Preliminary Economic Assessment (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 project
economics will be realized.
*Gold equivalent grade is calculated by dividing the silver assay result by 50, adding it to the gold value and assuming
100% metallurgical recovery.
** Costs are for “mine site” and exclude refining and royalty costs.
16. 16
Cerro Moro Production Profile
(Staged Approach)
Potential From New High-
('000 Gold Equivalent Ounces)
Grade Discoveries…
Annual Production
Production Year
17. 17
Conceptual Mine Development
Esperanza- Nini Open Pit
GabrielaOpen Pit- UG
N
Debora Open Pit
Escondida FW Open Pit- UG
Loma Open Pit
Carla Open Pit
Escondida Open Pit- UG
Martina-UG Zoe Open Pit -UG
Process Plant
1000m
Conceptual Open Pit Layout
18. 18
Cerro Moro Mine Design
Combination of Open Pit and Underground Mining
Escondida Open Pit- UG
N
Loma Escondida
Open Pits
Escondida FW Open Pit- UG
Loma Open Pit
Escondida West-Central
Underground Mines
Escondida Underground Layout
19. 19
Decline – Escondida Far West
5 m (Width) x 4.5 m (Height). 2,325 m Length. First ore panels
accessible after 1,200 m of development.
Commence: mid 2012. Total development time: 22 months.
21. 21
Gold & Silver Recoveries
High gold and silver recoveries (95% and 93%, respectively) are achievable via
a combination of flash flotation, gravity separation, and leaching
GOLD
100
% EXTRACTION
80
60 Float tail leach
Float con leach
40 IC leach
20
0
ECF ECO EE GAB EW ESP ESP-SE Loma ZS ZD
SILVER
100
% EXTRACTION
80
60 Float tail leach
Float con leach
40 IC leach
20
0
ECF ECO EE GAB EW ESP ESP-SE Loma ZS ZD
For more detailed information on metallurgy please view company technical reports filed on Sedar
22. 22
Excellent Resource Expansion Potential
A Strategic Land Position 1600km2
The Cerro Moro Vein Field (95% XG)
Continued resource growth from extensions of existing veins,
plus many new drill ready veins
Don Sixto (100% XG)
Potential beyond existing gold resource
Puntudo Project – Santa Cruz (100% XG)
6 silver/gold exploration targets
Other Regional Targets – Santa Cruz (100% XG)
Falcon, Ventana, Verde, Azul
The Fomicruz Joint Venture (XG Earning 80%)
Escondida Extensions, Union Domes
24. 1. Zoe PRIORITY 24
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
25. 25
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
26. 26
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
27. 27
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
28. Cerro Moro Project – Zoe Discovery
28
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
29. 29
100% EXTORRE LANDS
San Jose FOMICRUZ 80/20% JV
AGREEMENT
Cerro Negro) FAVORABLE VOLCANIC ROCKS
MINE/ADVANCED PROJECT
Don Nicolas RECENT DRILLING
FALCON
VERDE Dos Calandrias
PUNTUDO
Cerro Moro
UNION DOMES
Cerro Vanguardia
Mina Martha
Manantial Espejo
Regional Exploration Targets
Falcon, Puntudo…
31. 31
Falcon Project –Wide Gold Intercepts
North
FD004 - 53 - 1.33 - 30 Resistivity
High
20
O
h
m
.
m
10
Low
200 metres
32. 32
News Flow- 2012
Cerro Moro continued drilling
announcements every 2 months - new
discoveries
Updated PEA-3 completed, evaluation of
staged development ongoing which could
reduce CAPEX significantly
Evaluating financing options
Excellent potential for new discoveries at
Falcon and Puntudo properties.
35. 35
NPV (M$)
Gold Price & Capital Gold Price (US$/oz)
Cost 1,056 1,320 1,584
$ 415.5 $ 512.4 $ 609.3
-20%
M M M
Capital Cost
Base $ 366.3 $ 463.2 $ 560.1 Sensitivity – Gold Price
Case M M M
+20%
$ 319.0 $ 415.9 $ 512.8 and Capital Cost
M M M
NPV (M$)
Gold Price & Gold Price (US$/oz)
Operating Cost 1,056 1,320 1,584
$ 439.1 $ 537.0 $ 635.0
-20%
Sensitivity – Gold Price
Opertaing Cost
M M M
Base $ 366.3 $ 463.2 $ 560.1
Case M M M and Operating Cost
$ 325.1 $ 423.1 $ 521.1
+20%
M M M
NPV (M$)
Gold Price & Gold Price (US$/oz)
Discount Rate 1,056 1,320 1,584
0.0%
$ 545.4 $ 675.3 $ 805.2
Sensitivity – Gold Price
Discount Rate
M M M
5.0%
$ 366.3
M
$ 463.2
M
$ 560.1
M
and Capital Cost
$ 246.0 $ 320.1 $ 394.2
10.0%
M M M
IRR (%) 39% 47% 54%
36. 36
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
37. 37
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
38. 38
“Cerro Moro is one of the highest quality
gold-silver deposits to be discovered in
recent years”
Production is scheduled for 2014
www.extorre.com
Suite 1660, 999 West Hastings Street Vancouver, BC, Canada, V6C 2W2
Toll Free: 1-888-688-9592
Telephone: 1-604-688-9592
