Canadian Mining Journal

News

GOLD: Detour to raise $106M as opening nears

TORONTO – Detour Gold Corp. has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets to raise $106 million as its Detour Lake gold mine in northern Ontario nears production. Detour Gold will issue 4.0...



TORONTO – Detour Gold Corp. has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets to raise $106 million as its Detour Lake gold mine in northern Ontario nears production. Detour Gold will issue 4.0 million common shares prices at $26.50 each that will be purchased by the syndicate. The company has also granted an overallotment of 600,000 additional shares worth a total of $15.9 million.

Detour Gold says that the new mine was 95% complete at the end of October 2012, and production will begin ahead of schedule in January 2013. An open pit will initially supply 55,000 tonnes of ore daily to an onsite mill that will include a carbon-in-pulp circuit. When mill throughput ramps up to 61,000 t/d, Detour Lake will be Canada’s largest gold mine producing an average of 657,000 oz per year.

Additional information is available at DetourGold.com.