Detour Gold
Encyclopedia
Detour Gold Corp. is a Canadian gold mining company (currently in the develomental phase (2011)) with operations centered around the Detour Lake gold project, north of Cochrane, Ontario
. Most of the company's employees are from Cochrane and Timmins, Ontario
(Detour has offered Aboriginal communities in the area job opportunities and training). The Detour Lake project was purchased from Pelangio Mines Ltd. in 2007 (the option property from Goldcorp
in 2008).
Although the company has been developing the Detour Lake mine since 2007, it isn't expected to begin production until 2013 when it will be capable of producing gold at a rate of 649,000 ounces annually for 21 years. Its proven gold reserves of 14.9 million ounces is comparable to that of Canada's largest developmental phase gold company Osisko Mining
whose main property is also in the vicinity of the Abitibi gold belt.
The Market value of the company rose from $140 million in 2006 to $1.3 billion in 2009 surpassing $2 billion by the end of the 2010 fiscal year.
The company's main asset has 2P reserves of 14.9 million ounces of gold (up 30% in 2010) and ranks 4th among North America's gold deposits by size (up from 6th July 2010); further exploration could push that up to 20 million ounces. The mine is located in the Abitibi Greenstone Belt near the Abitibi gold belt
of Quebec/Ontario.
On October 24, 2011 part of a major transmission line was completed, providing the gold project with direct access to cheaper electricity from the Island Falls power station and signalling the commencement of mine construction.
Cochrane, Ontario
Cochrane is a town in northern Ontario, Canada. It is located east of Kapuskasing, northeast of Timmins, south of Moosonee, and north of Iroquois Falls. It is about a one-hour drive from Timmins, the major city of the region. It is the seat of Cochrane District...
. Most of the company's employees are from Cochrane and Timmins, Ontario
Timmins, Ontario
Timmins is a city in northeastern Ontario, Canada on the Mattagami River. At the time of the Canada 2006 Census, Timmins' population was 42,997...
(Detour has offered Aboriginal communities in the area job opportunities and training). The Detour Lake project was purchased from Pelangio Mines Ltd. in 2007 (the option property from Goldcorp
Goldcorp
Goldcorp Inc. is a gold producer headquartered in Vancouver, British Columbia, Canada. Goldcorp has 16 operations and development projects in 6 countries across the Americas....
in 2008).
Although the company has been developing the Detour Lake mine since 2007, it isn't expected to begin production until 2013 when it will be capable of producing gold at a rate of 649,000 ounces annually for 21 years. Its proven gold reserves of 14.9 million ounces is comparable to that of Canada's largest developmental phase gold company Osisko Mining
Osisko Mining
Osisko is a development stage precious metals mining company headquartered in Montreal, Quebec. It operates in Canada with a focus on gold mines in the Abitibi gold belt of Quebec. The company was known as Osisko Exploration LTD...
whose main property is also in the vicinity of the Abitibi gold belt.
The Market value of the company rose from $140 million in 2006 to $1.3 billion in 2009 surpassing $2 billion by the end of the 2010 fiscal year.
Detour Lake gold project
The company acquired the asset in 2006 from Pelangio Mines Ltd. for $75 million just before it went public on the Toronto Stock Exchange. Initially the mine was assessed as having an indicated mineral resource of 3.4 million ounces but that was later raised to 17.3 million ounces by early 2010, after further exploration of the area yielded additional findings. In September 2009 a study suggested that the mine was capable of producing gold at a rate of 560,000 ounces per year (that was raised to 649,000 by mid 2010).The company's main asset has 2P reserves of 14.9 million ounces of gold (up 30% in 2010) and ranks 4th among North America's gold deposits by size (up from 6th July 2010); further exploration could push that up to 20 million ounces. The mine is located in the Abitibi Greenstone Belt near the Abitibi gold belt
Abitibi gold belt
The abitibi gold belt is a region of Canada that extends from Wawa, Ontario to Val-d'Or, Quebec. Located within the mineral rich abitibi greenstone belt, the gold belt is an established gold mining district having produced over 100 mines, and 170 million ounces of gold since 1901...
of Quebec/Ontario.
On October 24, 2011 part of a major transmission line was completed, providing the gold project with direct access to cheaper electricity from the Island Falls power station and signalling the commencement of mine construction.