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Featured Article August 12, 2013:

  

 

Detour Gold appears an exceptional buy as it ramps-up to commercial gold producer status (expected ~Q3 2013), Detour Lake will become Canada’s largest operating gold mine

 

  

Detour Gold Corporation

(DGC.T) (DRGDF.OTC) (D8M.F)

 

 

On track to be Canada's LARGEST operating gold mine at 100% owned Detour Lake property, northeastern Ontario

  • Projected average annual gold production of approximately 657,000 ounces.

  • Open pit gold reserves of 15.6 million ounces; 21.5 years mine-life.

  • Large resource growth potential on prospective 566 km2 property.

  • Stable, mining friendly region & highly experienced management.

Detour Gold

fact sheet

Notes from the editor:

 

Valuation Commentary: Detour Gold Corporation (TSX: DGC) (US Listing: DRGDF) is now in development ramp-up mode at its flagship asset, the Detour Lake Mine, located in the mining-friendly territory of northeastern Ontario. With more than 15.6 million ounces in reserves and excellent growth potential, Detour Lake is on track to become Canada’s largest operating gold mine with an astounding projected average annual gold production of approximately 657,000 ounces.

 

Pouring Gold at Detour Gold

Taking a mammoth-size open-pit mine into production is a non linear step-up function fraught with development challenges, but nothing a skilled technical team and money can’t solve. Detour Gold started its first production line on Jan. 12 and stepped-up from there. Detour Gold has revised its 2013 production outlook to between 260,000 ounces and 320,000 ounces of gold to reflect a slower ramp-up than expected at the Detour Lake mine. Postcommercial production, total cash costs are expected to be between $800 per ounce and $1,000 per ounce for 2013. The ramp-up of the Detour Lake mine is progressing with mill throughput and availability improving from the first quarter. In the first week of May, the processing plant recorded several days at a milling rate of between 40,000 tonnes and 50,000 tonnes per operating day.

 

Second Quarter Highlights released July 9, 2013 included:

- Gold production of 57,897 ounces
- Mill facility processing rates averaging 31,500 tonnes per calendar day.
- Throughput record day of 56,000 tonnes processed on June 30.
- Daily throughput levels exceeded 40,000 tonnes processed for 15 days in June.
- Commissioning of gravity circuit for first production line started in June.
- Tailings dam construction for 2014 mining operation 80% complete and ahead of schedule.

 

Capital cost-wise DGC was ~20% over budget from what was expected in the feasibility (not bad considering to size of the project)... 

THE FINAL FINANCING SMACK-DOWN: Mining companies always seem to get beaten-up around financings -- each has its own nuances and there are a number of scenarios; DGC has never issued warrants in past financings and was spared that hardship when it found itself needing to approach the markets one last time. No one likes dilution, everyone saw this coming and DGC has been hit; on May 21, 2013 Detour Gold announced a C$153 million bought deal offering via the sale of 17.5 million shares at $8.75 a share (the shares were priced at a healthy discount to the then trading price of $9.23). The financing was organized a few days after the stock hit a six-month low -- the financing closed as planned on June 11, 2013. In a release, Detour said that it “intends to use the net proceeds of the offering for working capital during the ramp-up of the Detour Lake mine and for general corporate purposes.” Similar language was used in early January when Detour raised $113.95-million. Back then Detour said that “the company intends to use the net proceeds of the offering for working capital during the ramp-up of the Detour Lake mine and for general corporate purposes.” Between that financing and the May 21 financing, Detour also closed a $135-million senior secured credit facility made up of a $90-million revolver and a $45-million letter of credit facility. At the time, Detour said that the facility is “for a tenor of three years and is available for working capital during the ramp-up period, financial assurance and general corporate purposes.” Accordingly about $400-million has been raised for activities all of which include the ramp-up period. Unfortunately for the Company the share price has taken a hit in the process, however in DGC's case this literally should be the last kick at the dilution can to complete the ramp-up and get to where it needs to be.

