Extoree Gold Mines Ltd. (XG) Receives Milestone in Mine Development

QualityStocks would like to highlight Extorre Gold Mines, Ltd. (NYSE AMEX: XG). The company is a Canadian precious metals exploration company. Extorre's assets comprise approximately $28 million in cash, the Cerro Morro and Don Sixto projects, and other mineral exploration properties in Argentina. The Cerro Moro Gold-Silver Project, Argentina (100% ownership), is Extorre's flagship gold-silver property located in mining friendly Santa Cruz Province.

In the company’s news yesterday,

Extorre announced that the Santa Cruz provincial government has formally approved the Cerro Moro Environmental Impact Assessment (EIA), which was submitted to authorities in September 2010.

Extorre said the approval, paired with the receipt of the Project Pre-Feasibility Study expected in June 2011, will enable the company to move forward with advanced engineering and mine development.

“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,” Eric Roth, Extorre’s president and CEO stated in the press release.

Roth added that the company’s gold-silver exploration operations position the company to determine the potential of the mine.

“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,” Roth stated.

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