- Detour Gold
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Detour Gold Corporation 
Type Public Traded as TSX: DGC Industry Mineral exploration Founded 2006 Headquarters Toronto, ON Products Gold Employees 34 Dec. 2010 Website detourgold.com Detour Gold Corp. (TSX: DGC) is a Canadian gold mining company (currently in the develomental phase (2011)) with operations centered around the Detour Lake gold project, north of Cochrane, Ontario. Most of the company's employees are from Cochrane and Timmins, Ontario (Detour has offered Aboriginal communities in the area job opportunities and training).[1] The Detour Lake project was purchased from Pelangio Mines Ltd. in 2007 (the option property from Goldcorp in 2008).[2] Although the company has been developing the Detour Lake mine since 2007, it isn't expected to begin production until 2013 when it will be capable of producing gold at a rate of 649,000 ounces annually for 21 years.[3][4] Its proven gold reserves of 14.9 million ounces is comparable to that of Canada's largest developmental phase gold company Osisko Mining whose main property is also in the vicinity of the Abitibi gold belt.
The Market value of the company rose from $140 million in 2006 to $1.3 billion in 2009 surpassing $2 billion by the end of the 2010 fiscal year.[1]
Contents
Detour Lake gold project
The company acquired the asset in 2006 from Pelangio Mines Ltd. for $75 million just before it went public on the Toronto Stock Exchange. Initially the mine was assessed as having an indicated mineral resource of 3.4 million ounces but that was later raised to 17.3 million ounces by early 2010, after further exploration of the area yielded additional findings. In September 2009 a study suggested that the mine was capable of producing gold at a rate of 560,000 ounces per year (that was raised to 649,000 by mid 2010).[1]
The company's main asset has 2P reserves of 14.9 million ounces of gold (up 30% in 2010) and ranks 4th among North America's gold deposits by size (up from 6th July 2010); further exploration could push that up to 20 million ounces.[3][5]
The mine is located in the Abitibi Greenstone Belt near the Abitibi gold belt of Quebec/Ontario.
Pelangio Mines
Pelangio Mines (junior mining company that's based in Milton, Ontario) was one of the original developers of the Detour Lake property, along with Newmont Mining's Canadian subsidiary (was a 50% partner with Pelangio) and Placer Dome (later taken over by Barrick Gold). Pelangio owned the Detour Lake project from 2002 to 2007.[6]
See also
- Largest gold companies
- Abitibi gold belt
References
- ^ a b c "Detour Gold:All that shines is golden". 2010. http://leadershipvision.ca/2010/05/detour-gold-all-that-shines-is-golden/.
- ^ Detour Gold Company Description
- ^ a b "Detour Gold reserves grow to 14.9M ounces". 2011-02-01. http://business.financialpost.com/2011/02/01/detour-gold-reserves-grow-to-14-9m-ounces/.
- ^ "Métis sign agreement for Detour Gold mine". 2010-12-04. http://www.timminspress.com/ArticleDisplay.aspx?e=2876352.
- ^ "Detour Gold set to shine north of Timmins". 2010-07-27. http://www.northernontariobusiness.com/Industry-News/mining/Detour-Gold-set-to-shine-north-of-Timmins-0727.aspx.
- ^ "Pelangio Mines Inc.". http://www.nafinance.com/Listed_Co/english/pelangio_e.htm. Retrieved 2011-02-04.
Categories:- Companies listed on the Toronto Stock Exchange
- Gold mining companies of Canada
- Companies based in Toronto
- S&P/TSX Composite Index
- Companies established in 2007
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