Published on: 1/21/2014 10:18:39 AM Print | Font Sizes:  Normal Text Large Text

Detour Gold fails to meet 2013 operation targets

By: Northern Ontario Business staff

Detour Gold’s Detour Lake Mine, located north of Cochrane, fell short of its 2013 operation targets.

The company reported gold production of 232,287 ounces for the mine’s first year of operation, which is below its lower end guidance of 240,000 ounces.

The company cited an unplanned shutdown at its mill in December as part of the problem, but said milling rates had since returned to pre-shutdown levels.

Gold sales totaled 212,522 ounces at an average realized price of US$1,318 per ounce.

The company will announce its 2014 operational and financial guidance at the end of January, its life-of-mine plan and year-end 2013 mineral reserve/resource update in early February, and its fourth-quarter and full-year 2013 financial results in early March.

Detour Lake Mine has proven and probable reserves of 15.6 million ounces of gold. It’s projected to produce an average of 657,000 ounces of gold annually over a period of 21.5 years.

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