Detour Gold Announces C$106 Million Bought Deal Offering

TORONTO, ONTARIO--(Marketwire - Nov. 20, 2012) -

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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, under which the underwriters have agreed to buy 4,000,000 common shares of the Company ("Common Shares") at a price of C$26.50 per Common Share, representing aggregate gross proceeds of C$106,000,000. 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 600,000 Common Shares for additional gross proceeds of up to C$15,900,000. The Company intends to use the net proceeds of the offering for working capital during the ramp-up of the Detour Lake Mine and for general corporate purposes.

As at October 31, construction of the Detour Lake Project was 95% complete and gold production is expected to commence in January 2013, ahead of the original schedule.

Closing of this offering is expected to be on or about December 11, 2012 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 an emerging mid-tier gold producer in Canada. Its development project, Detour Lake, is scheduled to start gold production in January 2013. The Detour Lake open pit mine is expected to produce an average of 657,000 ounces of gold annually over a period of 21.5 years. Detour Gold's shares trade on the Toronto Stock Exchange under the trading symbol DGC.