Thursday, 3rd July 2008 (286 views)

Detour Gold Corporation has announced an updated resource estimate for its Detour Lake gold project in Ontario.

Since the completion of Phase I, Detour Gold has added 73,469 metres of drilling to the project which represents 54 per cent of Phase II.

Results from this drilling have found a 125 per cent increase in inferred gold resources.

This is an indicated increase of 4.8 million ounces to 10.8 million ounces.

Indicated resource estimated decreased from three million ounces to 2.4 million ounces, a decrease of 20 per cent.

Gerald Panneton, president and chief executive officer of Detour Gold, said: "There is excellent potential to further increase the resource base especially to the west of the Calcite Zone and below the former open pit."

Due to this, Mr Panneton said an extra 30,000 metres of drilling has now been added to the Phase III part of the programme.

With 20 million shares, Pelangio Mines has a 44.6 per cent equity interest in Detour Gold.

Pelangio has projects in Canada and in Ghana.

 

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