The Gold Report

Detour Gold Corp. TICKER: DGC:TSX Visit Company Website Detour Gold Corporation is a Canadian gold exploration and development company whose primary focus is to advance the Detour Lake property located on the Abitibi Greenstone Belt in northeastern Ontario toward development and production. The positive results of the feasibility study confirmed that the future Detour Lake open-pit operation can be a significant gold producer with the added benefits of a long mine life within a stable political environment. The company continues to advance the project toward production expected in early 2013. Photo Gallery: Detour Lake Construction Progress

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Mike Parkin, Merrill Lynch (1/27/12) "Funds Detour Gold Corp. needed to complete Detour Lake are now secured; we have updated our model for the reported 5% increase in reserves, the lower life-of-mine strip ratio, the expected earlier start up and the CA$28/share equity financing (8.6M shares plus an over allotment option for 1.29M shares). The project is currently ahead of schedule, with first gold expected in late Q412 (prior Q113)."

Steven Butler, Canaccord Genuity (1/25/12) "We reiterate our Speculative Buy rating on Detour Gold Corp. following a positive reserve/resource update highlighting a 5% increase in reserves at Detour Lake (15.6 Moz Au from 14.9 Moz). Our rating is based on superior leverage to higher gold prices, potential for further improvement in project economics from an expansion (+75 Ktpd operation vs. current 55 Ktpd), rerating potential as Detour Lake is advanced to production and our view that the company remains an attractive M&A target."

Anita Soni, Credit Suisse (1/25/12) "Detour Gold Corporation announced an increase in the 2P reserves at its Detour Lake project, to 15.6 Moz from the previous estimate of 14.9 Moz; the increase was directly related to a 5% increase in reserve tonnage, with reserve and cutoff grades staying constant. We view the increase as positive, as it increases confidence in the in-pit reserves. . .management had also indicated on today's call that the updated plan will feature a smoother grade profile of ~1.0 g/t over the first five years."

Brad Humphrey, Raymond James (1/25/12) "Detour Gold Corp.'s reserve update came in essentially in line with our expectations: 2P reserves increased ~5% from 14.9 Moz to 15.6 Moz (using an $850/oz gold price, 0.5 g/t cutoff); Measured and Indicated resources increased 13% from 20.5 Moz to 23.3 Moz (inclusive of reserves). . .the company remains a +650 Koz producer with a long life in a stable region and with an experienced mine-building team."

Kerry Smith, Haywood Securities (1/25/12) "Detour Gold Corp. released an updated reserve and resource estimate for its wholly owned Detour Lake gold project. . .the company reported 15.6 Moz 2P gold reserves, which represents a 5% increase over the reserve estimate contained in the 2010 reserve update. Total resources increased 13%, from 25.7 Moz to 29 Moz. . .we continue to recommend the shares of Detour with a Sector Outperform rating."

• Corporate Presentation (12/31/11)
• Corporate Presentation (12/9/11)

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