Detour Gold Corporation (TSX:DGC - News; "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.
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