|Detour Gold Corp. - DGC.t is advancing the flagship Detour Lake deposit.|
With 15.8 million ounces in reserves, Detour Lake is the second largest gold producing mine in Canada with the largest gold reserves.
On July 18, 2018 the media released News
Paulson & Co. Inc. ("Paulson"), one of the largest institutional investors in Detour Gold Corporation (TSX:DGC) ("Detour Gold" or the "Company") provided the following in response to this afternoon’s false and misleading communication from Detour Gold, where it made allegations that are proven incorrect by the facts:
“We were in contact with the OSC prior to the issuance of our press release from earlier today and provided it with the unsolicited written communication, disclosing the non-public information, from Michael Kenyon. We also provided the request we made to Detour’s board to disclose this information to all shareholders. The actions of the Company’s board and management are without precedent, as they continue to waste corporate assets and act in a manner that is not in the best interest of the Company or shareholder interests. Paulson will continue to assert and defend shareholder rights and will support any investigation by the OSC. In addition, Paulson wants to make it clear that, given the sub-par performance of the Company, we initially asked that the Company explore strategic alternatives. This would be in parallel with the execution of the life-of-mine plan and would include a sale process to see if fair value can be received for shareholders expeditiously."
A copy of the correspondence received from Detour Gold, including the unsolicited written communication to Paulson selectively disclosing non-public information that the Company had been approached by a major gold mining company interested in potentially acquiring it, will be available on SEDAR and can be obtained from MacKenzie Partners at email@example.com.
DETOUR GOLD ALERTS MARKET TO POTENTIAL SECURITIES VIOLATION BY PAULSON AND CO.; ADDRESSES HIGHLY MISLEADING PAULSON PRESS RELEASE
Earlier this morning, Detour Gold Corp. notified the Ontario Securities Commission of concerning and unlawful behaviour undertaken by Paulson and Co. and has asked the OSC to investigate. This action took place prior to Paulson's ill-timed press release this afternoon. Paulson, in a desperate attempt to resuscitate its flailing reputation in the mining industry, has once again misinformed the investment community. This is not the first time, unfortunately, that Paulson has done so. Over the past several weeks, Paulson has run an aggressive and self-serving agitation campaign against Detour Gold with the sole objective of bullying the company into an ill-timed fire sale. The company does not have a sale process in place, nor has it received any offers to purchase its shares and remains focused on the life-of-mine plan, while remaining open (as it has been historically) to value-accelerating opportunities. Earlier this morning, Detour Gold made a complaint to the OSC about Paulson's continued misleading statements. The company believes Paulson's actions constitute serious misconduct under securities laws.
PAULSON & CO. PROVIDES UPDATE ON DETOUR GOLD CORPORATION
Paulson & Co. Inc., one of the largest institutional investors in Detour Gold Corp., will move forward with its efforts to replace a majority of the Detour Gold board of directors with new highly qualified, independent nominees committed to exploring all strategic alternatives including a potential sale of the company. Last Friday, Michael Kenyon, interim chief executive officer of Detour Gold, sent an unsolicited written communication to Paulson, selectively disclosing non-public information that the company has been approached by a major gold mining company interested in potentially acquiring it. As part of the communication, Detour Gold stated it would only sign a confidentiality agreement with the interested party only if both the party and Paulson agreed to a standstill, even though Paulson has no affiliation with the major mining company. In light of such approach, Paulson requested that the company's board immediately disclose such material to all shareholders and the investing public