Detour Gold up 7% higher after reserve update

MINING.com Editor | February 1, 2011 | 8:09 pm Precious Metals Gold 
Most money pumped into gold ETFs since October 2012

On Tuesday Detour Gold rose 7% higher to $28.20 on the TSX after releasing a reserve update for Detour Lake.

In a news release, the company highlighted its findings:

  • A 31% increase in proven and probable open pit reserves from 11.4 to 14.9 million ounces
  • A 16% increase in global measured and indicated mineral resources to 20.5 million ounces (inclusive of mineral reserves), and an additional 5.1 million ounces in the inferred category
  • Life of mine (LOM) increased to 21 years from 16 years at mill throughput ranging from 55,000 to 61,000 tpd
  • Initiating economic studies to evaluate an increase in process plant throughput

Detour Gold Corporation (TSX:DGC) is a Canadian gold exploration and development company. The company is focused on developing its flagship Detour Lake gold project in the Abitibi Greenstone Belt, located in northeastern Ontario.

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