Detour Gold Corporation (TSX: DGC) ("Detour Gold" or the
"Company") is pleased to announce that the Wahgoshig First Nation
("WFN") and Detour Gold have signed an Agreement in Principle ("AIP")
regarding the finalization of an Impact and Benefit Agreement ("IBA").
The AIP establishes commitments made by both parties regarding training
and education, employment and business opportunities, and compensation,
along with other initiatives to maximize opportunities and minimize
environmental impacts arising from the construction and operation of the
Detour Lake mine. The AIP will become an IBA after legal review and
community ratification.
Chief Babin of the WFN commented, "We are proud of our negotiators that
have worked hard to develop a fair AIP that we can bring to our
community for ratification. By honoring our relationship and working
together for the betterment of both WFN and Detour Gold, the AIP falls
in line with the vision and needs of both our community and Detour Gold.
We are looking forward to our on-going partnership with Detour Gold."
Gerald Panneton, President and CEO of Detour Gold, said: "Since we
acquired the Detour Lake project, we have been committed to working with
Aboriginal communities. This agreement represents a major step in our
continuing working relationship and we plan to build upon it to provide
long-term benefits to the WFN. The development of the Detour Lake mine
will provide positive economic and employment benefits to all the local
communities in the region."
Both parties continue to work together to finalize WFN's participation
in the environmental assessment and permitting of the Detour Lake mine,
which are both progressing well.
For further information please contact:
Gerald Panneton
President and CEO
Detour Gold Corporation
Tel: (416) 304-0800
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David Babin
Chief Wahgoshig First Nation
Tel: (705) 273-2055 |
Derek Teevan
VP Government and Aboriginal Affairs
Detour Gold Corporation
Tel: (416) 304-0800 |
Denyse Nadon
Lead Negotiator
Wahgoshig First Nation
Tel: (705) 273-2055 |
Detour Gold Corporation, Royal Bank Plaza, North Tower, 200 Bay Street,
Suite 2040, Toronto, Ontario M5J 2J1; www.detourgold.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"). Specifically, this press release
contains forward-looking statements regarding the finalization of the
IBA, the development of the Detour Lake project and the positive
economic and employment benefits that this development will provide to
the local communities in the region. 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 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 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.
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