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Detour Gold Corporation (TSX:DGC - News; "Detour
Gold" or the "Company") and Moose Cree First Nation
("MCFN") are pleased to announce that they have executed an
Agreement with respect to the development and operation of the Company's
Detour Lake gold project in northeastern Ontario, following the successful
community ratification of the Agreement on December 21, 2010. Ceremonial
signings will take place at the Prospectors and Developers Association of
Canada conference in Toronto on March 7, 2011 and in the community of Moose
Factory on a date to be determined.
The Agreement includes provisions on how
the MCFN will benefit from the development of the Detour Lake project and
throughout the life of the mine including employment and business
opportunities, training and education initiatives and financial participation
in the project. The Agreement provides opportunities for significant MCFN
business engagement in both the construction and operation of the project.
The Agreement also reflects Detour Gold's commitment to protecting the
environment and wildlife and supporting the community's social and cultural
practices in a spirit of continued cooperation.
Under the Agreement, Detour Gold
recognizes and respects MCFN's Aboriginal and Treaty Rights and interests in
the area of the Detour Lake project and the MCFN recognizes and respects
Detour Gold's rights and interests in the development of the project. The
Agreement also endorses a commitment by both Detour Gold and MCFN to consult
with one another during the life of the mine.
"This agreement represents a major
step forward in showing MCFN community support for the development and
operation of the Detour Lake mine. The Agreement supports the project being
developed in an environmentally and socially responsible manner. We are
looking forward to proceeding with a mutually beneficial partnership with
Detour Gold that will create business and employment opportunities for our
people for years to come," said Chief Norm Hardisty.
Gerald Panneton,
President and CEO of Detour Gold, congratulates the MCFN citizens: "We
are extremely pleased that the MCFN leadership ran a successful ratification
process supporting the development of the Detour Lake project. The signing of
this Agreement solidifies our commitment to a long-term relationship with the
objective of making the Detour Lake mining operation a great success."
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
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.
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