Detour Gold Announces Flow-Through Financing

TORONTO, ONTARIO--(Marketwire - Dec. 13, 2011) -

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Detour Gold Corporation (TSX:DGC) ("Detour Gold" or the "Company") is pleased to announce that it has entered into an agreement for an offering, on a best efforts private placement basis and led by National Bank Financial Inc. (the "Agent"), of 284,000 flow-through common shares ("Flow-Through Shares") at a price of $35.25 per Flow-Through Share for aggregate gross proceeds of $10,011,000 (the "Offering"). It is anticipated that approximately 42,750 Flow-Through Shares will be purchased by directors, officers and other employees of Detour Gold.

Closing is anticipated to occur on or about December 29, 2011 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX. The Flow-Through Shares will be subject to a four-month hold period in Canada.

Gross proceeds from the sale of the Flow-Through Shares will be used to fund qualifying ongoing exploration activities on the Company's large land position at Detour Lake.

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.

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 anticipated use of proceeds of the Offering, and the anticipated closing date. 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 actual results, performance or achievements to be materially different from any of 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 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 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 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.