Expert Analysis

Steve Parsons, National Bank Financial (11/9/12) "On November 8, 2012, Detour Gold Corp. reported that overall project construction at Detour Lake had reached 95% completion (98% completion on mechanical work) and that mining activities were tracking well, putting the mine on track for a January 2013 production start. . .with production imminent and Detour strategically large and at the front of the development queue, the news is directionally positive. . .we are reiterating our Outperform rating."

Brad Humphrey, Raymond James (11/9/12) "Detour Gold Corp. announced that mill commissioning had commenced at its Detour Lake project; this is a positive milestone for the company as it advances towards its first gold early in 2013. The update provides us additional comfort in the progression of key activities as Detour works to complete construction at the site and commence commissioning activities. . .we have confidence in its ability to transition the project from construction stage and into a mining operation next year."

Mike Parkin, Bank of America Merrill Lynch (11/9/12) "Detour Gold Corp. announced after the market close yesterday that the commissioning of line 1 in the mill of the Detour Lake project (now 95% complete on construction at the end of October) has begun. The company maintained its target to pour first gold in January of 2013 and that the first ore will be fed into the processing circuit before the end of 2012. . .Detour maintained the 2013 guidance of 350–400 Koz gold production."

Cosmos Chiu, CIBC World Markets (11/9/12) "Detour Gold Corp. has provided an update for the Detour Lake project, indicating that construction has reached the 95% completion mark. . .and is on track to have its first gold pour in January 2013. . .on the mining front, production rates have been steadily increasing and have averaged over 100 Ktpd over the last two months. . .we are maintaining our Sector Outperformer rating. . .the company remains one of our top picks for gold exposure going into 2013."

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