Canadian Mining Journal

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GOLD RESERVES: Detour Lake number grows to 14.9M oz at $850-gold

ONTARIO - Toronto-based Detour Gold has updated the reserve numbers for its Detour Lake gold project being readied for production in 2013. Using a gold price of US$850/oz, the company estimates that there are 14.9 million oz of gold in proven...



ONTARIO – Toronto-based Detour Gold has updated the reserve numbers for its Detour Lake gold project being readied for production in 2013. Using a gold price of US$850/oz, the company estimates that there are 14.9 million oz of gold in proven and probable reserves in the open pit, a 31% increase from 11.4 million oz.

The additional reserves have allowed the project life to be extended to 21 years from 16 years. Consideration will also be given to increasing the mineral processing plant capacity.

“Detour Gold has started infrastructure construction activities at site and will be in a position to pour concrete for the processing plant by April 2011. During the construction period (2011-12), there will be up to 1,000 people working at site,” said Gerald Panneton, president and CEO. “The Detour Lake mine will make a significant contribution to the economy of northern Ontario, and with gold production expected to commence in early 2013, Detour Lake will be among the largest gold operations in North America.”

Details of the latest resource estimate are available at www.DetourGold.com.