Detour Gold and Moose Cree First Nation Execute and Sign Agreement for the Detour Lake Project
TORONTO, ONTARIO -- (Marketwire) -- 01/25/11 -- Detour Gold Corporation (TSX: DGC) ('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.
Contacts:
Detour Gold Corporation
Gerald Panneton
President and CEO
(416) 304.0800
Detour Gold Corporation
Derek Teevan
VP Government and Aboriginal Affairs
(416) 304.0800
Detour Gold Corporation
Royal Bank Plaza
South Tower, 200 Bay Street,
Suite 2200, Toronto, Ontario M5J 2J1
Moose Cree First Nation
Norm Hardisty Jr.
Chief
(705) 658.4619
Moose Cree First Nation
Ernest W. Rickard
Lead Negotiator
(705) 658.2847