Detour Gold Corporation's Profile

Global measured and indicated mineral resources of 20.5 million ounces (inclusive of mineral reserves) Advancing North America's 4th Largest Gold Reserves Towards Development

Detour Gold Corporation (TSX:DGC) is a Canadian gold exploration and development company with a highly experienced management and technical team whose primary focus is to advance the development of its flagship Detour Lake project located on the northern most, relatively under-explored Abitibi Greenstone Belt in northeastern Ontario.

Well financed with $63 M cash & no debt Sept 4 2008

Detour Gold listed on the Toronto Stock Exchange on January 31, 2007 after a successful initial public offering, raising gross proceeds of C$35 million. In August 2006, the Company had signed an agreement to purchase the Detour Lake asset from Pelangio Mines Inc. With the closing of the transaction, Pelangio received a total of C$5 million and 20 million shares of Detour Gold, now representing a 42% equity interest in Detour Gold on a fully diluted basis.

The Detour Lake asset encompasses 265 square kilometers of prospective ground, including the Detour Lake deposit, which produced 1.8 million ounces of gold from 1983 to 1999. On July 2, 2008, Detour Gold reported an updated resource of 10.8 million ounces in the measured and indicated categories and 2.4 million ounces in the inferred category, based on a detailed engineered pit design (refer to July 2, 2008 press release). In addition, Detour Gold has a 50% interest in the adjacent Block A.

There is excellent potential to further increase the resource base especially to the west of the Calcite Zone and below the former open pit. Approximately 40% from the Phase II drilling program (142, 000 metres) remains to be released and an additional 30,000 metres of drilling (Phase III) is currently underway to properly continue the infill of the deposit on a 40 metre by 40 metre grid and to expand the deposit to the west.

In April 2008, Detour Gold entered into an agreement with Goldcorp Canada ("Goldcorp") to exercise its option for a 100% interest in the Detour Lake Mine Property (Mine Option"), which hosts the current resource. The transaction is expected to close in the third quarter of 2008. At that time, Detour Gold will assume all of Goldcorp's liabilities and obligations relating to the Mine Option. Part of the exploration properties and the Mine Option are subject to a 2% NSR to Newmont and a 1% NSR to Goldcorp.

Highlights of the Pre-feasibility Study (base case using US$775/oz gold)

  • Proven and probable open pit reserves of 8.81 million ounces contained gold with a waste to ore ratio of 3.8 to 1
  • 14.5 years life of mine (LOM) at mill throughput of 45,000 tonnes per day (tpd)
  • Average annual gold production of approximately 560,000 ounces
  • Average LOM cash operating costs of $404/oz
  • At $775/oz, pre-tax Net Present Value (NPV) of $621 million at a 5% discount rate generating an Internal Rate of Return (IRR) of 13.5%
  • At $900/oz, pre-tax NPV of $1.19 billion at a 5% discount rate generating an IRR of 20.1%
  • Estimated start up capital costs of $844 million
  • Opportunities to improve project economics for feasibility study
  • Global measured and indicated mineral resources of 17.3 million ounces (inclusive of mineral reserves) and 5.2 million ounces in the inferred category
Last changed at 11-Jun-2013 10:08AM by luker

Management & Directors

  • Managemenrt

    & Directors

    Gerald S. Panneton, President, Chief Executive Officer and Director

    Gerald Panneton is a geologist with over 25 years in mineral exploration and development. Mr. Panneton is President and Chief Executive Officer of Detour Gold since its incorporation in July 2006.

    He joined Hunter Dickinson Inc., a company providing management and administrative services to several publicly-traded companies in January 2006 as President and CEO of Continental Minerals Corporation and in July 2006 as President and CEO of Detour Gold Corporation. Mr. Panneton resigned from Hunter Dickinson Inc. effective December 31, 2007 and resigned as President and CEO of Continental Minerals Corporation effective January 1, 2008 in order to focus all his time on Detour Gold Corporation. As of January 1, 2008, Mr. Panneton is a full time employee of Detour Gold Corporation.

