It is interesting that Extorre gave this rather random statement - considering the NR was about drill results - with its May 16 NR (May 16 High $2.28, Low $2.18, 20day SMA $3.53)

"Extorre is of the view that the current market for the Company's shares does not reflect the underlying value of its high quality asset at Cerro Moro."

Recent nationalistic moves by the Argentine government hasn't helped its valuation. Insider ownership for Extorre is quite low.

Management's rationale this AM:

"Yale Simpson, Co-Chairman of Extorre commented on the Arrangement as follows:

"We are pleased to be entering into this transaction with Yamana. Extorre's share price has suffered dramatically over the past few months due to a number of factors including: global political and economic uncertainty impacting credit markets; a broad sell-off of all junior non-producing gold companies; concerns with respect to share dilution arising from a decision to develop the Cerro Moro project; and a series of events that have raised the perceived investment risk in Argentina.

Management and the board of directors of Extorre diligently examined all of the available options to finance the Cerro Moro project to production, but given current market conditions, whatever financing mix was chosen, the result would be a serious erosion of the project returns. In conclusion, if Extorre were to lock into the current fiscal/operating environment, the value of the Cerro Moro project to shareholders would be significantly diminished. Aside from this, management did not believe shelving a development decision for any length of time would be viable. "