Detour Gold Announces C$372 Million Bought Deal Offering

TORONTO, ONTARIO--(Marketwire - July 14, 2011) -

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Detour Gold Corporation (TSX:DGC) ("Detour Gold" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters, led by BMO Capital Markets and TD Securities Inc., under which the underwriters have agreed to buy 12,500,000 common shares of the Company ("Common Shares") at a price of C$29.75 per Common Share, representing aggregate gross proceeds of C$371,875,000. In addition, the underwriters will also have an over-allotment option exercisable at any time until 30 days following the closing of the offering to increase the size of this offering by up to an additional 1,875,000 Common Shares for additional gross proceeds of up to C$55,781,250.

The Company intends to use the net proceeds of the offering to complete the C$1.3 billion construction of its Detour Lake gold project, for working capital, and for general corporate purposes. These proceeds, together with cash on hand and the CAT financing, are sufficient to finance the project through to production. As of June 30, 2011, the Company had committed C$815.3 million towards capital expenditures, of which C$275.8 million has been spent.

Closing of this offering is expected to be on or about August 4, 2011 and is subject to certain conditions, including but not limited to, receipt of all necessary securities regulatory approvals (including the approval of the Toronto Stock Exchange).

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

About Detour Gold

Detour Gold is a Canadian gold exploration and development company whose primary focus is to advance the development of its Detour Lake gold project, located in northeastern Ontario, towards production. Detour Gold's shares trade on the Toronto Stock Exchange under the trading symbol DGC.

For further information, please visit Detour Gold's website at www.detourgold.com, email info@detourgold.com.