Detour Gold Corporation
TSX : DGC

Detour Gold Corporation

November 24, 2010 11:56 ET

Detour Gold Completes $13 Million Flow-Through Financing

TORONTO, ONTARIO--(Marketwire - Nov. 24, 2010) -

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Detour Gold Corporation ("Detour Gold" or the "Company") (TSX:DGC) is pleased to announce that it has closed its previously announced brokered private placement (the "Offering") for total gross proceeds of $13,442,100. The Company issued 320,050 flow-through common shares ("Flow-Through Shares") at a price of $42.00 per Flow-Through Share. The Offering was led by Wellington West Capital Markets Inc. Certain officers, directors and employees of the Company purchased an aggregate of 60,050 Flow-Through Shares sold in the Offering.

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, including the western extension of the Detour Lake deposit, which is currently under development.

The Flow-Through Shares issued pursuant to the Offering are subject to a four-month hold period.

The Flow-Through Shares have not been registered under the U.S.Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy such securities.

About Detour Gold

Detour Gold is a Canadian gold exploration and development company whose focus is to advance the development of its Detour Lake gold project located in northeastern Ontario. 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 Company's intended use of proceeds from the Offering. 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 "Description of Business - Risk Factors" in Detour Gold's 2009 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; 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.

Contact Information

  • Detour Gold Corporation
    Gerald Panneton
    President and CEO
    (416) 304.0800
    or
    Detour Gold Corporation
    Laurie Gaborit
    Director Investor Relations
    (416) 304.0581
    or
    Detour Gold Corporation
    Royal Bank Plaza, South Tower
    200 Bay Street, Suite 2200
    Toronto, Ontario
    M5J 2J1