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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
[Suppressed Image]
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.
PS DGC, a strong longterm play and a very weak shortterm play
Excellent find, now if only the POG would POP?
Cheers,
GPB
PS DGC, a strong longterm play and a very weak shortterm play IMHO.
Detour Gold Corp. (DGC), the operator of the Detour Lake mine in Ontario, slumped the most in more than six years after saying Gerald Panneton resigned as chief executive officer as it faces “near-term challenges.”
Chief Financial Officer Paul Martin will serve as interim CEO while Detour Gold searches for Panneton’s replacement, the Toronto-based company said in a statement today. The shares fell as much as 33 percent, the most intraday since January 2007.
Detour Gold, whose biggest investor is hedge fund firm Paulson & Co., poured its first gold bar at Detour Lake in February. Its shares have slumped 87 percent this year amid a decline in gold prices and after the miner cut its production forecast in May and again earlier this month. The company is dealing with a slower-than-expected startup of ore output at the mine, Chairman Michael Kenyon said.
“Mine ramp-ups are challenging in any environment,” Kenyon today in a phone interview from London. “There always are little hiccups that people have to deal with.”
He declined to comment on the reasons for Panneton’s departure. Panneton, who began as CEO in 2006, couldn’t immediately be reached for comment.
The company said Nov. 7 its operating costs will fall on improved efficiency and raising the ore-processing rate to the design capacity of 55,000 tons a day. We will see?
http://www.bloomberg.com/news/2013-11-25/detour-gold-slumps-after-ceo-resigns.html
Haven't been following too closely but definitely tempted to average down.This sounds about right:
http://seekingalpha.com/article/1868481-detour-gold-maybe-a-good-gold-speculation-but-not-for-the-faint-of-heart
Lots of theories and unpredictability out there. One I like from a radical viewpoint is to do with 'The Emperor is wearing no clothes'. That gold is just a rock. Main value is that is a store of value. This only works/continues if everyone continues to believe it so. So little is used for industrial purposes and it's so expensive to mine; and mostly all of the gold ever mined is still 'at hand'. Plus it is now being recovered from E Waste 20 times cheaper than mining it. I don't know that gold prices are manipulated or just 'managed' the way interest rates, inflation,etc,.. is being managed by central banks/gov'ts to float the global economy's boat. Haha..bwtfdik :).
When is Detour-Gold going-to announce-massive layoffs-like GBG Gold etc.?
http://www.greatbasingold.com
http://elkodaily.com/mining/waterton-lays-off-from-hollister-mine/article_59a88de6-563a-11e3-85cb-0019bb2963f4.html
http://www.financialpost.com/markets/news/Waterton+Global+Announces+Next+Phase+Value+Creation+Plan+Nevada+Mine/9210417/story.html
Waterton Global Resources lays off 182 from Hollister Mine, Esmeralda Mill! Ouch!
Detour Gold Corp. (TSE:DGC), the operator of the Detour Lake mine in Canada, dropped for the seventh consecutive session as BMO Capital lowered its price target on the stock.
Detour Gold sank 6.4 percent to C$3.53 at 1:20 p.m. in Toronto, stretching this year’s losses to 85 percent.
BMO Capital’s analysts cut their price target on the Toronto-based company’s shares to C$9.50 from C$12 in a note emailed to investors today.
Detour, which holds an “outperform” rating on the stock, said yesterday that its founder and chief executive officer Gerald Panneton resigned as the company faces “near-term challenges.”
The board appointed Paul Martin, Chief Financial Officer, as interim CEO. The company also appointed James Mavor, Vice President, Finance, as interim CFO.
At the end of the third quarter, Detour had cash and short-term investments of $156 million and working capital of $120.6 million.
“We expect the company has adequate cash and working capital over the near term and we do not see the need for an equity financing to enhance liquidity without seeing the revised 2014 mine plan,” said BMO’s John Hayes in the note.
BMO Research said it spoke to the interim CEO Martin and COO Pierre Beaudoin for clarification. It was made clear that there were no issues with the asset or discussions about a near-term financing that had precipitated the resignation, BMO Research added.
http://beforeitsnews.com/financial-markets/2013/11/detour-gold-target-slashed-at-bmo-capital-markets-2639744.html
Sincerely,
GPB
PS It is starting to look like the Great Basin Gold plunge? $9.50 pps this year, yea right!
Detour is trading at $3.50 pps; any thoughts?
Cheer$,
GPB
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