Detour Gold Up on 2014 Operating Results, 2015 Guidance

Detour Gold Corporation (TSX:DGC) was up as much as eight percent on Thursday when it announced its fourth quarter and full year operating results as well as its production guidance for 2015. The company is anticipating 475,000 to 525,000 ounces of gold production next year.

As quoted in the press release, 2014 highlights included:

• Gold production of 456,634 ounces, achieving lower end of guidance
• Preliminary total cash cost of $930 per ounce sold1, at mid-point of guidance; with fourth quarter estimated total cash costs of $875 per ounce sold1
• Exited 2014 at an average mill throughput rate of 54,310 tpd and mining rate of 234,000 tpd for December
• Estimated total capital expenditures in line with guidance of $125-135 million
• Cash and short-term investments balance of approximately $135 million at December 31, 2014

Detour Gold president and CEO, Paul Martin, said:

We are pleased to announce that we achieved our production and cost guidance for 2014 and ended the year with $135 million in cash and short-term investments. By year-end, the mill was performing within 1% of design capacity and mining rates were improving with an average of 234,000 tpd in December. Building upon this momentum is our key priority for 2015. We are optimistic that the initiatives we have underway, including improvements in the mining rate and the potential of processing of fines from our stockpiles, can further enhance our 2015 performance and enable us to achieve the higher end of our production guidance and lower end of our total cash cost guidance.

Click here to read the Detour Gold Corporation (TSX:DGC) press release