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DGC: Effective Feb 4,2020: Kirkland Lake Gold Ltd acquired all of the outstanding common shares of Detour Gold. shareholders of Detour Gold will receive 0.4343 of a common share of Kirkland for each common share of Detour Gold held. No fractional common shares of Kirkland will be issued. Fractional shares shall be rounded down to the nearest whole common share. In lieu of any fractional Kirkland common shares, a cash payment (rounded down to the nearest cent and less any applicable withholding taxes) will be received.
https://otce.finra.org/otce/dailyList?viewType=Deletions
Recommend Detour Gold Shareholders vote FOR the Transaction with Kirkland Lake Gold
ISS and Glass Lewis both state that the proposed transaction is in the best interest of Detour Gold’s shareholders.
Deadline to Vote by Proxy is 10:00 AM (Toronto Time) on January 24, 2020
January 16, 2020 12:22 PM Eastern Standard Time
TORONTO--(BUSINESS WIRE)--
Detour Gold Corporation (TSX: DGC) (“Detour Gold” or the “Company”) today announced that leading proxy advisory firms Institutional Shareholder Services Inc. (“ISS”) and Glass Lewis & Co., LLC (“Glass Lewis”) have each recommended that Detour Gold shareholders vote FOR the proposed transaction whereby Kirkland Lake Gold Ltd. (“Kirkland Lake Gold”) has agreed to acquire all of the issued and outstanding common shares of Detour Gold pursuant to a plan of arrangement (the “Transaction”).
https://www.businesswire.com/news/home/20200116005660/en
“In our opinion, following the 2018 proxy contest, the reconstituted Detour board and management team conducted a thorough review of the Company's strategic and transaction alternatives.”
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Pursuant to the Transaction, all of the issued and outstanding common shares of Detour Gold would be exchanged at a ratio of 0.4343 of a Kirkland Lake Gold common share per Detour Gold common share. The terms of the Transaction are further described in the management information circular of Detour Gold filed with the Canadian securities regulatory authorities on December 23, 2019.
Mick McMullen, President and Chief Executive Officer, stated: “We are pleased that both ISS and Glass Lewis have recommended that shareholders vote in favor of the Transaction. The support of these leading independent proxy advisors further demonstrates that the Transaction represents a compelling opportunity for our shareholders to participate in the creation of a diversified, low-cost and growth-oriented senior gold producer with enhanced financial flexibility. Their recommendations also acknowledge the very thorough strategic review process run by Detour Gold, which culminated in the Transaction. We are confident that the Transaction will provide our shareholders with compelling benefits, for all of the reasons that were articulated by ISS and Glass Lewis in their reports.”
Proxy Advisory Firm Recommendations
In making its recommendation FOR the Transaction, ISS concluded, among other things, that:
“The expected diversification of risk will protect shareholders against the significant loss that could result from having all of Detour's business in just one asset…”
“Kirkland's offer does not appear to be opportunistic as it is made during times of multiyear highs for the price of DGC shares and the price of gold.”
“Ultimately, the proposed deal is the product of a robust process led by a Detour board that has executed a remarkable turnaround, and the merger provides for participation in a diversified company under the leadership of a widely respected Kirkland management team.”
“DGC shareholders are recommended to vote in favor of the proposed merger. ISS is likewise recommending that KL shareholders approve the transaction.”
In making its recommendation FOR the Transaction, Glass Lewis noted, among other things, that:
“In our opinion, following the 2018 proxy contest, the reconstituted Detour board and management team conducted a thorough review of the Company's strategic and transaction alternatives.”
“…we recognize that a combination involving strategically complementary companies, such as the proposed merger of Kirkland and Detour, presents a mutually-beneficial path for gold producers to achieve greater scale, asset diversification and potential synergies as they strive to deliver greater returns and enhance value for shareholders.”
“…in considering the interests and likely preferences of Detour's shareholder base as a whole, we're inclined to believe that the reduced risk of becoming part of a larger entity with multiple assets, additional exploration and development opportunities, and a lower cost structure presents an enhanced risk/reward profile for the majority of Detour's shareholders.”
“…the implied and current market premiums for Detour appear to be fair and reasonable, in our view.”
