Detour Gold Receives Approval from Provincial Government to Commence Construction of Mining Facilities at Detour Lake
TORONTO, ONTARIO -- (Marketwire) -- 11/04/10 -- Detour Gold Corporation (TSX: DGC) ('Detour Gold' or the 'Company') is pleased to announce that it has received the Statement of Completion of the Class Environmental Assessment ('EA') (Category C) for the Disposition of Rights to Crown Resources from the Ontario Ministry of Natural Resources. Detour Gold has also received notice from the Ontario Ministry of Northern Development, Mines and Forestry of acceptance of the Closure Plan for the Detour Lake mining project. These approvals allow Detour Gold to commence construction of the mining facilities for the Detour Lake project.
In addition to the above mentioned approvals, Detour Gold has also obtained the provincial Class EA for Temporary Power Supply (Diesel Generator of less than 5 megawatts) (Category B). The Individual EA for Permanent Power Supply (230 kV Transmission Line) was submitted to the Ministry of Environment and is now in the final review stage. The Company expects to receive approval for this EA in December 2010. The Company is continuing its permitting process with a Comprehensive Study Report for the federal EA.
Gerald Panneton, President and CEO commented: 'We have crossed a significant milestone in the development of the Detour Gold project with the approval of these provincial EAs and Closure Plan. We are now in a position to commence construction of the mine, which is an important project for the economy of northern Ontario, providing significant employment for the local and surrounding communities.'
Detour Gold is finalizing its agreements with local Aboriginal groups impacted by the Detour Lake project and anticipates these agreements to be ratified by the Aboriginal communities prior to year-end.
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 expected approval of the Individual EA for Permanent Power Supply (230 kV Transmission Line) in December 2010 and the expected ratification of the Aboriginal agreements by year-end. 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
Detour Gold Corporation
Royal Bank Plaza
South Tower
200 Bay Street, Suite 2200
Toronto, Ontario M5J 2J1