Detour Gold Corporation

Detour Gold Corporation

April 14, 2009 08:30 ET

Detour Gold Executes Joint Venture Agreement With Trade Winds for Block A Located West of Detour Lake, Ontario

TORONTO, ONTARIO--(Marketwire - April 14, 2009) - Detour Gold Corporation (TSX:DGC) ("Detour Gold" or the "Company") is pleased to announce that it has executed a comprehensive Joint Venture Agreement with Trade Winds Ventures Inc. for the 50/50 joint venture on the Block A property located immediately west of the Detour Lake property.

The new agreement formalizes the operating relationship between the parties, which was previously governed by a binding Letter of Intent assigned to Detour Gold in January 2007.

About Detour Gold Corporation

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 is expected to complete a pre-feasibility study in the second quarter followed by a feasibility study in late 2009.

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, including the timing for completion of a pre-feasibility study and a feasibility study on the Detour Lake gold project. 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 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 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
    Detour Gold Corporation
    Laurie Gaborit
    Director Investor Relations
    (416) 304-0581
    Detour Gold Corporation
    Royal Bank Plaza, North Tower,
    200 Bay Street, Suite 2040,
    Toronto, Ontario M5J 2J1