July 12, 2011
TORONTO, ONTARIO — (MARKET WIRE) — 07/12/11 — Detour Gold Corporation (TSX: DGC) (“Detour Gold” or the “Company”) is pleased to announce that it will be breaking ground today for the construction start of its new regional office in Cochrane, Ontario. The ceremony will also mark Detour Gold’s $1.3 billion investment in the region to build the Detour Lake mine, which will be Canada’s largest gold mining operation. This special event will be attended by Hon. Michael Gravelle, Minister of Northern Development, Mines and Forestry; Hon. Chris Bentley, Minister of Aboriginal Affairs and Attorney General; Peter Politis, Mayor of the Town of Cochrane; Chief Hardisty and representatives from the local First Nations and Metis groups.
Hon. Michael Gravelle, Minister of Northern Development, Mines and Forestry said: “I am delighted to participate in today’s groundbreaking ceremony. The building of this new office is but a small part of a very large mine development project. The Detour Lake project is having a significant impact on the economy of the Town of Cochrane and all of northeast Ontario. I am appreciative of the commitments that Detour Gold has made to the Aboriginal communities in the area and that they will continue to work closely with them and the surrounding communities as they bring this project to fruition. Congratulations to everyone, I know this project will benefit the region for generations to come.”
Hon. Chris Bentley, Minister of Aboriginal Affairs added: “Creating a skilled labour force and increasing employment opportunities in the North is important to building a stronger Ontario. Through the Northern Training Partnership Fund, First Nations, Metis and non-Aboriginal northern Ontarians will attain workplace skills for an existing or emerging job.”
Davis Ramsay, MPP, Timiskaming-Cochrane said “The Detour Gold project is responsible for economic diversification and job creation in the mining sector. I’m pleased that Cochrane is poised to evolve and define its role as a strategic mining, transportation and supply hub for this important development.”
Gerald Panneton, President and CEO of Detour Gold mentioned: “Detour Gold’s regional office in Cochrane will support its Detour Lake open pit mining operation located 185 kilometres northeast of the town. Approximately 1,000 workers are currently on site for the mine infrastructure construction. Once gold production begins in 2013, Detour Gold will employ 500 people during the expected +20 years mine life. The Detour Lake mine will contribute over $14 billion to the provincial GDP, supporting the economic growth and prosperity of the region.”
About Detour Gold
Detour Gold is a Canadian gold exploration and development company whose primary focus is to advance the development of its flagship Detour Lake gold project, located in northeastern Ontario, towards production. Detour Gold’s shares trade on the Toronto Stock Exchange under the trading symbol DGC.
Forward-Looking Information
This press release contains certain forward-looking information as defined in applicable securities laws (referred to herein as “forward-looking statements”). Specifically, this press release contains forward-looking statements regarding the start of gold production in early 2013 and the positive impact of the Detour Lake mine on the economy of the region. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Detour Gold’s ability to predict or control and may cause actual results, performance or achievements to be materially different from any of future results, performance or achievements expressed or implied by forward-looking statements.
These risks, uncertainties and other factors include, but are not limited to, gold price volatility, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, interest rate and exchange rate fluctuations, general economic conditions and other risks involved in the gold exploration and development industry, as well as those risk factors discussed in the section entitled “Description of Business – Risk Factors” in Detour Gold’s 2009 annual information form. Such forward-looking statements are also based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about the following: the availability of financing for exploration and development activities; the estimated timeline for the development of the Detour Lake gold project; the supply and demand for, and the level and volatility of the price of, gold; the accuracy of reserve and resource estimates and the assumptions on which the reserve and resource estimates are based; the receipt of necessary permits; market competition; ongoing relations with employees and impacted communities; and general business and economic conditions. Accordingly, readers should not place undue reliance on forward-looking statements. Detour Gold undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.
Contacts:
Detour Gold Corporation
Gerald Panneton
President and CEO
(416) 304.0800
Detour Gold Corporation
Laurie Gaborit
Director Investor Relations
(416) 304.0581
Source: Detour Gold Corporation