“We also note that the implied purchase price for Detour represents a premium of 11% to the consensus analyst estimate of Detour's NAV per share as of the day before the merger announcement. The implied NAV premium for Detour compares to an average of 2% and a median of 5% paid in the 16 precedent transactions since the beginning of 2011 for which consensus NAV estimates were available (Source: S&P Capital IQ). Given that some of the precedent transactions included in our analysis involved larger-scale, lower-cost, multi-asset producers, we find the implied valuation multiples for Detour, a higher-cost, single-asset producer, to be generally favorable and consistent with the reasonable ranged observed across the prior transactions completed in the industry”
“Thus, the primary benefits of the arrangement for Detour shareholders include an unaffected one-day market premium of 24%, elimination of single-asset risk, addition of investment exposure to two high-quality mines, significantly enhanced financial strength to fund the continued development of Detour Lake, participation in Kirkland's capital return program, and the enhanced trading liquidity and capital markets profile of the combined company”
“…having considered Detour's status as a single-asset, high-cost producer, the current industry and market conditions which are supportive of consolidation, the strategic and financial benefits associated with the proposed combination for existing Detour shareholders, as well as the generally favorable terms of the arrangement for such holders, we believe the proposed transaction likely represents the best path forward to enhance shareholder value at this time.”
Special Meeting of Detour Gold Shareholders on January 28, 2020
The special meeting of Detour Gold shareholders to consider the Transaction (the “Special Meeting”) is scheduled to be held on January 28, 2020, at 10:00 AM (Toronto time) at Commerce Court West, Suite 5300, 199 Bay Street, Toronto, Ontario. For Detour Gold, completion of the Transaction is subject to, among other things, the approval by at least 66 2/3 percent of the votes cast by its shareholders either voting in person or represented by proxy at the Special Meeting.
The Detour Gold Board of Directors, with the recommendation of a special committee of independent directors, has unanimously recommended that Detour Gold shareholders vote FOR the Transaction.
Shareholders are reminded that the deadline for receipt of proxies for the Special Meeting is 10:00 AM (Toronto time) on January 24, 2020 or 48 hours (excluding weekends and holidays in the Province of Ontario) prior to the time of any adjourned or postponed Special Meeting.
Detour Gold shareholders may contact Laurel Hill Advisory Group, the Company’s proxy solicitation agent and shareholder communications advisor, for questions and assistance in voting their shares:
Laurel Hill Advisory Group
North America Toll Free: 1-877-452-7184
Collect Calls outside North America: 1-416-304-0211
Email: assistance@laurelhill.com
About Detour Gold
Detour Gold is a mid-tier gold producer in Canada that holds a 100% interest in the Detour Lake mine, a long-life, large-scale, open-pit operation. Detour Gold's shares trade on the Toronto Stock Exchange under the trading symbol “DGC”.
Detour Gold Corporation, Commerce Court West, 199 Bay Street, Suite 4100, P.O. Box 121, Toronto, Ontario M5L 1E2
Cautionary Note regarding Forward-Looking Information
This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as “forward-looking statements”). Forward-looking statements reflect current expectations or beliefs regarding future events or the Company’s future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates”, “targets” or “believes”, or variations of, or the negatives of, such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements, including those herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date or dates specified in such statements.
Specifically, this news release contains forward-looking statements regarding items including, but not limited to: expectations regarding timing of the Special Meeting; whether the proposed Transaction will be consummated and the expected potential benefits of the Transaction.
Inherent in forward-looking statements are risks, uncertainties and other factors beyond the Company’s ability to predict or control. These risks, uncertainties and other factors include, but are not limited to, the results of the life of mine plan (“2018 LOM Plan”), gold price volatility, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, support of the Company’s Indigenous communities, interest rate and exchange rate fluctuations, the ability to consummate the Transaction; the ability to obtain requisite court, regulatory and shareholder approvals and the satisfaction of other conditions to the consummation of the Transaction on the proposed terms and schedule; the ability of Kirkland Lake Gold and Detour Gold to successfully integrate their respective operations and employees and realize synergies and cost savings at the times, and to the extent, anticipated; the potential impact of the Transaction on exploration activities; the potential impact of the announcement or consummation of the Transaction on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; general economic conditions and other risks involved in the gold exploration, development and production industry, as well as those risk factors listed in the sections entitled ‘‘Part I — The Arrangement — Risk Factors Related to the Arrangement’’, ‘‘Part I — The Arrangement — Risk Factors Related to the Operations of the Combined Company’’, Appendix G, “Information Concerning Detour Gold — Risk Factors”, Part I — The Arrangement — Certain Canadian Federal Income Tax Considerations” and “Part I — The Arrangement — Certain United States Federal Income Tax Considerations to U.S. Holders” in Detour’s management information circular dated December 20, 2019 and in the continuous disclosure documents filed by Detour Gold on and available on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect forward-looking statements. Actual results and developments and the results of the 2018 LOM Plan are likely to differ, and may differ materially or materially and adversely, from those expressed or implied by forward-looking statements, including those contained in this news release. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about the following: the availability of financing for exploration and development activities; operating and capital costs; results of operations; the Company’s available cash resources; the Company's ability to attract and retain skilled staff; the mine development and production schedule and related costs; dilution control; sensitivity to metal prices and other sensitivities; the supply and demand for, and the level and volatility of the price of, gold; timing of the receipt of regulatory and governmental approvals for development projects and other operations; the timing and results of consultations with the Company’s Indigenous partners; the supply and availability of consumables and services; the exchange rates of the Canadian dollar to the U.S. dollar; energy and fuel costs; required capital investments; estimates of net present value and internal rate of returns; the accuracy of mineral reserve and mineral resource estimates, production estimates and capital and operating cost estimates and the assumptions on which such estimates are based; market competition; ongoing relations with employees and impacted communities and general business and economic conditions.
