Detour Gold Company and the Métis Nation of Ontario, as represented by its President Gary Lipinski and the MNO’s Regional Consultation Committee for the James Bay-Abitibi/Temiscamingue areas are pleased to announce that they have finalized an Impact and Benefit Agreement (IBA) with respect to the development and operation of the Company’s Detour Lake gold mining project in northeastern Ontario. A formal signing ceremony will be held in the near future.
The IBA includes provisions on how the Métis community will benefit from the development of the Detour Lake project and throughout the life of the mine, including employment and business opportunities, training and education initiatives and financial participation in the project. The IBA also establishes a Métis scholarship and bursary program at College Boreal and Northern College. Further details about the scholarships criteria will be released in partnership with the colleges in their student handbooks. The IBA reflects Detour Gold’s commitment to protecting the environment and wildlife, and supporting the community’s social and cultural practices in a spirit of continued cooperation.
Gerald Panneton, President and CEO of Detour Gold, stated, “We are very pleased with our working relationship with the MNO and to have this agreement in place. It is exciting that they have partnered with us to create the Métis scholarships and bursaries at the colleges that will provide educational financial support to Métis youth for the next two decades.”
MNO’s President, Gary Lipinski, commented, “This IBA is the first-of-its-kind between a mining company and a Métis community. It represents a significant step forward in relations between the mining industry and Ontario Métis. We applaud Detour Gold’s leadership in working collaboratively with the Métis community on environmental issues and ensuring it will benefit from the Detour Lake project.”
Marcel Lafrance, Chair of the MNO Regional Consultation Committee for the James Bay-Abitibi/Temiscamingue areas, highlighted, “This IBA could not have been achieved without the support and engagement of the Métis community as well as cooperation amongst the Community Councils in the region. We look forward to continuing to work with Detour Gold for the benefit of our citizens and the future success of our youth.”
About Detour Gold
Detour Gold is a Canadian gold exploration and development company whose primary focus is to advance the development of its Detour Lake gold project, located in northeastern Ontario, towards production. Detour Gold’s shares trade on the Toronto Stock Exchange under the trading symbol DGC.
About the MNO
The MNO represents Métis citizens and communities throughout Ontario. For more information about the MNO visit www.metisnation.org.
This news release contains certain forward-looking information as defined in applicable securities laws (referred to herein as “forward-looking statements”). Specifically, this news release contains forward-looking statements regarding the development of the Detour Lake project and the positive economic and educational benefits that the project will provide to the Métis community. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Detour Gold’s ability to predict or control and may cause Detour Gold’s actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. 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 Business – Risk Factors” in Detour Gold’s July 27, 2011 short form prospectus and in the continuous disclosure documents filed by Detour Gold on and available 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 availability of financing for exploration and development activities; the estimated timeline for the development of the Detour Lake gold project; the supply and demand for, and the level and volatility of the price of, gold; the results of the feasibility study and the assumptions on which the feasibility study is based; 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. 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. Certain information contained in this news release may be deemed “forward looking”. All statements in this news release, other than statements of historical fact, that address events or developments that Detour Gold or Trade Winds expect to occur, are “forward-looking statements”. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Detour Gold’s or Trade Winds’ ability to predict or control and may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements.