Extorre Gold Mines Limited: Extorre Announces Filing of NI 43-101 Technical Report for Cerro Moro

VANCOUVER, BC -- (Marketwire) -- 12/19/11 -- Extorre Gold Mines Limited (AMEX: XG; TSX:
XG; Frankfurt: E1R, 'Extorre' or the 'Company') is pleased to announce
the
filing of an updated National Instrument 43-101 compliant mineral
resource
estimate for its Cerro Moro project.

The technical report was prepared by independent consultants Cube Consulting
Pty
Ltd.

To view the full technical report click here.

Technical Report Highlights:

Indicated Category Resource: 1.35 million ounces gold equivalent* (2.42
million
tonnes ('Mt') at 7.4 g/t gold and 498 g/t silver, for a gold equivalent
grade**
of 17.4 g/t), plus

Inferred Category Resource: 1.05 million ounces gold equivalent* (4.74 Mt
at
3.5 g/t gold and 172 g/t silver, for a gold equivalent grade** of 6.9 g/t
gold).

* Gold equivalent ounces are calculated by dividing the silver ounces by
50,
then adding those ounces to the gold-only ounces.

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

The new resources will form the basis of an updated mining and economic
study
for the project (Preliminary Economic Assessment 'PEA-3') scheduled for
release
late in Q1-2012.

For further information please reference the NI 43-101 report
entitled
'Independent Technical Report (43-101): Resource Estimation for Extorre's
Cerro
Moro Project, Santa Cruz Argentina' dated December 16th, 2011 filed on
SEDAR
(www.sedar.com). The technical report was prepared by Mr. Ted
Coupland,
MAusIMM(CP), Director and Principal Geostatistician of Cube Consulting.
The
mineral resource estimates have been classified and reported in accordance
with
the CIM guidelines (CIM 2005) and National Instrument NI 43-101, Standards
of
Disclosure for Mineral Projects. Mr. Ted Coupland is 'independent' and
a
'qualified person' as defined by NI 43-101.

Exploration Continues:

Following the year end break, exploration utilizing four rigs is scheduled
to
continue at Cerro Moro. Two rigs will continue to delineate the Zoe deposit
and
potential extensions, with one rig testing extensions at depth and the other
rig
exploring for repetitions of the Zoe deposit up to three kilometers to the
east
('Zoe East'). Recent drilling appears to have successfully intersected what
is
interpreted to be the Zoe structure however visual indications suggest that
the
early intercepts are high in the system, a geological situation common to
the
Zoe and the Martina deposits. Deeper step back holes are planned. Other
new
targets defined by Extorre's geological team will also be tested.

Drilling to provide geotechnical data to assist in detailed open pit planning
of
pit wall angles and slope stability is also being conducted. This data will
feed
into PEA-3.

Eric Roth, President and CEO of the Company and a 'qualified person' within
the
definition of that term in National Instrument ('NI') 43-101, Standards of
Disclosure for Mineral Projects, has supervised the preparation of the
technical
information contained in this news release.

About Extorre

Extorre is a Canadian public company listed on the Toronto and NYSE
Amex
Exchanges (symbol XG). The assets of the Company comprise CDN $27 million
in
cash, the Cerro Moro, Puntudo and Don Sixto projects, and other
mineral
exploration properties in Argentina.

On August 4, 2011 Extorre announced the results of the second
Preliminary
Economic Assessment ('PEA-2') for a potential mine development at Cerro
Moro.
The study was based on the interim (April, 2011) NI 43-101 compliant
mineral
resource estimate which did not include any resources from the Zoe discovery,
as
it was still being drilled at that time. In PEA-2 production was based on
an
8.25 year, 1,000 tonnes per day mining and processing operation producing
a
total of 494,700 ounces of gold and 26.6 million ounces of silver. The
proposed
mine would produce an average of 206,300 ounces gold equivalent* per year
for
the first 3 years at a cash cost of US $236/ounce gold equivalent*.

You are invited to visit the Extorre web site at www.extorre.com.