The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.
Contacts
Mick McMullen, President & CEO
Tel: 416-304-0800
Jaco Crouse, CFO
Tel: 416-309-7365
DETOUR GOLD CORPORATION
TSX:DGC View stock quote and chart View SEC Filings
More NewsRSS feed for Detour Gold Corporation
Contacts
Mick McMullen, President & CEO
Tel: 416-304-0800
Jaco Crouse, CFO
Tel: 416-309-7365
Lol, thanks Bob - a blast from the past; up 250%!
Goldcorp CEO David Garofalo on the '20/20/20' plans to cut costs, raise
production
David Garofalo, president and CEO of Goldcorp, details his company's
"20/20/20" plan for reducing production costs by 20 per cent while also
raising reserves and overall gold production by 20 per cent by 2021.
We also ask whether there's any interest at Goldcorp in possibly buying
Detour Gold, which is being targeted for change by activist investor
Paulson & Co. Inc.
https://www.bnnbloomberg.ca/commodities/video/goldcorp-ceo-david-garofalo-on-the-20-20-20-plans-to-cut-costs-raise-production~1448962
Gold Prices to be Rising as the Fed Hikes Rates -
https://moneymorning.com/2017/12/15/dont-be-fooled-gold-prices-are-rising-even-as-the-fed-hikes-rates/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+USMoneyMorning+%28Money+Morning%29
Note ....
The gold bull market in the 1970s and 1980s happened
even as the Fed tested record-high interest rates.
The yield on the 30-year Treasury bond rallied sharply
during the late 1970s, eventually topping 15% in 1981.
Gold rallied from about $100 per ounce in 1976
to over $850 per ounce in 1980.
In GOD We Trust -
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
https://investorshub.advfn.com/Goldcorp-GG-1997/
God Bless America
Paulson & Co. Provides Update on Detour Gold Corporation
Detour Gold Corporation (TSX:DGC)
Today : Wednesday 18 July 2018
Click Here for more Detour Gold Corporation Charts.
Paulson & Co. Inc. ("Paulson"), one of the largest institutional investors in Detour Gold Corporation (TSX:DGC) ("Detour Gold" or the "Company"), announced today that it will move forward with its efforts to replace a majority of the Detour Gold Board of Directors with new highly qualified, independent nominees committed to exploring all strategic alternatives including a potential sale of the Company.
Last Friday Michael Kenyon, Interim CEO of Detour Gold, sent an unsolicited written communication to Paulson selectively disclosing non-public information that the Company has been approached by a major gold mining company interested in potentially acquiring it. As part of the communication, Detour Gold stated it would only sign a confidentiality agreement with the interested party only if both the party and Paulson agreed to a stand-still, even though Paulson has no affiliation with the major mining company. In light of such approach, Paulson requested that the Company’s board immediately disclose such material to all shareholders and the investing public and announce a formal process to evaluate all strategic opportunities. In addition, Paulson & Co. has constructively asked the independent directors of the board to reconstitute the board and to announce a search process for a new CEO simultaneous with a review of strategic alternatives. To date, the Detour Gold board has failed to do so, therefore Paulson is issuing this press release so that all Company shareholders and the wider public have the same information as Paulson.
I think this will get back under $6 in the next 2-3 weeks imo
Glta
What a disaster!! Been a long time since I've seen a stock plunge 30%+ and if it weren't for the technical glitches with the TSX/V on Friday morning this would have gone even lower!
Kerr Mines' AGM etc. Just-announced! http://www.investorx.ca/search/00003818/kerr-mines-inc
Just hoping Detour does not acquire the Copperstone Gold Mine or the McGarry Gold Project for peanuts at the Kerr AGM?
Mining Rate Going Forward a Question Mark
There has been mixed impact on Detour Gold Corp, according to analyst Daniel Earle.
