Detour Gold and Moose Cree First Nation Commemorate Agreement and Establish Educational Fund
TORONTO, ONTARIO -- (Marketwire) -- 03/07/11 -- Detour Gold Corporation (TSX: DGC) ('Detour Gold' or the 'Company') and Moose Cree First Nation ('MCFN') commemorated today, at the Prospectors and Developers Association of Canada convention, the executed Agreement between the parties signed on January 21, 2011 for the Detour Lake project. Detour Gold and MCFN also announced the establishment of a Detour Gold-MCFN Educational Fund as part of the Agreement.
Detour Gold will contribute $1 million as an endowment to the Detour Gold-MCFN Educational Fund, which will be used to increase educational opportunities for the membership of the Moose Cree First Nation.
'The main objective of having agreements with corporations working within our Homeland is to establish a partnership that contributes to our business, employment and educational opportunities. Education of our youth is the basis for our future success as a First Nation,' said Chief Norm Hardisty Jr.
Gerald Panneton, President and CEO of Detour Gold said, 'One of the sustainable benefits of the Detour Lake project will be real opportunities for aboriginal youth to reach higher levels of education, which is a community goal for the MCFN. Through education and training, it will be possible for young aboriginal people to develop careers, both at the Detour Lake project and throughout the economy of northern Ontario.'
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 future use of the Detour Gold-MCFN Educational Fund. 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 '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