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Detour Gold’s president-CEO stepping down

Paul Martin is retiring after 10 years at the helm of gold miner

Paul Martin, president and CEO of Detour Gold, has announced his retirement, effective June 1.

In a May 18 news release, the company said Martin would also step down from his role as a director on the company’s board.

Michael Kenyon, chair of the board, will assume the role of interim CEO, while Alex Morrison, a board director, will assume the role of board chair.

Martin has been with Detour Gold for a decade, first serving as chief financial officer before taking on the role of president and CEO In 2014.

"I am grateful for my nearly 10 years of service at Detour Gold. I am proud to have been part of the leadership team through the many positive strides we have made over the last decade,” Martin said in the release.

“Now it is time for new leadership to take the company forward in maximizing the value of the Detour Lake gold mine and focusing on the next phase of growth."

Kenyon said a formalized process to find a new CEO would get underway, with a decision anticipated in early 2019.

"I look forward to working with the leadership team as the company proceeds in implementing a number of key operational initiatives to ensure the long-term success of the company,” Kenyon said.

“I have committed to this role in order to provide continuity while Frazer Bourchier, chief operating officer, focuses on those initiatives.”

The Detour Lake open-pit gold mine is located 300 kilometres northeast of Timmins and 185 kilomteres northeast of Cochrane.

Gold production started in February 2013 at Detour Lake, which has a mine life of 23 years and an average gold production of 656,000 ounces per year.