Global measured and indicated mineral resources of 20.5 million ounces (inclusive of mineral reserves)
Advancing North America's 4th Largest Gold Reserves Towards Development
Message: Shareholders of Detour Gold and PDX Resources Approve Merger
| March 26, 2009 |
| Shareholders of Detour Gold and PDX Resources Approve Merger; Merger to be Effective on March 27, 2009 |
| TORONTO, ONTARIO--(Marketwire - March 26, 2009) - Detour Gold Corporation (TSX:DGC) ("Detour Gold") and PDX Resources Inc. (TSX:PLG) ("PDX") announce that the merger of the companies was approved today at separate special meetings of their respective shareholders. Gerald Panneton, President and Chief Executive Officer of Detour Gold, stated, "We are pleased that the shareholders of Detour Gold and PDX recognize the benefits of the merger. We look forward to completing the merger and advancing the Detour Lake project under a simplified ownership structure with a broader investor base and assisted by a respected and experienced board of directors." The parties expect that articles of amalgamation will be filed shortly, providing for the amalgamation of PDX and a wholly-owned subsidiary of Detour Gold (the "Amalgamation") to be effective tomorrow, March 27, 2009, at 12:01am (Edmonton time) (the "Effective Time"). At the Effective Time, outstanding common shares of PDX will be cancelled. Registered holders of common shares of PDX immediately prior to the Effective Time will receive 0.2571 of a common share of Detour Gold in exchange for each PDX share cancelled; provided that, if this exchange would result in any such holder receiving a fractional Detour Gold share, then the number of Detour Gold shares issued to that holder will be rounded up to the next whole number. A PDX shareholder may obtain a share certificate representing the Detour shares to which he or she is entitled by depositing with Computershare Investor Services Inc. the certificate(s) representing the PDX shares held by him or her, together with a properly completed letter of transmittal. Instructions on how to exchange PDX share certificates are described in the letter of transmittal which accompanied the Joint Management Information Circular of Detour and PDX dated February 20, 2009 (the "Joint Circular") mailed in connection with the merger. Copies of the letter of transmittal and the Joint Circular are available on SEDAR at www.sedar.com or by written request to the Director Investor Relations of Detour Gold at the address provided below. About PDX Resources Inc. PDX's principal asset is its 19 million common shares (representing a 42.2% equity interest) of Detour Gold. At the Effective Time, the successor to PDX resulting from the Amalgamation will be a wholly-owned subsidiary of Detour Gold. Following the Effective Time, Detour Gold intends to wind-up this successor company and cause the 19 million Detour Gold common shares that it holds to be cancelled. About Detour Gold Corporation Detour Gold is a Canadian gold exploration and development company whose focus is to advance the development of its Detour Lake project located in northeastern Ontario. The Amalgamation will not materially affect the outstanding share capital of Detour Gold as the number of Detour Gold common shares to be issued in the Amalgamation will be almost equal to the number to be cancelled following the Amalgamation. On a post-merger basis, Detour Gold will have approximately 45,014,000 common shares issued and outstanding. |
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