Detour Gold

Detour Gold Corporation
Public
Traded as TSX: DGC
Industry Mineral exploration
Founded 2006
Headquarters Toronto, Ontario, Canada
Products Gold
Number of employees
 35 Dec. 2010
Website detourgold.com

Detour Gold Corp. is a Canadian intermediate gold mining company with a primary focus on the successful ramp up of its flagship asset - the Detour Lake Mine, located in the mining-friendly territory of northeastern Ontario. Most of the company's employees are from the Cochrane and Timmins, Ontario area. Detour has continued to strive to maximize local employment in the communities surrounding the mine operation and with their Aboriginal partner communities, offering both job opportunities and training.[1] The Detour Lake project was purchased from Pelangio Mines Ltd. in 2007 (the option property from Goldcorp in 2008).[2] Detour Gold's proven gold reserves of 15.6 million ounces is comparable to that of Canada's Osisko Mining, whose main property is also in the vicinity of the Abitibi gold belt.[3]

The company acquired the asset in 2006 from Pelangio Mines Ltd. for $75 million just before it went public on the Toronto Stock Exchange on January 31, 2007. Initially the mine was assessed as having an indicated mineral resource of 3.4 million ounces. In September 2009 a study suggested that the mine was capable of producing gold at a rate of 560,000 ounces per year (that was raised to 649,000 by mid-2010).[1]

The company's main asset has 2P reserves of 15.6 million ounces[4] (up from 14.9M oz Jan 2011, up 36% since 2010) and ranks 4th among North America's gold deposits by size (up from 6, July 2010); further exploration could push that up to 20 million ounces.[3][5][6] The mine is located in the Abitibi Greenstone Belt near the Abitibi gold belt of Quebec/Ontario.

In February 2013, Detour Gold poured its first doré bars at Detour Lake,[7][8] and has since continued to ramp up its project through the remainder of the year, achieving commercial production in August.[9]

Pelangio Mines

Pelangio Mines (a junior mining company based in Milton, Ontario) was one of the original developers of the Detour Lake property, along with Newmont Mining's Canadian subsidiary (was a 50% partner with Pelangio) and Placer Dome (later taken over by Barrick Gold). Pelangio owned the Detour Lake project from 2002 to 2007.[10]

See also

References

  1. 1 2 "Detour Gold:All that shines is golden". 2010. Archived from the original on March 19, 2012.
  2. ↑ Detour Gold Company Description
  3. 1 2 D'Alesio, Renata (2012-02-25). "The new Canadian gold rush". The Globe and Mail.
  4. ↑ "Canada's Largest Gold Mine Nearing Production". Engineering & Mining Journal 213 (12): 4. 2012. Archived from the original on 9 January 2012.
  5. ↑ "Detour Gold reserves grow to 14.9M ounces". 2011-02-01.
  6. ↑ "Detour Gold set to shine north of Timmins". 2010-07-27.
  7. ↑ "Detour Gold First Gold Pour". Youtube. Detour Gold. Retrieved 14 August 2015.
  8. ↑ Tarikh, Salma. "Detour Gold pours first doré bars". The Northern Miner. Global Mining News. Retrieved 14 August 2015.
  9. ↑ http://www.detourgold.com/investors-centre/News-Releases/news-Release-Details/2013/Detour-Gold-Achieves-Commercial-Production-at-Detour-Lake/default.aspx
  10. ↑ "Pelangio Mines Inc.". Retrieved 2011-02-04.
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