Published on: 12/14/2012 11:08:46 AM Print | Font Sizes:  Normal Text Large Text

Detour Gold raises cash for open pit


By: Northern Ontario Business staff

Detour Gold announced Dec. 11 has completed a bought deal public offering of common shares that's raised gross proceeds of $106 million.

The offering was conducted by a syndicate of underwriters led by BMO Capital Markets. 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.

Construction of the Detour Lake project is 97 per cent complete and gold production is expected to commence in January, ahead of the original schedule.

The Detour Lake open pit mine is expected to produce an average of 657,000 ounces of gold annually over a period of 21.5 years.

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