 EXTORRE GOLD MINES LIMITED
 Eric Roth
 President and CEO
 extorre@extorre.com
 Suite 1660, 999 West Hastings St.
 Vancouver, BC
 Canada V6C 2W2

Safe Harbour Statement - This news release contains 'forward-
looking
information' and 'forward-looking statements' (together, the 'forward-
looking
statements') within the meaning of applicable securities laws and the
United
States Private Securities Litigation Reform Act of 1995, including our belief
as
to the extent and timing of its drilling programs, various studies including
the
PEA, and the Environmental Impact Assessment, and exploration results,
the
potential tonnage, grades and content of deposits, timing, establishment
and
extent of resources estimates, potential production from and viability of
its
properties, production costs and permitting submission and timing.
These
forward-looking statements are made as of the date of this news release.
Readers
are cautioned not to place undue reliance on forward-looking statements,
as
there can be no assurance that the future circumstances, outcomes or
results
anticipated in or implied by such forward-looking statements will occur or
that
plans, intentions or expectations upon which the forward-looking statements
are
based will occur. While we have based these forward-looking statements on
our
expectations about future events as at the date that such statements
were
prepared, the statements are not a guarantee that such future events will
occur
and are subject to risks, uncertainties, assumptions and other factors
which
could cause events or outcomes to differ materially from those expressed
or
implied by such forward-looking statements. Such factors and
assumptions
include, among others, the effects of general economic conditions, the price
of
gold and silver, changing foreign exchange rates and actions by
government
authorities, uncertainties associated with legal proceedings and
negotiations
and misjudgments in the course of preparing forward-looking information.
In
addition, there are known and unknown risk factors which could cause our
actual
results, performance or achievements to differ materially from any
future
results, performance or achievements expressed or implied by the forward-
looking
statements. Known risk factors include risks associated with
project
development; the need for additional financing; operational risks
associated
with mining and mineral processing; fluctuations in metal prices; title
matters;
uncertainties and risks related to carrying on business in foreign
countries;
environmental liability claims and insurance; reliance on key personnel;
the
potential for conflicts of interest among certain of our officers, directors
or
promoters of with certain other projects; the absence of dividends;
currency
fluctuations; competition; dilution; the volatility of the our common
share
price and volume; tax consequences to U.S. investors; and other risks
and
uncertainties, including those relating to the Cerro Moro project and
general
risks associated with the mineral exploration and development industry
described
in the Company's Annual Information Form for the fiscal period ended
December
31, 2010, dated March 25, 2011 filed with the Canadian Securities
Administrators
and available at www.sedar.com . Although we have attempted to
identify
important factors that could cause actual actions, events or results to
differ
materially from those described in forward-looking statements, there may
be
other factors that cause actions, events or results not to be as
anticipated,
estimated or intended. There can be no assurance that forward-looking
statements
will prove to be accurate, as actual results and future events could
differ
materially from those anticipated in such statements. Accordingly,
readers
should not place undue reliance on forward-looking statements. We are under
no
obligation to update or alter any forward-looking statements except as
required
under applicable securities laws.

Cautionary Note to United States Investors - The information contained
herein
and incorporated by reference herein has been prepared in accordance with
the
requirements of Canadian securities laws, which differ from the requirements
of
United States securities laws. In particular, the term 'resource' does
not
equate to the term 'reserve'. The Securities Exchange Commission's (the
'SEC')
disclosure standards normally do not permit the inclusion of
information
concerning 'measured mineral resources', 'indicated mineral resources'
or
'inferred mineral resources' or other descriptions of the amount
of
mineralization in mineral deposits that do not constitute 'reserves' by
SEC
standards, unless such information is required to be disclosed by the law of
the
Company's jurisdiction of incorporation or of a jurisdiction in which
its
securities are traded. U.S. investors should also understand that
'inferred
mineral resources' have a great amount of uncertainty as to their existence
and
great uncertainty as to their economic and legal feasibility. Disclosure
of
'contained ounces' is permitted disclosure under Canadian regulations;
however,
the SEC normally only permits issuers to report mineralization that does
not
constitute 'reserves' by SEC standards as in place tonnage and grade
without
reference to unit measures.

NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED
IN
THE POLICIES OF THE TSX EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS NEWS RELEASE

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(i) the releases contained herein are protected by copyright and
other applicable laws; and

(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Extorre Gold Mines Limited via Thomson Reuters ONE

[HUG#1572216]

For further information, please contact:

Rob Grey

VP Corporate Communications

Tel: 604.681.9512

Fax: 604.688.9532

Toll-free: 1.888.688.9512