Trade Winds Shareholders Approve Acquisition by Detour Gold
Detour Gold Corporation (TSX: DGC) ('Detour Gold?) and Trade
Winds Ventures Inc. (TSX-V: 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.
Detour Gold
Gerald Panneton, President and CEO
Tel:
(416) 304.0800
or
Laurie Gaborit, Director Investor Relations
Tel:
(416) 304.0581
info@detourgold.com
or
Trade
Winds
Ian D. Lambert, President and CEO
Tel: (416) 840.9483
or
Terry
McGee, Investor Relations
Tel: (866) 698.9187 ext 228
info@tradewindsventures.com