This is what they said:
-- 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. -- Extorre is evaluating the potential for a staged mine development to take advantage of the substantial cash flows which would be generated from the very high grade mineralization accessible by open pit mining.
The Company would then fund the balance of the capital expenditure reported in PEA-3 through operating cash flow. -- This initiative is advancing rapidly as the Company is particularly sensitive to shareholder dilution. The financing alternatives being pursued will be those that are the least dilutive to shareholders. -- A public announcement on the parameters for the proposed staged development initiative is expected before month end.
And this is what it means
VANCOUVER, BRITISH COLUMBIA--(Marketwire -05/16/12)- Extorre Gold Mines Limited (XG.TO)(XG)(E1R.F) ("Extorre" or the "Company") releases high grade drilling results from Cerro Moro and comments on current market conditions as follows:
-- Look, it's just not jolly well fair, ok? Stop selling our shares, will you? -- Right then. If you're going to be bastards about this and not buy us out,
we'll build the blinking mine ourselves. Hah! -- After all, we have $30m in cash. Can't cost that much to build a mine, right? -- And the fact that we already burn our treasury at $10m/qtr is beside the point, ok?