 

THE RECOILED SLINGSHOT: After the smack-down the reality is that the projected production numbers when fully ramped-up are truly astounding and the market cap valuation (~C$1.17 billion as of May 23) of DGC relative to its inherent value is disproportionate, especially considering it is now fully capitalized to achieve full production and its future is secure (even if we get a lower gold price; the feasibility was done at a time when gold was $850/oz gold and costs were $209/oz, you can throw that all out the window now as costs across the sector are higher, it is better to look at 'cut of grade', which has not changed, still at 0.5 g/t -- this makes DGC's mammoth open pit operation 'high margin' comparatively to others) -- in short, DGC is on sale and in recoiled slingshot mode. There has been a sector-wide pullback in mining equity shares, DGC has been smacked-down to the point we feel it represents the best opportunity in the precious metals sector. DGC with ~138,018,791 shares outstanding (~159.1M fully diluted) provides an ideal vehicle for investors seeking exposure to precious metals.

 

     Content found herein is not investment advice see Terms of Use, Disclosure & Disclaimer

Figure 1. Subject Company's Logo

Detour Gold Corporation (TSX: DGC)
     

       Detour Gold Corporation (TSX: DGC) (US Listing: DRGDF) (Frankfurt: D8M) has a single asset – its 100% owned Detour Lake property that exceeds 566 km2 located in northeastern Ontario, a region with a long mining history, experienced labour force, good infrastructure and a government that recognizes the value of the mining sector.
 

Detour Gold started gold production at its Detour Lake Mine in February 2013. Currently, Detour Lake contains an open pit mineral reserve of 15.6 million ounces of gold using a cut-off grade of 0.5 g/t. Once fully operational, the mine is projected to produce an average of 657,000 ounces of gold annually over a period of 21.5 years.

 

Detour Gold continues exploring its prospective large land holdings. At the Detour Lake deposit itself, the mine life could potentially be extended as the deposit is open along strike to the west and at depth. Historically, no significant exploration and drilling have been done outside of the Detour Lake gold mine and the Block A gold deposit. On the Block A project, located approximately 1 kilometre northwest of Detour Lake, the Company is currently carrying out a pre-feasibility study, which is expected to be completed in 2013-2014. In the first half of 2013, a number of exploration gold targets are being tested along a major east-west structural break located less than 5 kilometres south of the Sunday Lake Deformation Zone that hosts the Detour Lake mine.

 

The Detour Lake Mine 

The Detour Lake mine is located 185 kilometres northeast from the town of Cochrane, a community of 5,000 residents, and is easily accessible by road via Provincial Highway 652 extension. The deposit is situated in the area of the former Detour Lake mine that was operated by Placer Dome and produced 1.8 million ounces of gold from 1983 to 1999.

 

 
The Detour Lake mine is designed as a year-round open pit operation with a modern mining camp facility to host its future 500 employees. The mine facilities have been designed to minimize the footprint using state-of-the-art technology to protect the environment and animal species of the area.

 

Detour Gold reported its second quarter operational update on the Detour Lake mine on July 9, 2013.

2013 Second Quarter Highlights

  • Mine and mill ramp-up making positive progress through the quarter

  • Gold production of 57,897 ounces

  • Mill facility processing rates averaging 31,500 tonnes per calendar day

  • Throughput record day of 56,000 tonnes processed on June 30

  • Daily throughput levels exceeded 40,000 tonnes processed for 15 days in June

  • Commissioning of gravity circuit for first production line started in June

  • Tailings dam construction for 2014 mining operation 80% complete and ahead of schedule (completion expected in August)

Gerald Panneton, President and CEO commented, "The Company has made steady progress in the ramp-up of the Detour Lake gold mine in the second quarter. During the month of June, the mill achieved throughput levels above 40,000 tonnes per day (tpd) for 15 days. This is a very good sign that the operation can achieve its nameplate capacity. We also want to acknowledge the hard work and dedication of all our employees for the progress achieved to date during the ramp-up."

 

 

Ramp-up Update

During the second quarter, the mill processed a total of 2.87 million tonnes (Mt) of ore from a combination of direct feed and run-of-mine stockpiles (2.2 Mt) and pre-production stockpiles (0.67 Mt). The mill facility (both grinding lines) reported an average of 31,500 tonnes processed per calendar day (46,500 tonnes per operating day). Towards the end of June, the mill was regularly operating above 80% of nameplate capacity (55,000 tpd). There were 15 days in June where the mill processed more than 40,000 tpd, including five days at above 50,000 tonnes with a record day at 56,000 tonnes.