In Q3/14, mining rates averaged 206 ktpd, which was the sort of depressed rate that Daniel Earle had expected given the elevated level of overburden, till and other difficult mining the company was doing in the quarter. Daniel Earle expected to learn the mining rate for October, after this difficult mining had been completed, as that would give us a read on 2015. The company did note that after opening up the pit this year, it only needed to mine an average of 245 ktpd to achieve gold production of 540 koz in 2015 – Daniel Earle would suggest this was previously known.
While the company did not disclose the mining rate for October, it did suggest that following the significant overburden and till removal program that ended in July, mining rates did not improve as expected, primarily due to low drilling productivity and delays in explosive loading, which impacted shovel productivity and utilization. To a lesser extent, shovel availability also contributed to lower mining rates (availability of 81% versus 85% target).
The company went on to say that it is working towards a step-up phase to gradually improve mining rates, which includes improving quality assurance and controls for drilling and blasting procedures. Daniel Earle believes additional improvement is needed to average 245 ktpd next year. Finally, Daniel Earle note that the colder temperatures over the next two quarters should help mining rates.
The POG is UP to $1170+ so Detour should has had a 25% POP!
The DGC ASK should climb? If gold continues to climb?
Next week, will be interesting IMHO
The POG is UP to $1235 so Detour should have a Small POP!
The DGC ASK should climb?
..."TORONTO, ONTARIO--(Marketwired - June 2, 2014) - Detour Gold Corporation (TSX:DGC) ("Detour Gold" or the "Company") reports assay results from its 2014 exploration drilling program in the Lower Detour Lake area located approximately 6 kilometres south of the Detour Lake gold mine on its 100% owned Detour Lake property. The Company extended its initial 8,000 metre drilling program to nearly 15,000 metres as a result of encouraging results and a longer winter drilling season. The Company completed 14,874 metres in 40 holes and has received assay results for all significant intersections of the program.
The Company has identified a significant mineralized system to the north of Zone 75 in following up a high-grade intercept of 17.3 g/t over 4.4 metres (DLD-13-075, last hole of the 2013 drilling program). This east-west mineralized zone (referred to as Zone 58N) was tested over a length of 450 metres by 28 holes totaling 10,888 metres. The mineralized system has a maximum width of 120 metres and narrows to less than 15 metres to the west and east. It has been tested from surface to a depth of approximately 300 metres and it remains open to the west and down dip. The gold mineralization is mainly found within the southern portion of a strongly sheared and altered feldspar porphyry intrusive containing quartz and/or quartz-tourmaline veins with up to 10% pyrite and multiple occurrences of visible gold. The results suggest that the grade and continuity of the gold mineralization may improve at depth.
"Confirming high-grade potential within trucking distance of the processing plant only after our second exploration drilling program and with minimal expenditures demonstrates the tremendous potential of our large land package," said Paul Martin , President and CEO of Detour Gold. "Our team is excited about the prospects for success over the coming years. In the coming months, the Company will complete a detailed geological and structural interpretation exercise of the Lower Detour area in preparation for the next winter drilling campaign."
Highlights from Zone 58N include (uncut assays reported) (from west to east):
9.69 g/t over 30.3 metres (hole DLD-14-105)
11.82 g/t over 32.4 metres (hole DLD-14-103)
12.74 g/t over 28.0 metres (hole DLD-14-110, 80 metres up dip from DLD-14-103)
5.67 g/t over 23.0 metres and 5.04 g/t over 16.0 metres (hole DLD-14-112)
9.20 g/t over 22.0 metres (hole DLD-14-116)
2.55 g/t over 31.1 metres (hole DLD-14-120)
Gold mineralization was also encountered in Zone 75 (20 to 50 metres south of Zone 58N described above). This mineralized zone is characterized by strongly sheared and altered mafic volcanics and feldspar porphyry dykes containing quartz veins and up to 25% sulphides.
Highlights from Zone 75 include:
4.31 g/t over 7.3 metres (hole DLD-14-111)
10.82 g/t over 7.0 metres (hole DLD-14-088)
7.41 g/t over 5.1 metres (hole DLD-14-100)
The Company has also completed 3,985 metres in 12 holes testing mainly geophysical (IP) anomalies over a strike length of 5 kilometres in the Lower Detour area. With only partial assays available, only minor pyrite and/or pyrrhotite with no significant gold mineralization were encountered in the holes.
