FINANCING: $277-M raised to finish Detour Lake gold mine

ONTARIO – Toronto-based Detour Gold has complete the last part of construction financing, a $276.9-million bought deal, for the Detour Lake gold project 185 km northeast of Cochrane. Most of the net proceeds to complete the $1.45-billion Detour Lake gold project, for economic studies on the Block A near-surface resources, and exploration on the Lower Detour Deformation zone.

These proceeds, together with cash on hand and the Caterpillar financing, are sufficient to finance the project through to production, said the company. As of Dec. 31, 2011, Detour Gold had committed C$1.09 billion towards capital expenditures, of which C$680 million has been incurred.

Commissioning of the mine and mill are to begin in Q1 2013 at an average rate of 649,000 oz/y over a mine life of at least 20 years. See DetourGold.com for a photo gallery of project construction.