 
Mill availability improved during the quarter, from an average of 63% in April to 73% in June. This was still lower than expected as a result of unplanned shutdowns that affected daily mill throughput. The main challenges which slowed down progress during the second quarter have been largely fixed, for example the change of SAG mill grates and the malfunctioning valves in the SO2 cyanide detoxification system. The two pebble by-pass chutes were replaced during the quarter, resulting in significant improvements in pebble throughput. The feed chutes and shuttle conveyors for the secondary crushers were also modified and further adjustments are planned for the third quarter. The Company expects the number of unplanned shutdowns to reduce significantly in the third quarter as the processing plant continues to reach a steady state towards design capacity.

 
In the second quarter, the mill processed 2.87 Mt at an average grade of 0.76 g/t with recoveries of 83% for a gold output of 57,897 ounces. The progress made was good but below the Company's expectation of 3.58 Mt. Recovery did improve in the second quarter, slightly below the Company's target of 85%. The gravity circuit for the first production line became operational in June and the benefits are expected to be seen in the third quarter with slightly higher overall recoveries.
The open pit operation mined 12.7 Mt during the second quarter, of which 10.0 Mt were waste (including 4.0 Mt of overburden and till) for a quarterly strip ratio of 3.7 to 1 (2.7 Mt of ore mined). At the end of June, the run-of-mine ore stockpiles contain over 1.8 Mt grading 0.7 g/t. The low-grade stockpile was increased by 0.7 Mt to 2.4 Mt grading 0.4 g/t.

 
Mining rates during the second quarter averaged approximately 160,000 tpd of total material moved (overburden, ore, waste, and re-handling). Ore mining occurred in both the wide Calcite zone and narrower zones to the north. During the third quarter, the mine will focus on pre-stripping activities to provide access to the higher grade zone (Domain 2) located just west of the former Campbell pit (with an average grade of 1.2 g/t).

 

Detour Lake Mine Operation Statistics:

  Q1 2013 Q2 2013
Ore tonnes mined (Mt) 1.29 2.70
Tonnes milled (Mt) 1.02 2.87
Mill grade (g/t Au) 0.64 0.76
Recovery (%) 80 83
Availability (%) 66 68
Ounces produced (oz) (1) 16,841 57,897
   
(1) Q2 = 44,154oz poured and total of 23,189 oz of plant inventory.

  
Cash position
As of June 30, 2013, the Company had approximately $207 million in cash and short-term investments.

 
Guidance
The Company remains on schedule to achieve commercial production in the third quarter of 2013. Commercial production is expected to be declared on the first day of the calendar month following the mine having operated for a period of 60 consecutive days at an average of 75% or more of the designed production capacity (55,000 tpd x 75% = 41,250 tpd).
Although guidance is always subject to review, there are no changes to the revised 2013 guidance provided on May 9, 2013. Detour Lake is expected to produce between 260,000 ounces and 320,000 ounces of gold for the year. Post-commercial production, total cash costs are expected to be between $800/oz and $1,000/oz.

 

In the first quarter, 10.43 millon tonnes were mined, of which 8.51 million tonnes were waste (including 4.4 million tonnes of overburden). The run of mine (ROM) ore stockpiles contain over 2.3 million tonnes grading 0.70 g/t. The low-grade stockpile was also increased by 0.62 million tonnes to 1.58 million tonnes grading 0.40 g/t.

 

Updated Mine Production Plan

On September 4, 2012, Detour Gold released the details of the updated Mine Production Plan for the Detour Lake Gold Project. Highlights are as follows:

 

  • Mine plan was based on year-end  2011 open pit reserves of 15.6 million ounces contained gold

  • 21.5 years life of mine at mill throughput ranging from 55,000 to 61,000 tpd

  • Average annual gold production of approximately 657,000 ounces

    • 2013 gold production estimate of 300,000 - 400,000 ounces

  • Average life of mine cash operating costs of $710/oz and total cash costs of $749/oz

    • 2013 total cash costs estimates of between $800/oz and $900/oz (to be reported after commercial production is declared)

  • Life of mine sustaining capital of $1.2 billion

    • 2013 sustaining capital of approximately $180 million, mainly for construction of the second cell of the tailings facilities and additional mining fleet costs