    From 1994 to 2006, Mr. Panneton worked for Barrick Gold Corporation where for the last six years he was the Director of Advanced Projects and Evaluations for the Exploration-Corporate Development group. His responsibilities included the evaluation and due diligence process of advanced projects throughout the world, in Russia, Europe, Africa, North America, Australia, and Asia. He was instrumental in the Pangea Goldfields acquisition in July 2000, where Barrick gained an excellent land position in Tanzania, with three advanced exploration projects, Tulawaka, Buzwagi, and Golden Ridge. Mr. Panneton was the key person in advancing Tulawaka through the Feasibility Study work, EIA process, permitting, which began production in 2005. On the Buzwagi Project, Tanzania, he contributed directly in increasing the 1 million ounce resource to a +5.0 million ounce resources. Before he joined Barrick Gold, he worked for Lac Minerals, Placer Dome Exploration and Vior-Mazarin Group. Mr. Panneton received his Master of Science degree (Geology) from McGill University.


    Robert A. Dickinson, B.Sc., M.Sc., Director

    Robert Dickinson is a geologist with over 40 years experience in the mining exploration industry. He serves as a member of management of several mineral exploration companies, primarily those for whom Hunter Dickinson Inc. provides services. Mr. Dickinson is Chairman of HDI and is also President and Director of United Mineral Services Ltd., a private investment company. Mr. Dickinson also assumes the following roles for other HDI managed companies: Chairman of Amarc Resources Ltd. (since April 2004); Co-Chairman of Anooraq Resources Corporation (since October 2004);and Chairman of Northern Dynasty Minerals Ltd. (since April 2004). He is a director of the following public companies: Amarc Resources Ltd., Anooraq Resources Corporation, Northern Dynasty Minerals Ltd. and Taseko Mines Limited. He holds a Bachelor of Science degree (Hons. Geology) and a Master of Science degree (Business Administration-Finance) from the University of British Columbia.


    Louis Dionne, P.Eng., Director

    Louis Dionne is a mining engineer with over 30 years of experience in the mining industry. Since 2005, Mr. Dionne has been an independent mining consultant. He was President and Chief Executive Officer of Richmont Mines Ltd., a Canadian gold producer, from 2002 to 2005. He also worked for Barrick Gold Corporation as Senior Vice-President, Underground Operations, where he provided technical input and leadership in the area of corporate mergers and acquisitions. Throughout his career, he has also provided technical, operations and management support for underground and open-pit operations, including as a technical expert in numerous evaluations, acquisitions and joint ventures related to underground developments in the United States and Canada. Mr. Dionne is a director of Aurizon Mines Ltd. and Beaufield Resources Inc. He holds a Bachelor of Mining Engineering degree from Laval University, Québec.


    Ingrid J. Hibbard, LL.B, Director

    Ingrid Hibbard is a mining and securities lawyer with over 25 years of experience in the mining industry. Since 1996, Mrs. Hibbard is President and Chief Executive Officer of Pelangio Mines Inc., a public mining exploration company. Previously, she was in private practice with clients ranging from junior explorers to major mining companies such as Noranda Mines and Hemlo Gold Mines Inc. She served as Corporate Secretary of Hemlo Gold from 1993 to 1999. Mrs. Hibbard graduated from the University of Western Ontario (B.A., LL.B).


    Michael Kenyon, Director

    Michael Kenyon is a geologist with more than 35 years experience in the international mining industry. In 1979, he co-founded Cumberland Resources Ltd. and was a director up to its acquisition by Agnico-Eagle Mines Limited in July 2007. He co-founded Canico Resource Corp. in 2002 and was the President and CEO up to its acquisition by Companhia Vale do Rio Doce (CVRD) in December 2005. He was a founding director of Sutton Resources Ltd. and President and CEO from 1983 up to its acquisition by Barrick Gold Corporation in 1999. Mr. Kenyon holds a Master of Science degree (Geology) from the University of Alberta.


    Philip E. Olson, P.Geo., Director

    Philip Olson is a professional geoscientist with 30 years of experience in the mining industry. Mr. Olson is currently the Chairman, Chief Executive Officer and a director of Titan Uranium Inc., a Saskatchewan-based junior uranium exploration company.

