Detour Gold Corporation (TSX: DGC) ("Detour Gold" or the
"Company") is reporting that its 2008 drill program started on January 7
with six (6) diamond drill rigs at its Detour Lake property in northern
Ontario. The Company has added approximately 50,000 metres of diamond
drilling to the Phase II program (for a total of 110,000 metres in Phase
II) to expand the deposit to the west and follow up on the additional
mineralization found in the hanging wall during the 2007 campaign. This
drilling will be completed in the next five months with the objective of
expanding the current mineral resource.
In the second half of 2007, Detour Gold completed 170 holes totaling
60,175 metres in Phase II (for a combined total of 304 holes totaling
109,497 metres in 2007). The Company will start releasing results from
its Phase II drilling next week. The Company expects to announce a
resource update by mid-2008, which will include a grand total of
+100,000 metres from the 2007 Phase I and II.
In addition, the Company is starting a 12,000 metre exploration drilling
program, targeting the 10 kilometre Sunday Lake Deformation Zone on the
property, both to the east and west of the Detour Lake gold deposit.
Detour Gold has also retained Met-Chem Canada Inc., with the assistance
of Micon International Ltd., independent mining and metallurgy
consultants, to lead and manage the feasibility study, which is expected
to be completed by the end of 2008. The Company has started to assemble
a very competent team to complete the feasibility study, the members of
which are summarized in the table below.
Area of Responsibility |
Consultant |
Manager of Feasibility Study |
Met-Chem Canada |
Pit design |
BBA |
Mineral Resource |
Watts , Griffis and McOuat Ltd. |
Metallurgy |
Melis Engineering & Micon
International |
Infrastructure |
Met-Chem Canada |
Geotechnical Studies on Pit design |
Golder Associates |
Process Design and infrastructure
capital costs, operating costs and economic analysis |
Met-Chem Canada |
Feasibility Work in Progress
Golder Associates, under the management of Luiz Castro, has completed
the geotechnical drilling for the proposed open pit mine. The
oriented-core drilling program included eight holes totaling 2,889
metres. Piezometers were installed in three holes.
Approximately 4,092 metres of core was drilled for metallurgical
(comminution) testwork. Samples from this drilling are being shipped to
SGS Lakefield ("Lakefield") of Lakefield, Ontario.
Under the supervision of Melis Engineering Ltd. of Saskatoon,
Saskatchewan, Lakefield is currently testing approximately 250 composite
samples comprising a full geo-map profile of the deposit (2.5
kilometres long by 250 metres wide). A total of 703 diamond drill hole
intersections, comprising 2,710 assay rejects samples, will be used to
verify gold recoveries and grade variability throughout the deposit.
Historical gold recoveries in the open pit (low-grade), operated from
1983 to 1987, averaged between 92% and 94% with a low tail residue grade
of 0.13 g/t Au.
Detailed mine design and pit optimization is being conducted by Patrice
Live, Eng., from Montreal-based Breton, Banville & Associates (BBA).
Detour Gold's exploration program is being managed by Project Manager,
Mr. Roger Aubertin, P.Eng., a Qualified Person within the meaning of
National Instrument 43-101.
About Detour Gold
Detour Gold is a Canadian gold exploration and development company with a
highly experienced management and technical team whose primary focus is
to advance the development of its flagship Detour Lake project located
on the northern most, relatively under-explored Abitibi Greenstone Belt
in northeastern Ontario. The Detour Lake asset encompasses 242 square
kilometres of prospective ground, including the Detour Lake deposit,
which contains an in-pit resource of 4.8 million ounces in the measured
and indicated categories (89.9 million tonnes grading 1.67 g/t) and 3.0
million ounces of gold in the inferred category (63.3 million tonnes
grading 1.49 g/t), using a US$575 per ounce gold price and a cut-off
grade of 0.64 g/t gold. The deposit is situated in the area of the
former Detour Lake mine, which produced 1.8 million ounces of gold from
1983 to 1999.
For further information, please contact:
Gerald Panneton, President and CEO
Tel: (416) 304.0800
Laurie Gaborit, Director Investor Relations
Tel: (416) 304.0581
Detour Gold Corporation, Royal Bank Plaza, North Tower, 200 Bay Street,
Suite 2040, Toronto, Ontario M5J 2J1
Forward-Looking Information
Certain statements herein may contain forward-looking information
within the meaning of applicable securities laws. Forward-looking
information appears in a number of places and can be identified by the
use of words such as "intends" or variations of such words and phrases
or statements that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking information includes statements regarding the Company's
exploration plans with respect to the Property and the estimation of
mineral resources and are subject to such forward-looking risks,
uncertainties and other factors which may cause the Company's actual
results, performance or achievements, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking information.
Such risks include gold price volatility, change in equity markets, the
uncertainties involved in interpreting geological data, increase in
costs and exchange rate fluctuations and other risks involved in the
gold exploration and development industry as well as those risk factors
discussed under "Risk Factors" in the Company's final prospectus dated
January 22, 2007 available at www.sedar.com. There can be no assurance
that forward-looking information referenced herein will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such statements or information. Also, many of
the factors are beyond the control of Detour Gold. Accordingly, readers
should not place undue reliance on forward-looking information. All
forward-looking information herein is qualified by this cautionary
statement. The Company does not undertake to update such forward-looking
information except in accordance with applicable securities laws.
Information Concerning Estimates of Mineral Resources
This news release uses the terms 'measured', 'indicated' and
'inferred' resources. Detour Gold advises investors that although these
terms are recognized and required by Canadian regulations (under
National Instrument 43-101 Standards of Disclosure for Mineral
Projects), the U.S. Securities and Exchange Commission does not
recognize them. Investors are cautioned not to assume that any part or
all of the mineral deposits in these categories will ever be converted
into reserves. In addition, 'inferred resources' have a great amount of
uncertainty as to their existence, and economic and legal feasibility.
It cannot be assumed that all or any part of an inferred mineral
resource will ever be upgraded to a higher category. Under Canadian
rules, estimates of inferred mineral resources may not form the basis of
feasibility or pre-feasibility studies, or economic studies except for
Preliminary Assessment as defined under 43-101. Investors are cautioned
not to assume that part or all of an inferred resource exists, or is
economically or legally mineable.
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