All drill hole data, including drill hole location map and cross sections are posted on the Company's website under Projects/Detour Lake Exploration: Regional...."
http://www.detourgold.com/investors-centre/News-Releases/news-Release-Details/2014/Detour-Gold-Reports-High-Grade-Gold-Intersections-in-the-Lower-Detour-Area-of-Its-Detour-Lake-Property/default.aspx
High grade gold intersections, finally some positive news but with this miserable POG
We need to look long term IMHO
Probably $$$
Cheer$,
GPB
Detour Gold Reports High Grade Gold Intersections in the Lower Detour Area of Its Detour Lake Property
Marketwired Detour Gold Corporation
1 hour ago
TORONTO, ONTARIO--(Marketwired - Jun 2, 2014) - Detour Gold Corporation (DGC.TO) ("Detour Gold" or the "Company") reports assay results from its 2014 exploration drilling program in the Lower Detour Lake area located approximately 6 kilometres south of the Detour Lake gold mine on its 100% owned Detour Lake property. The Company extended its initial 8,000 metre drilling program to nearly 15,000 metres as a result of encouraging results and a longer winter drilling season. The Company completed 14,874 metres in 40 holes and has received assay results for all significant intersections of the program.
The Company has identified a significant mineralized system to the north of Zone 75 in following up a high-grade intercept of 17.3 g/t over 4.4 metres (DLD-13-075, last hole of the 2013 drilling program). This east-west mineralized zone (referred to as Zone 58N) was tested over a length of 450 metres by 28 holes totaling 10,888 metres. The mineralized system has a maximum width of 120 metres and narrows to less than 15 metres to the west and east. It has been tested from surface to a depth of approximately 300 metres and it remains open to the west and down dip. The gold mineralization is mainly found within the southern portion of a strongly sheared and altered feldspar porphyry intrusive containing quartz and/or quartz-tourmaline veins with up to 10% pyrite and multiple occurrences of visible gold. The results suggest that the grade and continuity of the gold mineralization may improve at depth.
"Confirming high-grade potential within trucking distance of the processing plant only after our second exploration drilling program and with minimal expenditures demonstrates the tremendous potential of our large land package," said Paul Martin, President and CEO of Detour Gold. "Our team is excited about the prospects for success over the coming years. In the coming months, the Company will complete a detailed geological and structural interpretation exercise of the Lower Detour area in preparation for the next winter drilling campaign."
Highlights from Zone 58N include (uncut assays reported) (from west to east):
9.69 g/t over 30.3 metres (hole DLD-14-105)
11.82 g/t over 32.4 metres (hole DLD-14-103)
12.74 g/t over 28.0 metres (hole DLD-14-110, 80 metres up dip from DLD-14-103)
5.67 g/t over 23.0 metres and 5.04 g/t over 16.0 metres (hole DLD-14-112)
9.20 g/t over 22.0 metres (hole DLD-14-116)
2.55 g/t over 31.1 metres (hole DLD-14-120)
Gold mineralization was also encountered in Zone 75 (20 to 50 metres south of Zone 58N described above). This mineralized zone is characterized by strongly sheared and altered mafic volcanics and feldspar porphyry dykes containing quartz veins and up to 25% sulphides.
Highlights from Zone 75 include:
4.31 g/t over 7.3 metres (hole DLD-14-111)
10.82 g/t over 7.0 metres (hole DLD-14-088)
7.41 g/t over 5.1 metres (hole DLD-14-100)
The Company has also completed 3,985 metres in 12 holes testing mainly geophysical (IP) anomalies over a strike length of 5 kilometres in the Lower Detour area. With only partial assays available, only minor pyrite and/or pyrrhotite with no significant gold mineralization were encountered in the holes.
All drill hole data, including drill hole location map and cross sections are posted on the Company's website under Projects/Detour Lake Exploration: Regional.
Detour Gold's drilling program is being managed by its Exploration Manager, Guy MacGillivray, P.Geo., a Qualified Person within the meaning of National Instrument 43-101. Mr. MacGillivray has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information. The true width of the reported intercepts is estimated to be 65 to 75% of the drilled length. No significant gold mineralization was intersected in the other drill holes. Samples are prepared at ALS Laboratories in Timmins and Sudbury and assayed at their Vancouver, B.C. laboratory. Analysis for gold is done on sawn half core samples (size NQ) using 50 grams fire assay (AA finish). Samples with higher grade gold (>3 g/t) or with visible gold are re-assayed using the pulp and metallics procedures. The Company's quality control checks include the insertion of standard reference materials and blank samples to monitor the accuracy of the assay data.
About Detour Gold
Detour Gold is an emerging mid-tier gold producer in Canada. In 2014, the Company is completing the ramp-up of its 100% owned Detour Lake mine to a long life, large scale open pit operation.
Interesting, Thank You for the pertinent golden INFO! NW2
Yamana, Agnico both clear winners in Osisko deal!
http://business.financialpost.com/2014/04/23/yamana-agnico-both-clear-winners-in-osisko-deal/
The Sunday Lake Deformation Zone :
Hey have you been noticing this gold camp ?
