/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./
TORONTO, June 27, 2012 /CNW/ - Detour Gold Corporation (TSX: DGC) ("Detour Gold" or the "Company") announces today that it has extended the expiration date of its previously announced solicitation of consents (the "Consent Solicitation") from holders ("Holders") of its 5.50% Senior Unsecured Convertible Notes in the principal amount of US$250,000,000 due November 30, 2017 (the "Convertible Notes") such that the Consent Solicitation will now be open until 5:00 p.m. (Eastern Time) on July 12, 2012, unless extended or cancelled by Detour Gold.
The Consent Solicitation was announced by Detour Gold on May 30, 2012 to obtain approval for certain proposed amendments to the trust indenture governing the Convertible Notes (the "Proposed Amendments"). The record date for purposes of the Consent Solicitation remains 5:00 p.m. (Eastern Time) on June 5, 2012.
All Holders who have previously delivered a consent to the Proposed Amendments do not need to redeliver such consents or take any other action. Other Holders who have not yet delivered a consent should follow the instructions set forth under "The Consent Solicitation - Procedures for Consenting" in the Consent Solicitation Statement delivered to them and available on SEDAR and may use the previously distributed consent form for purposes of delivering their consents.
For further information, refer to the Consent Solicitation Statement which was filed on SEDAR on May 30, 2012 and contains a full description of the Proposed Amendments.
This press release is neither a solicitation of consents, an offer to purchase the Convertible Notes nor a solicitation of an offer to sell securities. The Consent Solicitation is being made solely by the Consent Solicitation Statement.
Requests for assistance in completing an appropriate consent form, requests for copies of the Consent Solicitation Statement, an appropriate consent form or other related documents or questions concerning the terms of the Consent Solicitation should be directed to the Solicitation Agent, BMO Capital Markets, at 1 First Canadian Place, 100 King Street West, 4th Floor, Toronto, ON M5X 1H3 or by calling Carey Squires at 416-359-5334.
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.
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 terms of the Consent Solicitation. 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 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.
For further information:
Gerald Panneton, President and CEO
Tel: (416) 304.0800
Laurie Gaborit, Director Investor Relations
Tel: (416) 304.0581
Detour Gold Corporation, Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2200, Toronto, Ontario M5J 2J1