PDX Resources Inc.

PDX Resources Inc.

February 19, 2009 18:57 ET

PDX Resources Announces Mailing Date for Circular and Filing of Amended and Restated Financial Statements

TORONTO, ONTARIO--(Marketwire - Feb. 19, 2009) - PDX Resources Inc. (TSX:PLG) ("PDX" or the "Company") is pleased to announce that the board of directors has approved the management information circular (the "Circular") to be mailed to PDX shareholders in connection with the previously announced (January 26, 2009) proposed merger (the "Merger") of PDX and Detour Gold Corporation ("Detour Gold"). The Company expects to mail the Circular during the week of February 23, 2009. The PDX shareholders meeting to approve the Merger will be held on March 26, 2009.

Pursuant to the Merger, PDX shareholders will be entitled to receive 0.2571 (the "Exchange Ratio") of a Detour Gold common share for each common share of PDX held. For example, if a PDX shareholder holds 10,000 PDX common shares, such shareholder will receive 2,571 Detour Gold common shares upon the completion of the Merger. If the Exchange Ratio calculation results in a PDX shareholder being entitled to receive a fractional Detour Gold common share, such fractional common share shall be rounded up to the nearest whole number. For example, if a PDX shareholder holds 1,000 PDX common shares, such shareholder will be entitled to receive 258 Detour Gold common shares upon the completion of the Merger. PDX shareholders are urged to read the Circular when it becomes available, as the Circular contains important information regarding the Exchange Ratio and other aspects of the transaction with Detour Gold. The Circular will be available on the website maintained by the Canadian Securities Administrators at www.sedar.com.

Filing of Amended and Restated Interim Financial Statements

PDX further announces that it has filed amended and restated unaudited consolidated financial statements (the "Statements") and related management's discussion and analysis ("MD&A") for the nine month period ended September 30, 2008, which are available under the Company's profile at www.sedar.com.

The Statements and MD&A have been refiled to correct the accounting for the spin-off by way of a plan of arrangement of certain assets to Pelangio Exploration Inc. on September 6, 2008, as well as the classification of a portion of PDX's investment in Detour Gold.

The amendment and restatement does not affect the quantum of the Exchange Ratio, the number of Detour Gold common shares that a PDX shareholder is entitled to receive upon the completion of the Merger, or the likelihood that the Merger will be completed.

About PDX Resources Inc.

PDX (formerly named Pelangio Mines Inc.) holds a 42.3% equity interest in Detour Gold Corporation (TSX:DGC), which controls the Detour Lake advanced gold exploration project. PDX provides prospective investors with an opportunity to participate in potential increases in the size of the resource at the Detour Lake project and the value of PDX's equity interest in Detour.

For additional information, please visit our website at www.pdxresources.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"). Forward-looking information includes, but is not limited to, information concerning the proposed transaction between Detour Gold and PDX and matters relating thereto. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Inherent in forward-looking statements are risks, uncertainties and other factors beyond PDX's ability to predict or control. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause PDX'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. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. PDX undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.

Contact Information

  • PDX Resources Inc.
    Ingrid Hibbard
    President & CEO
    (905) 875-3828 or Toll Free: 1-877-746-1632
    PDX Resources Inc.
    Brendan Cahill
    Corporate Secretary
    (905) 875-3828 or Toll Free: 1-877-746-1632
    Email: info@pdxresources.com
    Website: www.pdxresources.com