Where Osisko's been attracting a bunch of bidders ?
This Balmoral chart looks like it's positioned to emulate....that up gap of Osisko's :
And then there's the Detour Gold : It's kind of in The Zone also (what with its' $10 Dollar Level)
I dunno, but, yes perhaps.....
It's The Great (nowwhat) Sunday Lake Deformation Zone Survey :
Destined to perplex all observers
POG is UP so .... $$$ Trading above $1380 USD
http://www.theglobeandmail.com/globe-investor/news-sources/?mid=newsfile.20140218.8775
IIROC Trade Halt - Detour Gold Corporation
Tuesday, February 18, 2014
IIROC Trade Halt - Detour Gold Corporation
15:21 EST Tuesday, February 18, 2014
Toronto, Ontario--(Newsfile Corp. - February 18, 2014) - The following issues have been halted by IIROC:
Company:
Detour Gold Corporation
TSX Symbol:
DGC (all issues)
Reason:
Pending News
Halt Time (ET)
15:13
IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
- 30 -
For further information: IIROC Inquiries 1-877-442-4322 (Option 3) - Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
IIROC Trading Halt - DGC Company: Detour Gold Corporation
TSX Symbol: DGC (all issues)
Reason: Pending News
Halt Time (ET): 3:13 PM ET
IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC)
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2014/18/c5120.html
SOURCE: Investment Industry Regulatory Organization of Canada (IIROC)
SOURCE: Investment Industry Regulatory Organization of Canada (IIROC) - Halts/Resumptions
IIROC Inquiries 1-877-442-4322 (Option 2) - Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
"Hard-hit miner Detour Gold to raise C$150 million in bought deal
Feb 18 (Reuters) - Detour Gold Corp said on Tuesday it would raise about C$150 million ($136.91 million) in a bought deal to reduce its short-term debt and for working capital purposes.
The news came on the same day that Detour, a small Canadian gold miner, announced a new chief executive and chief financial officer.
Detour's shares are down some 53 percent in the past year on concerns about high costs at its Detour Lake gold project, its only mine, a slump in the gold price and concerns that the miner could run short of cash.
Detour said that a group of underwriters led by BMO Capital Markets and RBC Capital Markets had agreed to buy 16.2 million of its shares at a price of C$9.25 a share.
Detour's shares closed at C$9.92 on the Toronto Stock Exchange on Tuesday.
A bought deal occurs when an investment bank commits to buying an entire stock offering from a client company. As a result the financing risk is eliminated for the company but it will often get a lower price for the issued stock.
A 28-percent slump in the gold price last year and several high-profile cost blowouts on development projects has left the global gold sector out of favor with investors, making it difficult for miners, especially small ones, to raise funds."
http://finance.yahoo.com/news/hard-hit-miner-detour-gold-213805456.html
DETOUR has been HALTED it is NOT Trading. Not good!
DGC is not trading? Frustrating! http://www.juniorminingnetwork.com/junior-miner-news/news-releases/822-tsx/dgc/24769-detour-gold-announces-c-150-million-bought-deal-offering.html
Detour Gold must be in an inevitable serious FINANCIAL mess!
If the POG remains over $ 1300 USD; IMHO Detour Gold will survive and even thrive.
Meanwhile, uncertainty continues to surround a 500-tonne discrepancy in China’s gold import figures and its domestic supply. The unaccounted-for Chinese gold has helped to fuel market speculation that the People’s Bank of China may be stockpiling, or that bigger volumes are changing hands on the grey market as a hedge against financial turmoil.
However, other brokers have said that the rise in gold prices last week above the commodity’s 200-day moving average was mainly because of the fall in the dollar against a basket of other currencies. Commerzbank said that SPDR Gold Trust, the world’s largest gold exchange-traded fund, raised its holdings above 800 tonnes of the precious metal for the first time.
According to Gold Money, bulls also returned to the market after Janet Yellen signalled that the US Federal Reserve will continue to prune back its stimulus measures. “Western buyers and vaults are now back in the frame amid the more bullish market sentiment,” said Roland Khounlivong, head of dealing for the broker.
http://www.telegraph.co.uk/finance/commodities/10642184/Gold-price-signals-China-credit-bubble-bursting-as-investors-seek-safety.html
NO-reason for Detour-Gold to hedge-with POG-over $1300 USD. EOM
UPDATE 1-Detour Gold could hedge if bullion price falls further -CEO
Tue Jan 28, 2014 5:09pm EST
Jan 28 (Reuters) - Detour Gold Corp would consider using a hedging strategy if the price of gold drops from current levels, the Canadian gold miner's interim Chief Executive Paul Martin said on Tuesday.
http://www.reuters.com/article/2014/01/28/detourgold-hedging-idUSL2N0L21MF20140128
Profits? Hmmm?
