TORONTO, ONTARIO -- (Marketwire) -- 03/12/13 -- Detour Gold Corporation (TSX: DGC) ("Detour Gold" or the "Company") is pleased to report that it has successfully closed a $135 million senior secured credit facility (the "Facility"). The Facility is comprised of a $90 million revolving credit facility and a $45 million letter of credit facility. The Facility is for a tenor of three years and is available for working capital during the ramp-up period, financial assurance and general corporate purposes. All amounts are reported in Canadian dollars.
Gerald Panneton, President and CEO of Detour Gold, commented: "This credit facility is a cost effective source of capital and will provide the Company with an additional source of liquidity and greater financial flexibility."
The Facility was jointly arranged by BMO Capital Markets and Canadian Imperial Bank of Commerce and included commitments from Commonwealth Bank of Australia, Royal Bank of Canada and The Toronto-Dominion Bank. The $45 million letter of credit facility announced on January 14, 2013 was terminated upon the closing of the Facility.
About Detour Gold
Detour Gold is an emerging mid-tier gold producer in Canada. The Detour Lake open pit mine is expected to produce an average of 657,000 ounces of gold annually over a period of 21.5 years. Detour Gold's shares trade on the Toronto Stock Exchange under the trading symbol DGC.
This press release contains certain forward-looking information as defined in applicable securities laws (referred to herein as "forward-looking statements"). Specifically, this press release contains forward-looking statements regarding the Facility providing an additional source of liquidity and the Company with greater financial flexibility and annual production of 657,000 ounces of gold over a period of 21.5 years. These risks, uncertainties and other factors include, but are not limited to, gold price volatility, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, interest rate and exchange rate fluctuations, general economic conditions and other risks involved in the gold exploration and development industry, as well as those risk factors discussed in the section entitled "Description of the Business - Risk Factors" in Detour Gold's 2011 annual information form and in the continuous disclosure documents filed by Detour Gold on and available on SEDAR at www.sedar.com. Such forward-looking statements are also based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about the following: the supply and demand for gold, and the level and volatility of the price of gold; the availability of financing for exploration and development activities; the estimated timeline for the development of the Detour Lake gold project; the expected mine life; anticipated gold production; gold recovery; the development schedule; cash operating costs and other costs; the financial analysis for the project; capital costs; sensitivity to metal prices and other sensitivities; the accuracy of reserve and resource estimates and the assumptions on which the reserve and resource estimates are based; the receipt of necessary permits; market competition; ongoing relations with employees and impacted communities; and general business and economic conditions. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are made as of the date hereof, or such other date or dates specified in such statements. Detour Gold undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.
Detour Gold Corporation
President and CEO
Detour Gold Corporation
Director Investor Relations
Detour Gold Corporation
Royal Bank Plaza, South Tower
200 Bay Street, Suite 2200
Toronto, Ontario M5J 2J1
Most Popular Stories
- Prosecutor to Investigate Walmart Police Shooting
- GM to Announce New Jobs in Tennessee
- Emirates Hit Libyan Targets With Airstrikes
- Smith & Wesson Misses Target
- Michael Brown Funeral: Can Americans Change the Script of Violence?
- American Killed With ISIS Fighters in Syria
- Marco Rubio Warns Obama on Deportations
- Surf's Up! SoCal Prepares for Big Storm Surf
- Ford Hires 300 at Louisville Lincoln Plant
- Hamas Claims Gaza Ceasefire as Victory Over Israel