Detour Gold Corporation Announces Successful Completion of TSX Initial Public Offering


    TORONTO, Jan. 31 /CNW/ - Detour Gold Corporation (TSX: DGC) ("Detour
Gold" or the "Company") is pleased to announce that it has successfully
completed its initial public offering (the "IPO") of 10,000,000 common shares,
the maximum offering, on the Toronto Stock Exchange ("TSX"). The common shares
were issued pursuant to the final prospectus of the Company dated January 22,
2007 at a price of Cdn$3.50 per common share, for total gross proceeds to the
Company of Cdn$35,000,000. The common shares began trading today on the TSX
under the symbol "DGC". Upon completion of the IPO, there were 40,000,000
common shares of the Company issued and outstanding.
    The syndicate of agents was co-led by Dundee Securities Corporation and
Haywood Securities Inc., and included TD Securities Inc. and Blackmont Capital
Inc. The Company has granted the agents compensation options to purchase
500,000 common shares at a price of Cdn$3.85 per common share, exercisable for
up to 12 months from the date of closing.
    The Company intends to use the proceeds of the offering primarily for the
exploration and advancement of its Detour Lake Property (the "Property") in
northern Ontario.

    About Detour Gold Corporation

    Detour Gold is a new exploration mining company with its principal and
only asset being its interest in the Property located on the Abitibi
Greenstone Belt in northern Ontario. Detour Gold acquired from Pelangio all of
Pelangio's interest in the Property in consideration for Cdn$5,000,000 cash
and 20,000,000 common shares of Detour Gold concurrently with Detour Gold's
IPO. Detour Gold has received a technical report prepared in accordance with
National Instrument 43-101 - "Standards of Disclosure for Mineral Projects"
("NI 43-101") regarding the Property, which reports indicated mineral
resources of 20,045,000 tonnes grading 2.14 g/t containing 1,379,500 ounces of
gold and inferred mineral resources of 35,435,500 tonnes grading 1.80 g/t
containing 2,035,650 ounces of gold. Eric A. Kallio is the independent
Qualified Person, as defined by NI 43-101, responsible for the technical
information contained in this release.
    The Company was incorporated in July 2006 and is headquartered in
Toronto, Canada.
    The final prospectus and technical report on the Company's Detour Lake
Property are available at
    The Company's common shares have not been, and will not be, registered
under the United States Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or any applicable
exemption from the registration requirements of such Act. This press release
shall not constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful.

    Forward-Looking Information
    Certain statements herein may contain forward-looking information within
the meaning of applicable securities laws. Forward-looking information appears
in a number of places and can be identified by the use of words such as
"intends" or variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved. Forward-looking information includes statements
regarding the Company's exploration plans with respect to the Property and the
estimation of mineral resources and are subject to such forward-looking risks,
uncertainties and other factors which may cause the Company's actual results,
performance or achievements, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking information. Such risks include gold price volatility,
change in equity markets, the uncertainties involved in interpreting
geological data, increase in costs and exchange rate fluctuations and other
risks involved in the gold exploration and development industry as well as
those risk factors discussed under "Risk Factors" in the Company's final
prospectus dated January 22, 2007 available at There can be no
assurance that a forward-looking information referenced herein will prove to
be accurate, as actual results and future events could differ materially from
those anticipated in such statements or information. Also, many of the factors
are beyond the control of Detour Gold. Accordingly, readers should not place
undue reliance on forward-looking information. All forward-looking information
herein are qualified by this cautionary statement. The Company does not
undertake to update such forward-looking information except in accordance with
applicable securities laws.

For further information:

For further information: Gerald Panneton, President and CEO, Tel: (416)
572-2542, Email:, Detour Gold Corporation, 161 Bay Street,
suite 2700, BCE Place, Canada Trust Tower, Toronto, Ontario, M5J 2S1

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