 | Detour Gold Corp. - DGC.t is advancing the flagship Detour Lake deposit. With 16.4 million ounces in reserves, Detour Lake is the second largest gold producing mine in Canada with the largest gold reserves. |  |
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Detour Gold Corporation (TSX: DGC) (“Detour Gold” or the “Company”) is pleased to announce a new life of mine plan (“LOM) for its Detour Lake mine located in northeastern Ontario. All dollar amounts are in Canadian dollars unless otherwise stated. US$ refers to United States dollars.
New Life of Mine Plan
A National Instrument 43-101 ("NI 43-101") technical report for the new life of mine (“LOM”) plan will be filed today on SEDAR (www.sedar.com) and posted on the Company’s website (www.detourgold.com).
Highlights
Proven and probable open pit reserves increased to 16.4 million ounces contained gold
Average annual gold production of approximately 655,000 ounces over LOM
Average annual gold production of approximately 617,000 ounces in next three years
23-year mine life with mill throughput increasing from 56,000 to 63,000 tpd in 2019
LOM total site costs of US$690 per ounce produced1
LOM capital costs of $1.1 billion (excluding closure costs)
After-tax NPV5% of $3.9 billion, using long-term gold price of $1,475/oz
“We are very pleased to report this new life of mine plan,” stated Pierre Beaudoin, COO of Detour Gold. “For the first time, the Technical Report was prepared by Detour Gold’s technical team. We were successful in delivering a gold production profile above 650,000 ounces per year and a mine plan that significantly reduces the front-end strip ratio. This was possible by integrating West Detour, formerly known as Block A. We now have an increased reserve and mine life and a significantly de-risked operation which yields a higher net present value.”
De-risked New Life of Mine Plan
The key differences with the prior LOM plan (February 2014) are as follows:
Reduced operational risks:
Lowered maximum mining rate from 140 to 124 million tonnes (Mt)
Reduced waste to ore strip ratio for the first 9 years from 4.8:1 to 4.0:1 (a reduction of 160 Mt of waste)
Incorporated second feed source from the West Detour deposit
Operating costs based on 3 years of operational experience
Increased plant throughput capacity to 23 Mt (post-2018) from 22.3 Mt (post-2017)
Re-allocated capital in next 9 years (a portion of the capital originally required for the Detour Lake pit is transferred to the West Detour pit)
Added processing of fines from the low grade stockpiles (“LG Fines”) to the operation starting in 2019 (1 Mt per year)
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