- 1/1/1900Date of Inception:
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- Company Name: Detour Gold Corp.
- About Company: Detour Gold Corporation (TSX:DGC) is a Canadian gold exploration and development company with a highly experienced management and technical team whose primary focus is to advance the development of its flagship Detour Lake project located on the northern most, relatively under-explored Abitibi Greenstone Belt in northeastern Ontario.
Detour Gold listed on the Toronto Stock Exchange on January 31, 2007 after a successful initial public offering, raising gross proceeds of C$35 million. In August 2006, the Company had signed an agreement to purchase the Detour Lake asset from Pelangio Mines Inc. With the closing of the transaction, Pelangio received a total of C$5 million and 20 million shares of Detour Gold, representing a 47% equity interest in Detour Gold on a fully diluted basis.
The Detour Lake asset encompasses 242 square kilometers of prospective ground, including the Detour Lake deposit, which produced 1.8 million ounces of gold from 1983 to 1999. Following the completion of 49,321 metres of drilling (Phase I), Detour Gold reported an updated resource of 7.8 million ounces (measured and indicated resource of 4.8 million ounces and inferred resource of 3.0 million ounces), amenable to large-scale open pit mining (refer to December 11, 2007 press release). In addition, Detour Gold has a 50% JV interest in the adjacent Block A.
Detour Gold will complete Phase II drilling, totaling +70,000 metres, in the first quarter of 2008. This program is designed to convert a significant portion of the known inferred resource into the measured and indicated category; a resource update is expected in mid-2008. A regional exploration drilling program will also start in the first quarter of 2008. The feasibility study is underway and is expected to be completed by the end of 2008.
As the drilling program advances, Phase II drill results will be posted on this site along with detailed maps.