Detour Gold to File Financial Results for the First Quarter on May 10 2013 Guidance Revised
TORONTO, ONTARIO--(Marketwired - May 9, 2013) - Detour Gold Corporation (TSX:DGC) ("Detour Gold" or the "Company") reports that it will file its financial results for the first quarter of 2013 on May 10, 2013. Details of the Company's financial results are described in the Unaudited Interim Condensed Consolidated Financial Statements and Management's Discussion and Analysis will be available on the Company's website at www.detourgold.com or on SEDAR at www.sedar.com. The Company had reported its first quarter operational update on the Detour Lake mine located in northeastern Ontario on April 9, 2013. All amounts are in Canadian dollars unless otherwise stated.
The Company remains on target to achieve commercial production in the third quarter of the year. Detour Gold has revised its 2013 production outlook to between 260,000 ounces and 320,000 ounces of gold to reflect a slower ramp-up than expected at the Detour Lake mine. Post-commercial production, total cash costs are expected to be between $800/oz and $1,000/oz for 2013.
The ramp-up of the Detour Lake mine is progressing with mill throughput and availability improving from the first quarter. In the first week of May, the processing plant recorded several days at a milling rate of between 40,000 and 50,000 tonnes per operating day.
The Company has reviewed its 2013 spending program and has identified $10 million of cost reductions over the remainder of this year, including the deferral of exploration and drilling activities, and the completion of a pre-feasibility for the Block A project. As of April 30, 2013, the Company had approximately $128 million in cash and short-term investments and has approximately $20 million available from its revolving credit facility.
