Detour Gold's Transmission Line for Detour Lake Mine Connected to Ontario Grid
TORONTO, ONTARIO -- (Marketwire) -- 10/24/11 -- Detour Gold Corporation (TSX: DGC) ('Detour Gold' or the 'Company') announced today that the first segment of its transmission line of 135 kilometres from the Detour Lake project site to the Island Falls power station has been successfully connected to the provincial electrical power grid.
The transmission line will carry 115 kilovolts (kV) of current, which is well beyond what is required to support mine construction, and will provide significant savings as Detour Gold will no longer need to rely on the more expensive diesel power. Detour Gold received approval last August from the Ontario Energy Board to proceed with the construction of the second segment of the transmission line of 45 kilometres from Island Falls to Pinard transformer station (west of Fraserdale). Construction is scheduled to start in late 2011 with grid connection to follow in the second quarter of 2012, well ahead of the start of commissioning. At the completion of the second phase, the line will operate at 230 kV and deliver more than 100 megawatts (MW) of electricity during the operation of the Detour Lake mine.
The construction contract is with Detour Lake Constructors, a partnership led by Peter Kiewit Infrastructure Co. ('Kiewit'), with Moose Cree Constructors Inc. (Moose Cree First Nation), New Post Constructors LP (Taykwa Tagamou Nation) and Wahgoshig First Nation as Partners. Kiewit is responsible for the construction management and execution of the contract and PowerTel Utilities Contractors Limited is the transmission line subcontractor.
Senior Management Appointment
Drew Anwyll has been appointed Director of Operations for the Detour Lake mine. Drew will be responsible for planning and organizing the start-up of the operations scheduled for the first quarter of 2013.
Drew Anwyll, a mining engineer professional, brings over 20 years of international experience in operations start-up, construction and project management of both open pit and underground mines. Prior to joining Detour Gold, Drew worked for Allied Gold as General Manager Operations at the Gold Ridge gold mine where he led the recommencement and expansion of the mining operation. The vast majority of his career was with Barrick Gold Corporation and Placer Dome Inc. where his work included working at the open pit and underground Porgera gold operations (Papua New Guinea), the South Deep mine (South Africa), the Dome mine (Ontario) and the Campbell mine (Ontario).
Detour Gold has promoted Rachel Pineault from Director to Vice President Human Resources and Northern Affairs and Jim Robertson from Director to Vice President Environment and Sustainability. Since joining the Detour Gold team, both Rachel and Jim have shown strong leadership in their respective departments. Their wealth of experience will be a tremendous asset toward the future success and growth of the Company.
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 successful construction of the second segment of the power line and the commencement of production at the Detour Lake mine in the first quarter of 2013. 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 'Risk Factors' in Detour Gold's July 27, 2011 short form prospectus and in the continuous disclosure documents filed by Detour Gold on and available at www.sedar.com. 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 and Trade Winds undertake 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
info@detourgold.com
www.detourgold.com