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Detour Gold’s stock slides after CEO resigns

Detour Gold’s stock slides after CEO resigns

Photo by Duane Daws

26th November 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – TSX-listed Detour Gold Corp’s stock on Monday closed 11.71% lower after news of the abrupt departure of president and CEO Gerald Panneton.

The company announced that CFO Paul Martin had been appointed as interim CEO, while the company conducts a search for a new CEO. James Mavor, VP for finance, was appointed interim CFO during this period.

“We all recognise the immense contribution Gerald has made to Detour Gold since 2006. On behalf of the board, I wish to extend our genuine appreciation for his dedicated service, which has been instrumental in bringing Detour Gold from its early years as an exploration company, through the development of the Detour Lake gold mine and, ultimately, its achievement of commercial production on September 1,” executive chairperson Michael Kenyon said in a statement.

Martin noted that the company's priority remained optimising the operation of the Detour Lake mine to achieve nameplate capacity. “Our near-term objectives are well defined and include finalising the 2014 budget after we have had the benefit of seeing the results of the remainder of 2013. We intend to complete our life-of-mine and a reserve update in early 2014, which will be followed with an updated National Instrument 43-101 report,” he said.

The company’s Detour Lake gold mine in north-eastern Ontario is ramping up to become one of largest gold mines in Canada, with expected production levels of 657 000 oz/y of gold over a 20-year life once at full capacity.

The company’s stock closed at C$3.77 apiece, having lost half a dollar on Monday.

Edited by Creamer Media Reporter

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