Detour Gold to spend C$125 on mining support equipment, haulage trucks
Shares in the group rose on the announcement it will buy 18 Caterpillar trucks and various mining support equipment over the next two years for use at its Detour Lake gold mine
Posted:Friday,17 Sep 2010
(Reuters) -
Detour Gold Corp (DGC.TO: Quote)said it will spend C$125 million ($121.7 million) to buy mining support equipment and 18 Caterpillar haulage trucks over the next two years for its Detour Lake gold mine in north eastern Ontario.
With the order, the company has entered into commitments of about
C$304 million for the development of the Detour Lake project over the next 27 months, it said in a statement.
The Detour Lake deposit is Canada's largest pure gold play with
reserves of 11.4 million ounces, according to Detour Gold website. This is about 30 percent higher than its October 2009 estimate of 8.8 million ounces.
The Toronto-based gold explorer is evaluating financing proposals for the equipment purchases, including a proposal from Caterpillar Financial Services Corp, a unit of Caterpillar Inc (CAT.N: Quote).
The company said it expects to finalize the terms and conditions for the financing by October.
Six trucks of the initial purchase are to be delivered in the fourth quarter of 2011, while 12 are to be supplied in the second half of 2012,Detour said.
The company said it signed an agreement with Toromont Industries Ltd (TIH.TO: Quote) for the life of mine requirement of up to 36 Caterpillar haulage trucks.
The company also named Julie Galloway as vice president, general counsel and corporate secretary.
Galloway joins from FNX Mining Co where she was corporate secretary.
Detour shares, which have gained about 26 percent since it raised C$252 million for its Detour Lake project late June, were up 3 percentat C$31.75 in afternoon trade Thursday on the Toronto Stock Exchange.($1=1.027 Canadian Dollar) (Reporting by Gowri Jayakumar in Bangalore; Editing by Gopakumar Warrier)
2010 Deep Drilling Program underway at Alexander (Photo of Longyear 55 deep drill rig)
Conquest holds several advanced stage gold properties in the Province
of Ontario, including the strategically important
Alexander Project, located in the heart of northwestern Ontario's
Red Lake gold mining district.
The Alexander Property is situated immediately to the east of Goldcorp's high grade Red Lake mine at Balmer town and has been independently called "the best located exploration property in the Red Lake Gold Camp."
http://www.conquestresources.net/pdfs/CQR_Investor_Presentation.pdf
Conquest has one projects located in the Detour Lake gold mining district of the Northern Abitibi Greenstone Belt,
referred to as the Sunday Lake Project -
http://www.conquestresources.net/news_breaking.php
The property is adjacent to the development project of Detour Gold Inc.
who are planning a "Super Open Pit"
to access a reported 13.2 million ounce gold resource.
Shares in the group rose on the announcement it will buy 18 Caterpillar trucks and various mining support equipment over the next two years for use at its Detour Lake gold mine
Posted:Friday,17 Sep 2010
(Reuters) -
Detour Gold Corp (DGC.TO: Quote)said it will spend C$125 million ($121.7 million) to buy mining support equipment and 18 Caterpillar haulage trucks over the next two years for its Detour Lake gold mine in north eastern Ontario.
With the order, the company has entered into commitments of about
C$304 million for the development of the Detour Lake project over the next 27 months, it said in a statement.
The Detour Lake deposit is Canada's largest pure gold play with
reserves of 11.4 million ounces, according to Detour Gold website. This is about 30 percent higher than its October 2009 estimate of 8.8 million ounces.
The Toronto-based gold explorer is evaluating financing proposals for the equipment purchases, including a proposal from Caterpillar Financial Services Corp, a unit of Caterpillar Inc (CAT.N: Quote).
The company said it expects to finalize the terms and conditions for the financing by October.
Six trucks of the initial purchase are to be delivered in the fourth quarter of 2011, while 12 are to be supplied in the second half of 2012,Detour said.
The company said it signed an agreement with Toromont Industries Ltd (TIH.TO: Quote) for the life of mine requirement of up to 36 Caterpillar haulage trucks.
The company also named Julie Galloway as vice president, general counsel and corporate secretary.
Galloway joins from FNX Mining Co where she was corporate secretary.
Detour shares, which have gained about 26 percent since it raised C$252 million for its Detour Lake project late June, were up 3 percentat C$31.75 in afternoon trade Thursday on the Toronto Stock Exchange.($1=1.027 Canadian Dollar) (Reporting by Gowri Jayakumar in Bangalore; Editing by Gopakumar Warrier)
2010 Deep Drilling Program underway at Alexander (Photo of Longyear 55 deep drill rig)
Conquest holds several advanced stage gold properties in the Province
of Ontario, including the strategically important
Alexander Project, located in the heart of northwestern Ontario's
Red Lake gold mining district.
The Alexander Property is situated immediately to the east of Goldcorp's high grade Red Lake mine at Balmer town and has been independently called "the best located exploration property in the Red Lake Gold Camp."
http://www.conquestresources.net/pdfs/CQR_Investor_Presentation.pdf
Conquest has one projects located in the Detour Lake gold mining district of the Northern Abitibi Greenstone Belt,
referred to as the Sunday Lake Project -
http://www.conquestresources.net/news_breaking.php
The property is adjacent to the development project of Detour Gold Inc.
who are planning a "Super Open Pit"
to access a reported 13.2 million ounce gold resource.
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