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Home > Mining Companies > Detour Gold Corporation > News > Detour Gold Reports Solid...
Detour Gold Corporation

Detour Gold Reports Solid Second Quarter 2015 Results

Jul 29, 2015
TORONTO, ONTARIO--(Marketwired - July 29, 2015) - Detour Gold Corporation (TSX:DGC) ("Detour Gold" or the "Company") reports its operational and financial results for the second quarter of 2015. This release should be read in conjunction with the Company's second quarter 2015 financial statements and MD&A on the Company's website or on SEDAR. All amounts are in U.S. dollars unless otherwise indicated.

 
Q2 2015 Highlights
 
• Record gold production of 125,348 ounces
• Mill throughput rates averaged 57,015 tpd
• Mining rates averaged 280,000 tpd
• Total cash costs of $734 per ounce sold(1) and all-in sustaining costs of $1,030 per ounce sold(1)
• Revenues of $147.5 million on gold sales of 123,296 ounces at an average realized price of $1,215 per ounce(1)
• Amendment of Cdn$135 million Credit Facility
• Net loss of $15.4 million ($0.09 per share) and adjusted net earnings of $0.5 million ($nil per share)(1)
• Cash and short-term investments balance of $133.2 million at June 30, 2015
• Drilling program of 30,000 metres at Lower Detour started at end of June

"We are pleased to report a record quarter. Operationally, the mine and mill exceeded our expectations as reflected by the significantly higher production and lower costs reported this quarter," said Paul Martin, President and CEO. "We expect to continue on this trend and finish the year on a strong note with higher gold production and lower costs in the second half of the year aided by a weaker Canadian dollar."

 
Q2 2015 Summary Operational Results
 
• Gold production totaled 125,348 ounces, approximately 9% above the mid-point of the guidance range for the second quarter of 2015.
• For the quarter, the mill facility processed a record 5.2 million tonnes (Mt) of ore or an average of 57,015 tonnes per day (tpd) at recoveries of 91%. Processed grade was 0.82 grams per tonne (g/t), slightly higher than projections for the quarter.
• Mill operating time at 88% was in line with projections with a four day planned shutdown in June to replace SAG and ball mill liners on both lines, complete further improvements on the 410 conveyor system, and conduct a number of annual inspections which included the thickeners.
• Milling rates attained 2,712 tonnes per operating hour (tpoh) for the second quarter, exceeding the budget rate of 2,600 tpoh and the design rate of 2,500 tpoh. The processing plant has now been operating at design capacity of 55,000 tpd since March 2015.
• A total of 25.5 Mt (ore and waste) was mined in the second quarter (equivalent to mining rates of 280,000 tpd for Phase 1 and 2), approximately 18% higher than the annual budgeted rate of 238,000 tpd and above the fourth quarter target of 268,000 tpd.
• Phase 2 pre-stripping totalled 1.4 Mt for the quarter.
• At the end of the quarter, run-of-mine stockpiles had been successfully re-built to 1.7 Mt grading 0.71 g/t, providing operational flexibility for the second half of 2015.
• Total cash costs for the second quarter of 2015 were $734 per ounce sold(1) and all-in sustaining costs were$1,030 per ounce sold(1), lower than plan due to higher production and a favorable exchange rate.
• Lower unit costs were achieved in the second quarter, mainly due to more tonnes mined and milled. In addition, plant operating costs benefited from consumables (i.e. grinding media, cyanide, and SO2) declining to their lowest levels since production commenced.

Source: http://www.detourgold.com/investors-centre/News-Releases/news-Release-Details/2015/Detour-Gold-Reports-Solid-Second-Quarter-2015-Results/default.aspx

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SHAREPOINT DEVELOPER

We currently have an exciting opportunity for a SharePoint Developer to join our Business Intelligence Team. The SharePoint Developer will create and develop a business-changing Company SharePoint website.
MINE PLANNING TECHNICIAN TRAINEE
Based at the Detour Lake Mine site, we currently have an exciting opportunity for a Mine Planning Technician Trainee to join our Technical Services team reporting to the Mine Planning Superintendent.  
SENIOR MINE GEOLOGIST

Based at the Canadian Operations Centre in Timmins, ON, we currently have an exciting opportunity for a Senior Mine Geologist to join our Geology team reporting to the Geology Superintendent.   
PROCESS PLANT RELIABILITY ENGINEER
Based at the Detour Lake Mine site, we currently have an exciting opportunity for a Process Plant Reliability Engineer to join our Process Plant Maintenance team reporting to the Reliability Supervisor.
IT SUPPORT ANALYST

Based at the Corporate Office in Toronto, ON, we currently have an exciting opportunity for an IT Support Analyst to join our Business Intelligence division reporting to the VP, Business Intelligence.
PROCESS PLANT MAINTENANCE ELECTRICIAN

Based at the Detour Lake Mine site, we currently have an exciting opportunity for a Process Plant Maintenance Electrician to join our Process Plant Maintenance team reporting to the Process Plant Maintenance Electrical Supervisor.
HAUL TRUCK OPERATOR

Based at the Detour Lake Mine site, we currently have an exciting opportunity for a Haul Truck Operator to join our Mine Operations team reporting to the Mine Supervisor.
MANAGER, IT OPERATIONS CANADA

Based at the Canadian Operations Centre in Timmins, ON, we currently have an exciting opportunity for a Manager, IT Operations Canada to join our Business Intelligence Team reporting to the VP, Business Intelligence.
EXPLORATION COORDINATOR

Based at the Detour Lake Mine site, we currently have an exciting opportunity for a Exploration Coordinator to join our Exploration team, reporting to the Exploration Superintendent.
MANAGER, FP&A AND REPORTING

Based at the Toronto Corporate Office, we currently have an exciting opportunity for a Manager, FP&A and Reporting to join our finance team, reporting to the Corporate Controller.
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