Detour Gold to File Financial Results for the First Quarter on May 10 2013 Guidance Revised
TORONTO, ONTARIO -- (Marketwired) -- 05/09/13 -- Detour Gold Corporation (TSX: DGC) ("Detour Gold" or the "Company") reports that it will file its financial results for the first quarter of 2013 on May 10, 2013. Details of the Company's financial results are described in the Unaudited Interim Condensed Consolidated Financial Statements and Management's Discussion and Analysis will be available on the Company's website at www.detourgold.com or on SEDAR at www.sedar.com. The Company had reported its first quarter operational update on the Detour Lake mine located in northeastern Ontario on April 9, 2013. All amounts are in Canadian dollars unless otherwise stated.
The Company remains on target to achieve commercial production in the third quarter of the year. Detour Gold has revised its 2013 production outlook to between 260,000 ounces and 320,000 ounces of gold to reflect a slower ramp-up than expected at the Detour Lake mine. Post-commercial production, total cash costs are expected to be between $800/oz and $1,000/oz for 2013.
The ramp-up of the Detour Lake mine is progressing with mill throughput and availability improving from the first quarter. In the first week of May, the processing plant recorded several days at a milling rate of between 40,000 and 50,000 tonnes per operating day.
The Company has reviewed its 2013 spending program and has identified $10 million of cost reductions over the remainder of this year, including the deferral of exploration and drilling activities, and the completion of a pre-feasibility for the Block A project. As of April 30, 2013, the Company had approximately $128 million in cash and short-term investments and has approximately $20 million available from its revolving credit facility.
About Detour Gold
Detour Gold is an emerging mid-tier gold producer in Canada. The Detour Lake open pit mine is expected to produce an average of 657,000 ounces of gold annually over a period of 21.5 years. 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 filing of the financial results for the first quarter of 2013 on May 10, 2013, achieving commercial production in the third quarter of 2013, producing between 260,000 ounces and 320,000 ounces of gold in 2013, total cash costs in 2013 of between $800/oz and $1,000/oz post-commercial production and annual production of 657,000 ounces of gold over a period of 21.5 years. 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 Detour Gold's actual results, performance or achievements to be materially different from any of its 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 2012 AIF and in the continuous disclosure documents filed by Detour Gold on and available on SEDAR 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; operating and capital costs; the Company's ability to attract and retain skilled staff; the mine development schedule; sensitivity to metal prices and other sensitivities; the supply and demand for, and the level and volatility of the price of, gold; timing of the receipt of regulatory and governmental approvals for development projects and other operations; the supply and availability of consumables and services; the exchange rates of the Canadian dollar to the U.S. dollar; energy and fuel costs; the accuracy of reserve and resource estimates and the assumptions on which the reserve and resource estimates are based; 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. The forward-looking statements contained herein are made as of the date hereof, or such other date or dates specified in such 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. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.
Contacts:
Detour Gold Corporation
Gerald Panneton
President and CEO
(416) 304.0800
Detour Gold Corporation
Laurie Gaborit
Director Investor Relations
(416) 304.0581
www.detourgold.com
