Detour Gold Corporation
TSX : DGC

Detour Gold Corporation

March 08, 2010 09:20 ET

Wahgoshig First Nation and Detour Gold Sign Letter of Intent

TORONTO, ONTARIO--(Marketwire - March 8, 2010) - Detour Gold Corporation (TSX:DGC) ("Detour Gold" or the "Company") is pleased to announce that the Wahgoshig First Nation ("WFN") and Detour Gold have signed a Letter of Intent ("LoI") to guide their relationship through the development of the Detour Lake gold project.

Chief Babin of WFN commented, "This letter of intent will create the basis for our community to participate in the business, employment and training opportunities on our land as well as working towards building a positive future for our children." 

Gerald Panneton, President and CEO of Detour Gold noted, "The WFN community's commitment to the environment and to sustainable development makes them an excellent participant in the upcoming development of the Detour Lake open pit mine."

The LoI outlines the parties' commitment to develop an Impact and Benefit Agreement (IBA) and WFN participation in the environmental assessment and permitting of the Detour Lake mine. 

Detour Gold Corporation, Royal Bank Plaza, North Tower, 200 Bay Street, Suite 2040, Toronto, Ontario M5J 2J1; www.detourgold.com.

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 Detour Gold's intent to advance the Detour Lake project towards the development stage. 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; receipt of the permits and regulatory approvals required 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 resource estimates and the assumptions on which the resource estimates are based; market competition; ongoing relations with employees and local communities, and the execution of impact and benefit agreements to these impacted 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
    www.detourgold.com
    or
    Wahgoshig First Nation
    David Babin
    Chief
    (705) 273-2055
    or
    Wahgoshig First Nation
    Denyse Nadon
    Lead Negotiator
    (705) 272-2055