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Moose Cree And Detour Gold Sign Memorandum Of Understanding

by NationTalk on September 28, 2009486 Views

TORONTO, ONTARIO – Sept. 28, 2009 – Detour Gold Corporation (TSX:DGC) (“Detour Gold” or the “Company”) is pleased to announce that the Moose Cree First Nation (“MCFN”) and Detour Gold have signed a Memorandum of Understanding (“MOU”) outlining their mutual commitment to working together and negotiating an Impact and Benefit Agreement (“IBA”) for the Detour Lake gold project in northeastern Ontario.”Through this MOU, Detour Gold and the MCFN recognize that they have a mutual interest in negotiating an IBA that respects each other’s rights, titles and interests,” said Chief Norm Hardisty.

Gerald Panneton, President and CEO of Detour Gold, commented: “Our Company is committed to working with the MCFN to create a substantial level of economic benefit from the future development of the Detour Lake gold project located within the MCFN homelands. In addition, the project will generate positive economic opportunities for northeastern Ontario.”

The MOU outlines how the parties will work together as the Detour Lake project advances through the feasibility and environmental assessment processes. It lays the ground work for both parties to negotiate an IBA. It is both parties’ intentions to negotiate an IBA that outlines the involvement and support of the MCFN for the project during the life of the mine.

Forward Looking Information

This press release contains certain forward-looking information as defined in applicable securities laws (referred to herein as “forward-looking statements”). Specifically, this press release contains forward-looking statements regarding the creation of positive economic opportunities for northeastern Ontario by the Detour Lake gold project and the intentions of Detour Gold and the Moose Cree First Nation relating to the negotiation of an IBA. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Detour Gold’s ability to predict or control and may cause Detour Gold’s actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, gold price volatility, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, interest rate and exchange rate fluctuations, general economic conditions and other risks involved in the gold exploration and development industry, as well as those risk factors discussed in the section entitled “Description of Business – Risk Factors” in Detour Gold’s 2008 annual information form. Such forward-looking statements are also based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about the following: the availability of financing for exploration and development activities; the estimated timeline for the development of the Detour Lake gold project; the supply and demand for, and the level and volatility of the price of, gold; the accuracy of resource estimates and the assumptions on which the resource estimates are based; market competition; ongoing relations with employees and local communities; and general business and economic conditions. Accordingly, readers should not place undue reliance on forward-looking statements. Detour Gold undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.

For more information, please contact

Detour Gold Corporation
Gerald Panneton
President and CEO
(416) 304-0800

or

Detour Gold Corporation
Derek Teevan
VP Government and Aboriginal Affairs
(416) 304-0800

or

Moose Cree First Nation
Norm Hardisty Jr.
Chief
(705) 658-4619

or

Moose Cree First Nation
Ernest W. Rickard
Lead Negotiator
(705) 658-4255

or

Detour Gold Corporation
Royal Bank Plaza, North Tower
200 Bay Street, Suite 2040

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