     

    The Company is planning to stockpile material grading between 0.3 to 0.5 g/t Au over the life of mine (approximately 240 Mt averaging 0.39 g/t Au), which could potentially be processed if the Company proceeds with an expansion of the processing plant facilities

     

     

    Commercial production is expected to be declared on the first day of the calendar month following the mine having operated for a period of 60 consecutive days at an average of 75% or more of the designed production capacity (55,000 tpd x 75% = 41,250 tpd)

 

 

Detour Lake Exploration - Mine 

The Detour Lake gold deposit offers significant potential to expand both the resource base and the mine life with future exploration. The current measured and indicated resources of 23.2 million ounces (678.8 Mt averaging 1.07 g/t) with an additional 5.7 million ounces in the inferred category (208.5 Mt averaging 0.86 g/t) are over a strike length of 4 kilometres (from section 16,500E to 20,600E) and the deposit remains open to the west and at depth. Open pit mining activities are underway and no exploration drilling is planned in the near term.


2011 Detour Gold Drilling Program

On March 20, 2012, Detour Gold reported the assay results for the last 75 holes totaling 45,485 metres (including 15 holes abandoned for 2,566 metres) from its 2011 drilling campaign at the Detour Lake gold project in northern Ontario. The 2011 drilling program totaled 86,644 metres and covered the western extension of the Detour Lake open pit deposit up to section 17,220E and the north wall of the open pit up to section 18,500E.

Approximately 30% of the holes being reported on March 20, 2012 (mainly holes DG-11-1185 to DG-11-1202) were excluded from the 2011 year-end global mineral resources, of which approximately 1,930 metres weren’t included in the open pit reserves of 15.6 million ounces (refer to press release dated January 25, 2012).

The gold mineralization is found along a known east-west, 200 to 300 metre wide corridor extending from the former pit to the west of the Calcite Zone (a distance of 3.3 kilometres). The mineralized corridor remains open to the west for several kilometres. Gold mineralization within the corridor typically consists of multiple, subvertical, five to 25 metre wide zones grading between 1.0 to 3.0 g/t gold. High gold values are generally characterized by clusters of visible gold in quartz veins and pillow selvages within potassically altered mafic flows that contain a higher percentage of sulphide minerals.

 

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Detour's Key Board of Directors:

  • Gerald S. Panneton, President, Chief Executive Officer and Director: Mr. Panneton is a geologist with nearly 30 years in mineral exploration and development. Mr. Panneton is the founder, President and Chief Executive Officer of Detour Gold Corporation, which was incorporated in July 2006. From 2006 to 2007, he was also President and Chief Executive Officer of Continental Minerals Corporation. From 1994 to 2006, Mr. Panneton was with Barrick Gold Corporation where for the last six years he was Director of Advanced Projects and Evaluations for the exploration and corporate development group. He was instrumental in Barrick Gold's acquisition of Pangea Goldfields, a Canadian company with Tanzanian assets and played a key role in advancing the Tulawaka and Buzwagi gold projects through feasibility and permitting. Prior to Barrick Gold, he worked for Lac Minerals Ltd., Placer Dome Exploration Inc. and Vior-Mazarin Group. Mr. Panneton received his Bachelor of Science in geology at University of Montreal and his Master of Science degree in geology from McGill University. 

  • Michael Kenyon, MSc., Director and Executive Chairman: Mr. Kenyon is a geologist with more than 35 years experience in the international mining industry. In 1979, he co-founded Cumberland Resources Ltd. and was a director up to its acquisition by Agnico-Eagle Mines Ltd. in July 2007. He co-founded Canico Resource Corp. in 2002 and was the President and CEO up to its acquisition by Companhia Vale do Rio Doce (CVRD) in December 2005. He was a founding director of Sutton Resources Ltd. and President and CEO from 1983 up to its acquisition by Barrick Gold Corporation in 1999. In 2005, Mr. Kenyon received the Prospectors and Developers Association of Canada’s 2005 Mine Developer of the Year Award in recognition for excellence in mining development. Mr. Kenyon is also a director of Troon Ventures Ltd. and African Barrick Gold plc. He holds a Bachelor of Science and a Master of Science in geology from the University of Alberta.

