With an exploration project 280 kilometres northeast of Cochrane, Detour Gold has agreed to a merger with PDX Resources Inc., which holds a 42 per cent interest in the company.
Under the agreement, PDX will become a wholly-owned subsidiary of Detour Gold, and each PDX share will be exchanged for 0.25 of a common share of Detour.
Gerald Panneton will retain his position as president and CEO of Detour, while three new independent directors will be added to the Board, including Peter Crossgrove, Andre Gaumond and Johnathan Rubenstein.
Though unanimously approved by both Boards of Directors, the transaction must still be approved by a majority of Detour Gold shareholders, and two-thirds of PDX shareholders.
Detour Gold is expected to complete a feasibility study on its property in 2009.
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