    Previously, he was Vice-President of Corporate Development from 2003 to 2005 and Vice-President of Exploration from 1997 to 2003 with Claude Resources Inc. He has also held positions as Regional Exploration Manager with Hemlo Gold Mines Inc. (now Newmont Mining Corporation), Chief Geologist with Falconbridge Limited (now Xstrata PLC) at its Kidd Creek mine and Exploration Manager and Chief Geologist with Giant Yellowknife Mines. Mr. Olson was a Director of the Saskatchewan Mining Association from 1997 to 2005. He is a director of Pelangio Mines Inc. and Titan Uranium Inc. Mr. Olson holds a Master of Science degree (Geology) from the University of Manitoba.


    Ronald W. Thiessen, CA, Director

    Ronald Thiessen is a chartered accountant with professional experience in finance, taxation, mergers, acquisitions and re-organizations. Since 1986, Mr. Thiessen has been involved in the acquisition and financing of mining and mineral exploration companies. He joined Hunter Dickinson Inc. (HDI) in 1994 and became President and Chief Executive Officer in 2000. Mr. Thiessen assumes the following roles for other HDI companies: President and Chief Executive Officer of Amarc Resources Ltd. (since September 2000); Co-Chairman of Continental Minerals Corporation (since January 2006); Chairman of Farallon Resources Ltd. (since December 2005); President and Chief Executive Officer of Northern Dynasty Minerals Ltd. (since November 2001); Chairman of Taseko Mines Limited (since May 2006); and Chairman of Great Basin Gold Ltd. (since November 2006). He is a director of the following public companies: Amarc Resources Ltd., Anooraq Resources Corporation, Continental Minerals Corporation, Farallon Resources Ltd., Great Basin Gold Ltd., Northern Dynasty Minerals Ltd., Taseko Mines Limited and Tri-Gold Resources Corp.


    Judy M. Thomson, CA, Director

    Judy Thomson is a Chartered Accountant with over twenty-five years of professional experience in audit, business administration and human resources. She has held senior administration and human resources positions with a global accounting and consulting firm in Canada and Asia (Arthur Andersen LLP and Andersen Consulting). She has also been an entrepreneur, being one of the senior management team involved in the successful start-up of the now world famous Rocky Mountaineer Railtours tour train. For six years, she provided administrative, financial reporting and taxation services to several limited partnerships in the mining and exploration business, as well as similar services for organizations in the film and video industry. Ms. Thomson also is the co-author of a best-selling book on business and social networking published in October 2005 by Penguin Prentice Hall New York and has spent the last five years providing seminars and presentations on that subject to corporations, associations and conferences in Canada and the United States. She is a director, Secretary, Chief Operating Officer and part owner of Shepa Learning Company, a privately-held company that provides training and consulting services.


    Management


    Gerald S. Panneton, President, Chief Executive Officer and Director

    Gerald Panneton is a geologist with over 25 years in mineral exploration and development. Mr. Panneton is President and Chief Executive Officer of Detour Gold since its incorporation in July 2006.

    He joined Hunter Dickinson Inc., a company providing management and administrative services to several publicly-traded companies in January 2006 as President and CEO of Continental Minerals Corporation and in July 2006 as President and CEO of Detour Gold Corporation. Mr. Panneton resigned from Hunter Dickinson Inc. effective December 31, 2007 and resigned as President and CEO of Continental Minerals Corporation effective January 1, 2008 in order to focus all his time on Detour Gold Corporation. As of January 1, 2008, Mr. Panneton is a full time employee of Detour Gold Corporation.

    From 1994 to 2006, Mr. Panneton worked for Barrick Gold Corporation where for the last six years he was the Director of Advanced Projects and Evaluations for the Exploration-Corporate Development group. His responsibilities included the evaluation and due diligence process of advanced projects throughout the world, in Russia, Europe, Africa, North America, Australia, and Asia. He was instrumental in the Pangea Goldfields acquisition in July 2000, where Barrick gained an excellent land position in Tanzania, with three advanced exploration projects, Tulawaka, Buzwagi, and Golden Ridge. Mr. Panneton was the key person in advancing Tulawaka through the Feasibility Study work, EIA process, permitting, which began production in 2005. On the Buzwagi Project, Tanzania, he contributed directly in increasing the 1 million ounce resource to a +5.0 million ounce resources. Before he joined Barrick Gold, he worked for Lac Minerals, Placer Dome Exploration and Vior-Mazarin Group. Mr. Panneton received his Master of Science degree (Geology) from McGill University.