  • Robert E. Doyle, CA, Director: Mr. Doyle is a chartered accountant and chartered director with more than 30 years experience in all facets of international resource exploration, development and production. Mr. Doyle co-founded Medoro Resources Ltd. and served as its Chief Executive Officer from 2008 to 2009. Mr. Doyle has also held senior executive positions at several other mining and resource companies, and was the Executive Vice President of Pacific Stratus Energy Ltd. from 2006 to 2007, Chief Financial Officer of Coalcorp Mining Inc. from 2005 to 2007 and Chief Financial Officer of Bolivar Gold Corp. from 2003 to 2006. Mr. Doyle has also worked for Lac Minerals Ltd. and Falconbridge Limited. He is a director of Medoro Resources Ltd., Golden Star Resources Ltd., Mandalay Resources Corporation and NXA Inc. Mr. Doyle holds a Bachelor of Arts (Hons) in Business Administration from the Ivey School of Business at the University of Western Ontario.

  • Peter Crossgrove, O.O, O.C, Director and Non-Executive Co-chairman: Mr. Crossgrove is a member of the Order of Ontario and the Order of Canada and a recipient of the Queen’s Jubilee Medal. Mr. Crossgrove has a Bachelor of Commerce from Concordia University and an MBA from the University of Western Ontario, and was a Sloan Fellow in The Doctoral Program at Harvard University. Mr. Crossgrove was the former Chairman and a founder of Masonite International. Prior to 1993, he was Vice Chairman and acting CEO of Placer Dome Inc. Mr. Crossgrove is currently Executive Chairman of Excellon Resources. Mr. Crossgrove sits on several corporate boards: Dundee REIT, QLT Inc, Barrick Gold Corporation, Lake Shore Gold Corp. and Pelangio Exploration Inc. His charitable works include past Chairman of the Toronto Western Hospital, Toronto Hospital, Princess Margaret Hospital, Canadian Association of Provincial Cancer Agencies, Founding Chair and Chair Emeritus of Cancer Care Ontario, and he served as treasurer for Care International, based in Brussels. For the past six years, he has represented the Province of Ontario on the board of the Canadian Partnership Against Cancer.

  • Louis Dionne, P.Eng., Director: Mr. Dionne is a mining engineer with over 30 years of experience in the mining industry. Since 2005, Mr. Dionne has been an independent mining consultant. From 2002 to 2005, he was President and Chief Executive Officer of Richmont Mines Inc, a Canadian gold producer. He also worked for Barrick Gold Corporation as Senior Vice-President, Underground Operations, where he provided technical input and leadership in the area of corporate mergers and acquisitions. Throughout his career, he has also provided technical, operations and management support for underground and open-pit operations, including as a technical expert in numerous evaluations, acquisitions and joint ventures related to underground developments in the United States and Canada. Mr. Dionne is a director of Aurizon Mines Ltd., RX Gold & Silver Inc. He holds a Bachelor of Science in Mining Engineering from Laval University, Québec.

  • André Falzon, CPA, CA, CGA, Director: Mr. Falzon is a Chartered Accountant and senior financial executive with over 25 years of financial and management experience within the mining industry. Between 1984 and 2006, Mr. Falzon held increasingly senior positions at Barrick Gold Corporation, serving as Vice President and Controller from 1994 and finishing his last year at Barrick as Vice President, Planning and Compliance. Currently, he is a director and Audit Committee Chair for both African Barrick Gold Plc and Aurizon Mines Ltd. Mr. Falzon has also served as a director of Alturas Minerals Corporation from 2007 to 2010 and Gammon Gold Inc from 2008-2009. Mr. Falzon obtained his Bachelor of Commerce Degree from the University of Toronto and is a CGA (Canada) and CPA, CA (Canada).

  • Ingrid J. Hibbard, LL.B, Director: Ms. Hibbard is a mining and securities lawyer with over 25 years of experience in the mining industry. Since 1996, Ms. Hibbard is President and Chief Executive Officer of Pelangio Exploration Inc. (formerly Pelangio Mines Inc.), a public mining exploration company. Previously, she was in private practice with clients ranging from junior explorers to major mining companies such as Noranda Mines and Hemlo Gold Mines Inc. She served as Corporate Secretary of Hemlo Gold from 1993 to 1999. Ms. Hibbard holds a Bachelor of Arts and an LL.B from the University of Western Ontario.

