Detour Gold Corporation fka DGC

[NYBob]

Detour Gold Signs Letter of Agreement With Conquest Resources for Claims Adjacent to the Detour Lake Project
TORONTO, ONTARIO, Apr 12, 2010 (MARKETWIRE via COMTEX) --

Detour Gold Corporation -
is pleased to announce that it has entered into a letter of agreement (the "LOA") with
Conquest Resources Limited -
("Conquest") pursuant to which Detour Gold will purchase
Conquest's interest in the Aurora and Tie-In claim blocks
(the "Aurora Claims") and will have the option to acquire a
50% interest in Conquest's joint venture interest in
the Sunday Lake claim block ("Sunday Lake Claims") located
immediately south and east of the Company's Detour Lake project,
respectively (the "Transaction").

Conquest has announced that it has earned an undivided 60%
interest in those properties, and has exercised its right
to earn an additional 40% interest from NVI Mining Ltd.
by completing the remaining $2.13 million exploration
expenditures prior to December 31, 2012.

Pursuant to the terms of the LOA, as consideration for Conquest's
interest in the Aurora Claims, Detour Gold will pay $1 million
in cash and will, subject to regulatory approval,
issue 100,000 common shares of Detour Gold to Conquest.

In addition, Detour Gold will complete the remaining $2.13
million in exploration expenditures on the Aurora Claims and
the Sunday Lake Claims prior to December 31, 2012, of which
a minimum of $1 million will be expended on
the Sunday Lake Claims.
After completing those expenditures, Detour Gold will have a
100% interest in the Aurora Claims and a 50% interest in a
joint venture with Conquest on the Sunday Lake Claims.

Detour Gold is acquiring the Aurora Claims to accommodate
the infrastructure requirements for the development of
its Detour Lake mine. In addition, the Conquest land package
allows Detour Gold to further expand its regional exploration
program on what is believed to be a prospective area of this
relatively under-explored portion of
the Abitibi Greenstone Belt.
Detour Gold's current land position of 274 sq. km would increase
to 362 sq. km.

The Transaction is expected to close in the second quarter
of 2010.
Closing of the Transaction is conditional upon (i) completion of satisfactory due diligence by Detour Gold;
(ii) receipt of regulatory, contractual and corporate consents
and approvals;
(iii) entering into of a formal agreement for the Transaction;
(iv) Detour Gold and Conquest entering into a joint venture
agreement providing Detour Gold with a right to earn a 50%
interest in Conquest's interest in the Sunday Lake Claims;
and (v) the satisfaction of other customary conditions.

http://www.marketwatch.com/story/detour-gold-signs-letter-of-agreement-with-conquest-resources-for-claims-adjacent-to-the-detour-lake-project-2010-04-12-94170?reflink=MW_news_stmp

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