3. Extorre Gold Mines ( XG) is a Canada-based company focused on advancing the Cerro Moro Project in Argentina. The Cerro Moro gold-silver project in Santa Cruz Province is 100% owned by Extorre with the Santa Cruz Government Mining Company, Fomicruz S.E., entitled to a 5% interest, on completion of mine permitting. The company's cash balance stood at $47.4 million at the end of Dec. 31, 2010, compared with $478,100 in 2009. The company recently announced that drilling is underway at its Union Domes gold project and at its Cerro Puntudo silver project in Santa Cruz Province, Argentina. Late February, the company announced the results of its reconnaissance drilling on the Falcon property, stating that four of the five initial holes have intercepted broad zones of gold-silver mineralization. Malcolm Gisse, manager of the Encompass Fund, says that of the many gold and silver miners, Extorre Gold is prominent as the grade of its gold is very high. Extorre's Argentina mine has well-developed infrastructure making it an attractive target acquisition to other gold mining companies. Of the eight analysts covering the stock, 63% rate it a buy while the remainder rate a hold. There are no sell ratings on the stock. Analysts polled by Bloomberg expect the stock to gain an average of 52%, to $8.40, in the upcoming 12 months.