6. Extorre Gold Mines is a Canada-based company focused on working on the bonanza-grade Cerro Moro Project in Argentina's Santa Cruz Province.
Extorre owns all of the Cerro Moro gold-silver project, but the Santa Cruz Government Mining Company, Fomicruz, is entitled to a 5% interest in the project on completion of mine permitting.
Extorre recently reported the closing of a private placement financing through which it issued 2.4 million shares at $11.1 per share for gross proceeds of $26.7 million. The net proceeds from the placement will be used for the exploration and development of its properties in Argentina and for general working capital purposes.Looking ahead, the company's chief executive said that Cerro Moro's ideal geographic location and very high-grade gold-silver veins would help it achieve near-term, low-cash-cost gold-silver production from a relatively modest capital investment. Of the seven analysts covering the stock, three rate it a buy and the others rate it a hold. There are no sell ratings on the stock. On average, analysts polled by Bloomberg expect the stock to gain 10.3% to $15.61 in the coming 12 months.
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