Trade Winds Shareholders Approve Acquisition by Detour Gold
TORONTO, ONTARIO -- (Marketwire) -- 11/22/11 -- Detour Gold Corporation (TSX: DGC) ('Detour Gold') and Trade Winds Ventures Inc. (TSX VENTURE: TWD) ('Trade Winds') are pleased to announce that the previously announced acquisition of Trade Winds by Detour Gold pursuant to a plan of arrangement (the 'Arrangement') was approved at the special meeting of Trade Winds shareholders held today. The Arrangement will result in Detour Gold acquiring all of the issued and outstanding shares of Trade Winds.
Under the terms of the Arrangement, each Trade Winds shareholder will receive 0.0142 of one Detour Gold common share and a nominal cash payment of $0.0001 for each Trade Winds share held. In order to receive the consideration, Trade Winds shareholders should follow the instructions that are set out in Trade Winds' Management Information Circular dated October 21, 2011, available at www.sedar.com under Trade Winds' SEDAR profile. Trade Winds' optionholders will receive replacement Detour Gold options, and Trade Winds warrants will remain outstanding in accordance with their terms.
Trade Winds is seeking a final order of the Supreme Court of British Columbia, which is expected to be granted on November 23, 2011. Once the final order is received, the Arrangement is expected to be completed on or about December 1, 2011.
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.
About Trade Winds
Trade Winds is a Canadian based gold exploration company whose primary focus is the advancement of its Block A (50% joint venture with Detour Gold) and Gowest properties, located in northeastern Ontario. Trade Winds has completed extensive diamond drilling programs of over 156,000 metres on the Block A and Gowest properties.
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 granting of the final order of the Supreme Court of British Columbia and the successful completion of the Arrangement. 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 ability to successfully complete the plan of arrangement on the terms set out in the arrangement agreement between Detour Gold and Trade Winds dated September 25, 2011; 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
Trade Winds Venture Inc.
Ian D. Lambert
President and CEO
(416) 840.9483
Trade Winds Venture Inc.
Terry McGee
Investor Relations
(866) 698.9187 ext 228
www.tradewindsventures.com
