تابع موسوعة شركات انتاج الذهب شركة Extorre

احدث اجدد واروع واجمل واشيك تابع موسوعة شركات انتاج الذهب شركة Extorre

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Extorre Gold Mines Limited is a newly formed gold and silver company created as a spin-out corporation from Exeter Resource Corp. The spin-out occurred in early 2010, and it allowed Extorre to focus its attention on its wholly owned high grade Cerro Moro project in Argentina. The company also owns several exploration projects in Argentina, but these aren't as advanced as Cerro Moro.

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Cerro Moro

Cerro Moro is located within the emergent Deseado Massif gold-silver mining district. You can see on the map above that three mines, Cerro Vanguardia(Anglogold Ashanti), Manantial Espejo(Pan American Silver), and San Jose(Minera Andes/Hochschild) are currently in operation near Cerro Moro. Cerro Negro is also in very close proximity. It's owned by Andean Resources which just got bought out by Goldcorp for $3.4 billion.

Cerro Moro's targets are high-grade epithermal gold-silver veins, +30 veins have been identified to date. The gold-silver-bearing veins at Cerro Moro are typically narrow, only 1-5 m in width. The high-grade Escondida gold-silver deposit hosts a significant proportion of the reported mineral resource at Cerro Moro, and has been drill tested along approximately 2 km of strike extent and to a depth of 200m. And when I say high-grade I mean high-grade. Escondida has an indicated resource of 612,000 gold equivalent ounces grading 32.3 g/t, a grade considered exceptional by industry standards. The silver contribution is high, accounting for over 40% of the metal value. Extorre hasn't found another vein yet that is as large as Escondida, but they are still actively drilling the site with several targets identified. Significant potential still exists, however, for the discovery of extensions to the known mineralization along strike and at depth at Escondida.

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On April 19, 2010, Extorre announced an updated National Instrument 43-101 compliant mineral resource estimate for Cerro Moro:

Indicated Mineral Resource for Escondida (utilizing a 1 g/t gold equivalent cut-off)

Zone	Metric Tonnes	Gold (g/t)	Silver (g/t)	Gold Equivalent Grade* (g/t)	Gold (ounces)	Silver (ounces)	Gold Equivalent Ounces**
Escondida	590,000	18.9	805	32.3	357,000	15,272,000	612,000

Inferred Mineral Resources at Cerro Moro (utilizing a 1 g/t gold equivalent cut-off)

Zone	Metric Tonnes	Gold (g/t)	Silver (g/t)	Gold Equivalent Grade* (g/t)	Gold (ounces)	Silver (ounces)	Gold Equivalent Ounces**
Escondida	432,000	3.7	155	6.3	52,000	2,158,000	88,000
Loma Escondida	68,000	10.2	504	18.6	22,000	1,098,000	41,000
Gabriela	521,000	2.4	347	8.1	40,000	5,802,000	136,000
Esperanza	371,000	2.6	175	5.5	31,000	2,090,000	65,000
Deborah	579,000	2.4	48	3.2	45,000	896,000	60,000
TOTAL	1,971,000	3.0	190	6.1	190,000	12,044,000	390,000

During 2010, Extorre's work program at Cerro Moro will combine two key strategies:

1. To advance the high-grade Escondida gold-silver deposit along the path to development.

2. To increase the resource base of the Cerro Moro District through both the drilling of extensions to known mineralization and the evaluation of new targets on a priority basis. Three drill rigs are currently dedicated to the discovery of new resource ounces at Cerro Moro, in addition to performing some water and infrastructure drilling.

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The current development schedule for Cerro Moro is summarized below:

July, 2010 – Complete and submit the Environmental Impact Assessment (EIA) to Provincial Authorities.
Third Quarter, 2010 Complete the Preliminary Economic Assessment (PEA) for Cerro Moro. The PEA is expected to provide Extorre's Board with sufficient information on the operating and capital costs for Cerro Moro in order to proceed rapidly with a mine development decision.
Early 2011 – Permits for construction and mine development likely to be approved
Early 2011 – Commencement of mine construction
Second Half, 2012 – First production of doré from the Cerro Moro mine

Initial mine designs completed in late 2009 indicated that production at Cerro Moro could be derived from a combination of open pit and underground mining. Mining and milling rates around 750 t/day are currently envisaged, although both the mine and plant designs can easily expand to accommodate for any increase in resources. Even at the projected throughput of 750 t/day, the very high gold-silver grades in the Escondida vein will allow for a production rate from Cerro Moro of around 100,000 gold equivalent ounces per year.

Initial Production 750 t/day (270,000 t/yr.)
Combination of Underground (UG) and shallow Open Pit (OP) Mines
Mining to commence simultaneously at Escondida Far West (UG) and Escondida OP (Loma Escondida and/or West-Central)
Subsequent production from Gabriela, Esperanza, Deborah (OP) and Escondida West-Central UG.
Targeting 100,000 oz Gold Eq. Annual Production at Very Low Cash Costs

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Financials and Production

Extorre is still in the exploration stage so past financials are irrelevant.

86.8 million shares outstanding

97.9 million shares fully diluted

$51 million in cash and no debt.

Conclusion

Extorre's main asset is their Cerro Moro project, which contains extremely high-grade gold and silver veins. The Escondida vein is the big find so far, grading 32.3 g/t(gold equivalent grade) and contains 612,000 gold equivalent oz. The key though for Extorre is they simply need to find more resources. 612,000 oz is not a big deposit, but given the nature of the high grade even that small deposit can be turned into a successful low cost operation. The company is targeting 100,000 aueq per year, with most of that production coming from Escondida. And while they don't have a preliminary economic assessment yet, it is highly likely that Cerro Moro will become a mine. Extorre plans to start construction in early 2011, with production ramping up in the second half of 2012.

As far as valuation goes, the company currently has a market cap of roughly $450 million using fully diluted shares. If Cerro Moro was currently in production the company would probably have a market cap of around $1 billion. So I would say that the shares are currently fairly valued. However, that valuation is based on 100,000 oz aueq, there is a lot more potential here.

That is what this story is really all about. If this were a 600,000 oz aueq size deposit grading 1 g/t people wouldn't care. But given the exceptional grades, investors are hoping the company can turn into the next Andean Resources. Andean defined 3 million oz of gold before it was taken out by Goldcorp, and the grade wasn't as high as what Cerro Moro contains. I'm sure the majors are following Extorre to see if they can discover more ounces. The need about 2 million oz before any major would become interested. And if they do find 2 million ounces of high-grade gold equivalent, then you can put a $2 billion price tag on Extorre.

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almamor