ONTARIO DETOUR GOLD CORP. of Toronto has exercised its option on the property hosting the former Detour Lake gold mine in the Abitibi Greenstone Belt. When Placer Dome operated the mine from 1983 to 1999, it produced 1.8 million oz of gold. Detour Gold bought the property from GOLDCORP, which retains a 1% net smelter interest. Detour Lake has assumed all of Goldcorp’s liabilities, including a closure bond of $6.5 million.
Detour Lake is conducting a feasibility study on the property and has drilled over 110,000 metres this year. In June 2008 measured and indicated resources were estimated to be 242.9 million tonnes grading 1.38 g/t Au (capped at 20 g/t), and there was also an inferred resource of 63.9 million tonnes at 1.19 g/t Au. In all, the deposit is estimated to contain 13.2 million oz of gold.
Additional information, including an instructive block model, on the project is available at www.DetourGold.com.