Detour Gold Receives Federal Approval for Detour Lake Mine, in Ontario
TORONTO, ONTARIO -- (Marketwire) -- 12/22/11 -- Detour Gold Corporation (TSX: DGC) ('Detour Gold') is pleased to announce the approval of the Comprehensive Study Report ('CSR') regarding the environmental assessment for the Detour Lake project by the Federal Minister of Environment.
The Minister has determined that the project is not likely to cause significant adverse environmental effects with the implementation of the mitigation measures outlined in the CSR and has therefore referred the project back to the responsible authorities, Fisheries and Oceans Canada and Natural Resources Canada, for the issuance of permits.
During the Environmental Assessment ('EA') process, local communities and Aboriginal groups provided both traditional ecological knowledge and third party review of the proposed Detour Lake mine. The input received improved the project design and will positively influence the mining operations, which are currently planned for a period of at least 20 years. The mine will provide sustainable, long-term employment for the local Aboriginal groups and communities in northern Ontario, with up to 1,200 workers required during construction and 500 employees during production.
Gerald Panneton, President and CEO of Detour Gold said, 'We would like to thank Minister Peter Kent, the Canadian Environmental Assessment Agency and the federal review team for their excellent work throughout the CSR process. The Detour Lake mine is expected to generate over $14 billion of GDP benefit and create significant new employment in the Cochrane region. We are committed to working with all levels of government and communities to maintain the highest standards in environmental stewardship.'
Derek Teevan, VP Government and Aboriginal Affairs of Detour Gold added, 'The CSR process was very thorough and is the result of collaborative and extensive consultations with government agencies, Aboriginal groups and Detour Gold's consultants, AMEC, to ensure we have a solid design and operating procedures that meet all regulatory requirements.'
Visit: www.ceaa.gc.ca and click on Media Room to read the Canadian Environmental Assessment Agency release.
About Detour Gold
Detour Gold is a Canadian gold exploration and development company whose primary focus is to advance the development of its 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 issuance of permits by governmental authorities, the life of the Detour Lake mine and the benefits to be derived therefrom by northern Ontario communities. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Detour Gold's or Trade Winds' ability to predict or control and may cause actual results, performance or achievements to be materially different from any 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 'Risk Factors' in Detour Gold's July 27, 2011 short form prospectus and in the continuous disclosure documents filed by Detour Gold and Trade Winds on and available at www.sedar.com. 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 and Trade Winds undertake 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
Laurie Gaborit
Director Investor Relations
(416) 304.0581
Detour Gold Corporation
Royal Bank Plaza, South Tower
200 Bay Street, Suite 2200
Toronto, Ontario M5J 2J1
