Detour Gold and Taykwa Tagamou Nation Sign Impact Benefit Agreement for Detour Lake Project
TORONTO, ONTARIO -- (Marketwire) -- 11/25/10 -- Detour Gold Corporation (TSX: DGC) ('Detour Gold' or the 'Company') and Taykwa Tagamou Nation ('TTN') are pleased to announce the signing of an Impact Benefit Agreement ('IBA') with respect to the development and operation of the Company's Detour Lake gold project in northeastern Ontario. The signing of this IBA follows the successful community ratification of the agreement, which took place on November 13, 2010. The agreement with TTN is the first of three such agreements that are in the process of being ratified.
The IBA sets out the benefits the TTN community will receive from the development of the Detour Lake project and throughout the life of the mine. It outlines how Detour Gold and TTN will work together on community training initiatives as well as employment and business opportunities. The IBA also provides for the establishment of an education trust and the provision of other forms of financial compensation.
The IBA recognizes and respects both TTN's aboriginal rights and interests as well as Detour Gold's rights and interests for the development of the Detour Lake project. It also endorses a commitment by Detour Gold and TTN to consult and accommodate with one another over the life of the mine.
Chief Linda Job of TTN said: 'Taykwa Tagamou Nation's signed IBA with Detour Gold represents opportunities for community growth with both parties sharing the same vision for the future. TTN will have access to education, business and employment opportunities and gain skills and experience from the development and operation of Detour Lake, which will positively impact the lives of our membership.'
Gerald Panneton, President and CEO commented: 'The signing of this IBA marks a significant step reflecting the mutually beneficial partnership between Detour Gold and TTN in further strengthening our existing relationship. We are delighted to have TTN supporting the development of Detour Lake, which will bring numerous opportunities and economic benefits to TTN community members and pave the way to a successful future for regional communities near the Detour lake project for years to come.
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.
Detour Gold Corporation, Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2200, Toronto, Ontario M5J 2J1.
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 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