Detour Gold Corporation fka DGC

[goldenpolarbear]

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