TORONTO, May 18, 2018 /CNW/ - Detour Gold Corporation (TSX: DGC) ("Detour Gold" or the "Company") announces that Paul Martin will be retiring as President and Chief Executive Officer and as a member of the Board, effective June 1, 2018. Michael Kenyon, Chairman of the Board, will assume the role of Interim Chief Executive Officer and Alex Morrison, Director, will assume the role of Board Chairman effective June 1, 2018.
Michael Kenyon commented, "On behalf of our employees and the Board, we all recognize the immense contribution Paul has made to Detour Gold. We wish to extend our genuine appreciation for his dedicated service, first as Chief Financial Officer during the development and commissioning phases of the Detour Lake gold mine, and subsequently as CEO in leading the Company through its early operational years. We wish him all the best in his retirement."
Paul Martin said, "I am grateful for my nearly 10 years of service at Detour Gold. I am proud to have been part of the leadership team through the many positive strides we have made over the last decade. Now it is time for new leadership to take the Company forward in maximizing the value of the Detour Lake gold mine and focusing on the next phase of growth."
Michael Kenyon added, "I look forward to working with the leadership team as the Company proceeds in implementing a number of key operational initiatives to ensure the long-term success of the Company. I have committed to this role in order to provide continuity while Frazer Bourchier, Chief Operating Officer, focuses on those initiatives. The Board will be commencing a formal process to appoint a new CEO and I anticipate a decision to be made no later than early 2019."
As Chairman, Alex Morrison will bring more than 25 years of capital markets and mining operations experience to his new role, including past senior positions as Vice President and Chief Financial Officer of Franco Nevada and Vice President Operations Services at Newmont Mining. In light of Alex Morrison assuming this role, Andre Falzon will assume the role of Audit Committee Chair effective June 1, 2018. Alex Morrison will remain as a member of the Audit Committee.
About Detour Gold
Detour Gold is an intermediate gold producer in Canada that holds a 100% interest in the Detour Lake mine, a long life large-scale open pit operation. Detour Gold's shares trade on the Toronto Stock Exchange under the trading symbol DGC.
For further information, please contact:
Michael Kenyon, Chairman
Laurie Gaborit, VP Investor Relations
Detour Gold Corporation, Commerce Court West, 199 Bay Street, Suite 4100, P.O. Box 121, Toronto, Ontario M5L 1E2
Cautionary Note regarding Forward-Looking Information
This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). Forward-looking statements reflect current expectations or beliefs regarding future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates", "targets" or "believes", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements, including those herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date or dates specified in such statements.
Specifically, this press release contains forward-looking statements regarding the retirement of Paul Martin as President and Chief Executive Officer and as a member of the Board, effective June 1, 2018; Michael Kenyon, Chairman of the Board, assuming the role of Interim Chief Executive Officer and Alex Morrison assuming the role of Board Chairman effective June 1, 2018; the Company proceeding in implementing a number of key operational initiatives to ensure the long-term success of the Company; the Board commencing a formal process to appoint a new CEO and anticipating a decision to be made no later than early 2019; and Andre Falzon assuming the role of Audit Committee Chair effective June 1, 2018.
Inherent in forward-looking statements are risks, uncertainties and other factors beyond the Company's ability to predict or control. These risks, uncertainties and other factors include, but are not limited to, the results of the final revised life of mine plan, 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, support of the Company's Aboriginal communities, interest rate and exchange rate fluctuations, general economic conditions and other risks involved in the gold exploration, development and production industry, as well as those risk factors listed in the section entitled "Description of Business - Risk Factors" in Detour Gold's 2017 Annual Information Form ("AIF") and in the continuous disclosure documents filed by Detour Gold on and available on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect forward-looking statements. Actual results and developments and the results of the final revised life of mine plan are likely to differ, and may differ materially or materially and adversely, from those expressed or implied by forward-looking statements, including those contained in this news release. Such statements are 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; operating and capital costs; results of operations; the Company's available cash resources; the Company's ability to attract and retain skilled staff; the mine development and production schedule and related costs; dilution control; sensitivity to metal prices and other sensitivities; the supply and demand for, and the level and volatility of the price of, gold; timing of the receipt of regulatory and governmental approvals for development projects and other operations; the timing and results of consultations with the Company's Aboriginal partners; the supply and availability of consumables and services; the exchange rates of the Canadian dollar to the U.S. dollar; energy and fuel costs; required capital investments; estimates of net present value and internal rate of returns; the accuracy of mineral reserve and mineral resource estimates, production estimates and capital and operating cost estimates and the assumptions on which such estimates are based; market competition; ongoing relations with employees and impacted communities and general business and economic conditions; and general business and economic conditions.
The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements 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.
SOURCE Detour Gold
For further information: Michael Kenyon, Chairman, Tel: 416-304-0800; Laurie Gaborit, VP Investor Relations, Tel: 416-304-0581; Detour Gold Corporation, Commerce Court West, 199 Bay Street, Suite 4100, P.O. Box 121, Toronto, Ontario M5L 1E2