GBG MINING CLAIMS Detour might be interested in?
http://cfcanada.fticonsulting.com/GBGL/
30. The Receiver has posted on the Receiver’s Website the availability of the mining rights located in the Kirkland Lake region. The Receiver has received a limited number of inquiries to date, none of which has led to an offer. The Receiver has also contacted geological associations to make their members aware of the availability of these rights
http://cfcanada.fticonsulting.com/GBGL/docs/GBGL%20First%20Report%20of%20the%20Receiver.pdf
http://www.greatbasingold.com/default.cfm
http://www.greatbasingold.com/assets.cfm
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http://investorshub.advfn.com/boards/read_msg.aspx?message_id=96325706
gold chart chat
And as people look to exit increasingly painful short bets, the market could move significantly higher. Bank of America's Curry said that once it crosses $1,270, gold will be eyeing resistance between $1,362 and $1,399.
http://www.cnbc.com/id/101361673
I want whatever Curry is drinking!
POG is UP & Detour is DOWN! Hmmm... ?
Cheers,
GPB
PS I am focused on today's weak DGC results.
TGC starting to creep?
It just wants the benefit of the harvest!
http://www.miningmx.com/page/opinion/columnists/1637898-Sibanye-growth-will-be-a-test-of-discipline#.UsSUGX-9KSM
Now, for something completely off topic!
Happy New Year, from the heart of the Caribbean.
Well really can it get much worse for Detour Gold?
2014, will be the pivotal year for this lacklustre Detour Gold stock.
Cheer$,
GPB
PS Can it improve? Maybe if I was on the board of Directors or the Chair?
TGC holding for eons.
Detour Gold is UP just over 5%! It is a start.
There is a shut-down and it started on December 17th and should end in very early 2014?
http://www.detourgold.com/investors-centre/News-Releases/news-Release-Details/2013/Detour-Gold-Reports-an-Unplanned-Mill-Shutdown-Due-to-Pre-Leach-Thickener-Failure/default.aspx
Detour Gold Reports an Unplanned Mill Shutdown Due to Pre-Leach Thickener Failure
Detour Gold Corporation (TSX:DGC) ("Detour Gold" or the "Company") reports that the processing plant was shut down on the afternoon of December 17 due to mechanical issues with the pre-leach thickener system. Initial indications from last week suggested that a restart of the system could be addressed with the removal of densified slurry within the thickener, however, further inspection over the weekend found structural damage to the torque cage.
The repairs to the torque cage are expected to start on December 24. Management estimates that the processing plant will restart prior to year-end.
It is expected that the processing plant will resume operation at approximately 50,000 tonnes per day (tpd). With all five crushers and SAG mills having been relined in a planned shutdown in the first half of December 2013, no major planned down-time is expected in the first quarter of 2014.
no major planned down-time is expected in the first quarter of 2014.
news today.
What to watch: Plunging gold prices
John Waggoner, USA TODAY 7:16 p.m. EST December 19, 2013
Price of yellow metal fell $36.20 to $1,195 per ounce Thursday --lowest since August 2010.
STORY HIGHLIGHTS
Latest sell-off in gold stemmed from Federal Reserve's decision to dial back on its monthly bond buys
Gold prices typically rise on fears of economic instability and monetary inflation
Demand for gold should start to rise if economies in China and India start to pick up steam up again
The price of gold got hammered Thursday, as the yellow metal fell $36.20 to $1,195 per ounce, the lowest since August 2010.
Jeff Nichols, editor of NicholsOnGold.com, says that the selling stemmed from the Federal Reserve's decision to buy $10 billion fewer bonds each month than it has been, starting in January. The decision signals that the Fed thinks the economy is recovering.
MORE: 5 reasons stocks didn't suffer a 'taper tantrum'
Gold typically rises on fears of economic instability and monetary inflation. When investors worry that paper money may lose its value, they buy gold, which has been used as currency for hundreds of years.
"The Fed announcement was a bit of a surprise in the precious metals world," Nichols says. "It was a reflex sell-off from institutional traders who know how to make a profit from such a move."
FIRST TAKE: Fed's decision shows it believes in economy's strength
Gold's sell-off has left a psychological mark on investors, Nichols says. A close below $1,180 on the spot market could trigger another sell-off, before the market stabilizes, he says. "The market will recover, but it could be a good way off," Nichols says.