    Paul Martin, CA, Chief Financial Officer

    Mr. Martin is a mining finance executive with over twenty years experience, the last seventeen years directly focused on Canadian and international precious metals mining and exploration. He most recently served as the CFO and VP of Finance for New Gold Inc., which is dually listed on the TSX and AMEX exchanges, as well as held various senior corporate finance positions with Gabriel Resources (TSX), European Goldfields (TSX-V), TVX Gold (TSX and NYSE), LAC Minerals (TSX and NYSE) and Westminer Canada a subsidiary of Western Mining Corporation in Australia. Mr. Martin is also a member of the Board of Directors of Continental Nickel Limited. Mr. Martin is a Chartered Accountant (CA) and received a B. A. from the University of Western Ontario in 1984.


    Pat Donovan, P.Geo., Vice President Corporate Development

    Pat Donovan is a geologist with over 30 years in mineral exploration and project development experience. Prior to joining Detour Gold, he was employed by Hunter Dickinson Inc. from 2006 to 2008 to manage the feasibility study of the Xietongmen copper-gold project in China for Continental Minerals Corporation. He successfully delivered, on schedule, positive feasibility studies for both the Chinese and Canadian requirements. From 1999 to 2006, he was with Barrick Gold Corporation managing advanced exploration projects in Tanzania (Tulawaka and Buzwagi projects). Previously, he managed all exploration programs for Consolidated Trillion Resources Ltd. in Zimbabwe. He was with Placer Dome Inc. from 1991 to 1996 responsible for Quebec exploration activities. Mr. Donovan received a Bachelor of Science degree (Geology) from Saint Francis Xavier University, Nova Scotia, Canada.


    Laurie Gaborit, B.Sc., Director Investor Relations

    Laurie Gaborit is a geologist with over 20 years of Canadian and international exploration experience. Since 1998, Ms. Gaborit has provided strategic investor relations and corporate communications services for the resource industry. She is a consultant since March 2006 and previously served as Vice-President, Investor Relations for High River Gold Mines Ltd. and Manager, Investor Relations for Rio Narcea Gold Mines Ltd. She holds a Bachelor of Science degree (Hons. Geology) and has worked in the mineral exploration industry for Romarco Minerals Inc., Cambior Inc. and Aur Resources Inc.


    Roger Aubertin, P.Eng., Project Manager

    Roger Aubertin is a geological engineer with 33 years of experience in mineral exploration. Prior to joining Detour Gold, Mr. Aubertin was Executive Vice-President and Exploration Manager for South Malartic Exploration Inc. From 2000 to 2004, he was Project Geologist for Barrick Gold Corporation (Pangea Minerals Inc.) where he supervised all field activities related to the exploration drilling, feasibility study and environmental and social impact assessment of the Tulawaka project in Tanzania. Mr. Aubertin has also held positions as Consulting Geologist with Noranda Peru SAC, Senior Geologist with Pangea Goldfileds Inc., Regional Manager and Technical Advisor with Natural Resources Canada, and Project Geologist with Noranda Exploration Ltd. He holds a Bachelor of Science degree (Geology) from Ecole Polytechnique of Montreal


    Patrick Rummel, Environmental Manager

    Patrick Rummel is a geoscientist with 13 years of experience in the mining industry. For the majority of his professional career, he worked with consulting engineering firms. Prior to joining Detour Gold, he worked for Golder Associates from 2006 to 2008 where he participated in various projects from the feasibility study of Aurelian Resources Inc.'s Fruta Del Norte gold deposit in Ecuador to permitting and approvals for Ontario Power Generation's Niagara Tunnel hydroelectric project. From 2005 to 2006, he managed the expansion of the dewatering system at the Fort Knox gold mine in Alaska for Kinross Gold USA Inc. From 2002 to 2005, he was employed by Jagger Hims Limited, where he participated in water supply projects and various environmental assessments for the York Region municipal water supply.

    Patrick obtained his Bachelor of Science from the University of Toronto completing the Terrain and Environmental Earth Science (TEES) program in 1995. He is a registered Professional Geoscientist with the APGO.

Broker Fact Sheet

  • DGC Broker Fact Sheet
    Thu Mar 29, 2019
    Fact sheet details
Detour Gold Corporation
Symbol
DGC
Exchange
TSX
Shares
160 M (FD) June 2013
Industry
Metals & Minerals
Website
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