Detour Gold Corporation
TSX : DGC

Detour Gold Corporation

October 13, 2009 16:30 ET

Taykwa Tagamou Nation and Detour Gold Sign Memorandum of Understanding

TORONTO, ONTARIO--(Marketwire - Oct. 13, 2009) - Detour Gold Corporation (TSX:DGC) ("Detour Gold" or the "Company") is pleased to announce that the Taykwa Tagamou Nation ("TTN") and Detour Gold have signed a Memorandum of Understanding ("MOU") as an interim measure to guide their relationship as they negotiate an Impact and Benefit Agreement ("IBA") for the Detour Lake gold project in northeastern Ontario.

"This MOU ensures that the future mine is built and operated with respect for the environment and for the benefit of TTN members and Detour Gold employees. The MOU outlines the steps going forward as we negotiate an IBA for the benefit of TTN members, including employment opportunities, while acknowledging the importance of the land to our people. It is our intention to finalize an IBA in 2010," said Chief Dwight Sutherland.

Gerald Panneton, President and CEO of Detour Gold, commented: "We are working with First Nations to develop the mine in a manner that is consistent with our collective commitment to environmental sustainability and community development. This MOU will ensure benefits to TTN, and together with different levels of government, we will maximize the number of training, employment and business opportunities for TTN members and people of northeastern Ontario."

The MOU guides how the parties will work together as the Detour Lake project advances through the feasibility, environmental assessment and permitting processes. It lays the ground work for both parties to negotiate an IBA, which will outline TTN's involvement and support for the project during the life of the mine.

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 development of the Detour Lake gold project, the benefits to TTN, the maximization of the number of training, employment and business opportunities for TTN members and people of northeastern Ontario and the intentions of Detour Gold and the Taykwa Tagamou Nation to finalize an IBA in 2010. 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 2008 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; market competition; ongoing relations with employees and local 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.

Contact Information

  • Detour Gold Corporation
    Gerald Panneton
    President and CEO
    (416) 304-0800
    or
    Detour Gold Corporation
    Derek Teevan
    VP Government and Aboriginal Affairs
    (416) 304-0800
    or
    Taykwa Tagamou Nation
    Peter Archibald
    Community Advisor and Government Liaison
    (705) 272-6897
    or
    Taykwa Tagamou Nation
    Merv McLeod
    Advisor
    (519) 787-5119
    or
    Detour Gold Corporation
    Royal Bank Plaza, North Tower
    200 Bay Street, Suite 2040
    Toronto, Ontario M5J 2J1
    www.detourgold.com