  • Alex G. Morrison, CA, Director: Mr. Morrison is a chartered accountant with over 25 years experience in the mining industry. Mr. Morrison has held senior executive positions at a number of mining companies, most recently serving as Vice President and Chief Financial Officer of Franco-Nevada Corporation from 2007 to 2010. From 2002 to 2007, Mr. Morrison held increasingly senior positions at Newmont Mining Corporation, including Vice President, Operations Services and Vice-President, Information Technology. Prior to that, Mr. Morrison was Vice President and Chief Financial Officer of Novagold Resources Inc., Vice President and Controller of Homestake Mining Company and held senior financial positions at Phelps Dodge Corporation and Stillwater Mining Company. He is also a director of Taseko Mines Limited. Mr. Morrison began his career with Pricewaterhouse Coopers LLP and holds a Bachelor of Arts in Business Administration from Trinity Western University and is also a Certified Public Accountant.

  • Jonathan Rubenstein, LL.B, Director: Mr. Rubenstein practiced law from 1976 until 1994 and has been a mining executive and director since that time. In 2001, Mr. Rubenstein was one of the founders of Canico Resources Corp., where he served as a director and as Vice President & Corporate Secretary. Mr. Rubenstein was instrumental in the negotiations for the 2005 acquisition of Canico Resources Ltd. by Companhia Vale do Rio Doce (CVRD). Mr. Rubenstein was also a director for Cumberland Resources Ltd. from 1983 to 2007 and was on the Special Committee for the Agnico-Eagle Mines Ltd. takeover in 2007. From 2006 to 2008, Mr. Rubenstein was a director for Aurelian Resources and on the Special Committee for the takeover bid by Kinross Gold Corp. In 2008, as the Vice President, Corporate Affairs for Sutton Resources Ltd., he also played a key role in the takeover of that company by Barrick Gold Corporation in 1999. He is currently the Chairman and a director of MAG Silver Corp. and a director of Eldorado Gold Corporation, Rio Novo Gold and Troon Ventures Ltd. Mr. Rubenstein obtained his Bachelor of Arts from Oakland University and an LL.B from the University of British Columbia.

  • Graham Wozniak, P. Eng., Director: Mr. Wozniak is a civil engineer and self-employed mining consultant with over 37 years of experience in the heavy industrial industry. Mr. Wozniak has managed and directed numerous large construction projects in various industrial sectors. Since 2004, Mr. Wozniak has acted as an advisor and director in the development of feasibility studies and the construction of mining projects, including the Pueblo Viejo project in the Dominican Republic, the Safford Leach copper project in Arizona, the Cerro Verde copper mine expansion in Peru, the Tenke copper mine expansion in the Democratic Republic of Congo, the Galore Creek project in British Columbia, the Goldstrike TCM Leach Project in Nevada and the Morenci Concentrator Expansion Project in Arizona. From 1988 to 2004, Mr. Wozniak was President of Monad Contractors Ltd., during which he oversaw multiple mining contracts, including the Mount Polley Mining Corporation’s copper and gold mining operations, the Huckleberry copper-molybdenum mine, the Endako molybdenum mine, the QR gold mine, the Premier gold mine, and the Lawyers gold mine, all located in British Columbia. He holds a Bachelor of Applied Science in civil engineering from the University of British Columbia.

Note: This list is not intended to be a complete overview of Detour Gold Corporation or a complete listing of Detour's projects. Mining MarketWatch urges the reader to contact the subject company and has identified the following sources for information:

 

For more information contact Detour Gold Corporation's head office: Ph (416) 304.0581

Company's web site: www.detourgold.com   SEDAR Filings: URL

 

     

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Content found herein is not investment advice see Terms of Use, Disclosure & Disclaimer. This is a journalistic article and the author is not a registered securities advisor, and opinions expressed should not be considered as investment advice to buy or sell securities, but rather journalistic opinion only. Technical mining terms used by the writer may be used/expressed in simplified layman terms and should not be relied upon as appropriate for making investment decisions unless the reader contacts the company directly for independent verification.

 

     

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