ONTARIO – Toronto’s Detour Gold has bumped up its 2011 exploration budget to $20 million from $14 million. The company will drill various targets near the Detour Lake deposit, at Sunday Lake and at Block A. Detour is earning a 50% interest in the Sunday Lake property from Conquest Resources, and the Block A property is a 50% joint venture with Trade Winds Ventures.
Detour Gold also provided a construction update on its Detour Lake gold mine. Overall construction is about 25% complete under the operational responsibility of AMEC. Plant site earthworks are nearly 70% complete, concrete work 30% and detailed engineering 70%. Of the $915.3 million committed thus far to pre-production capital, $245.6 million has been spent.
With procurement activities 85% completed, the company says there is limited exposure for cost overrun or delivery delays for the remaining portion. The majority of contracts have been awarded at or below budget expectations.
Detailed maps of the Detour Lake project are posted at www.DetourGold.com.