Frank Holmes, CEO of U.S. Global Investors, says that demand from China and India, where gold is a traditional store of value, has been soft. If Chinese gross domestic product per capita starts to rise, demand for gold should rise as well, he says.
Holmes recommends a 10% stake in gold-mining stocks. If you bought now, you'd be taking profits from the Standard & Poor's 500 index and buying at a historical low in gold stocks, he says.
http://www.usatoday.com/story/money/markets/2013/12/19/what-to-watch-plunging-gold-prices/4132815/
Ditem Acquires 2nd Claim Group in the Detour Gold Trend
MONTREAL, QUEBEC--(Marketwired - Dec. 5, 2013) - Ditem Explorations (TSX VENTURE:DIT) is pleased to announce that it has, subject to regulatory approval, signed a purchase agreement for a 100% interest in a block of claims in the Detour Gold Trend in northwestern Quebec. The property, situated near the Ontario/Quebec border to the east of the Detour Lake Mine, is composed of 261 mining claims situated in the core region of the Trend. With this acquisition Ditem has now acquired a key land position in this area.
Geologically, the claims are situated in the Harricana-Turgeon Greenstone belt which also includes the Matagami, Joutel, Brouillan and Casa Berardi mining districts. Specifically, the properties are within the east-west Detour Gold Trend which extends from the Detour Mine in Ontario to the Matagami area in Quebec. This trend is mainly composed of mafic to intermediate volcanic rocks (basalt, andesite) with local felsic volcanic rocks (dacite, rhyolite). The mafic volcanic rocks are bordered to the south by sedimentary rocks mainly composed of alternate wacke and mudrock units and local iron formation and conglomerate, and to the north with biotite-rich granodiorite and tonalite units of the Opatica Sub-Province. All claims are situated on the major east-west deformation corridor now referred to as the Detour Gold Trend. Previous and recent exploration programs indicated northeast and northwest faults within the deformation corridor which may be associated with gold mineralization, as notably the Bug Lake fault.
According to the agreement and in return for an immediate 100% interest in the properties, Ditem will pay to two arm's length vendors a total of 12,000,000 shares, being 6,000,000 shares each. The vendors will also hold a total 2% NSR (1% each) on the properties subject to a 1% buy back for $1 M in favour Ditem.
Ditem is an exploration and development company with properties in the Quebec side of the Detour Gold Trend, in Val-d'Or with the Bruell property, on the North Shore near La Romaine and in the Otish Basin, and in Saskatchewan in the Athabasca Basin. Properties and general information may be viewed on the Company's website at www.ditem.com.
http://online.wsj.com/article/PR-CO-20131205-909291.html?dsk=y
Is this a joke ditem's pps is only .005! ??? Detour made no money on this transaction so...? Why give the mining claims away for pennies; should we buy Ditem?
Good reads, thanks for posting. Familiar to when I stopped paying attention the market and myself confused and undecided :).
Maybe we will have a Chinese Lunar New Year Festival POG POP?
While gold’s directional-movement indicator shows a bearish trend strengthened over the past month, the 14-day relative-strength index fell earlier this week to near 30, a level that suggests to some analysts using technical charts that the price may be poised to rebound. Bullion jumped 1.7 percent on Dec. 4, the most in six weeks. The RSI gauge was at 38.1 today.
http://www.bloomberg.com/news/2013-12-06/gold-bearish-outlook-extended-as-price-nears-1-200-commodities.html
The Chinese are becoming important purchasers of bullion so...
Gold looks oversold, and purchases may increase in China ahead of the Lunar New Year festival at the end of January, said Mark O’Byrne, a director at brokerage GoldCore Ltd. in Dublin. Consumer demand in the nation rose 30 percent in the 12 months through September and is set to overtake India as the world’s biggest user this year, the London-based World Gold Council said.
Cheers,
GPB
Well buy low sell ...
I am going to need some luck of the Irish and some strong Canadian whiskey to get through this Detour mess!
POG must POP or we are done IMO!
Cheers,
GPB
Haha, good luck!
was wondering what made it go up today :)
Well, I have just been purchasing Detour so wish me luck.
Literally right next door to Detour is Balmoral another large 'proven' resource.
Very-large-gold discoveries (>10 million oz) are-VERY-RARE and make up only 15% of all deposits. The bulk (69%) are less than 5 million oz.
http://www.visualcapitalist.com/wp-content/uploads/2013/11/global-gold-mine-and-deposit-rankings-2013.pdf
read some analysis (forget where) that said Detour will remain a 'volatile' play for reasons to do with it being a mid tier, dk.
Excellent find, now if only the POG would POP?
Cheers,
GPB
PS DGC, a strong longterm play and a very weak shortterm play IMHO.
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