Detour Gold Announces Appointment of Michael McMullen as Chief Executive Officer
TORONTO, April 1, 2019 /CNW/ - Detour Gold Corporation (TSX: DGC) ("Detour Gold" or the "Company") is pleased to announce the appointment of Michael (Mick) McMullen as Chief Executive Officer and Director of the Company effective May 1, 2019.
Mr. McMullen has over 25 years of international experience in the mining industry with an accomplished background in all aspects of the mining business, including exploration, permitting, mine development, financing, operations, product sales, and asset acquisition and divestments as well as the debt and equity markets. He has managed multiple operations (open pit and underground mines) across multiple jurisdictions. His experience covers a range of commodities, including copper, gold, iron ore and PGMs.
Interim Chair of the Board of Detour Gold, Dawn Whittaker, commented, "We are delighted to welcome Mick to the CEO role. We will greatly benefit from his wealth of experience and his proven track record of building and leading successful teams, employing strict capital discipline, and delivering outstanding returns to investors. We look forward to his leadership in taking the Company through its next phase of growth and development."
Mr. McMullen stated, "I am excited to be joining the Company and look forward to working with the team to continue to build a leading mid-tier gold producer with a strong safety culture and cost performance. The Company has a unique asset with a long mine life in a low-risk jurisdiction that has the potential to deliver significant value to shareholders. I look forward to engaging with the Company's stakeholders to provide our vision for the way forward for the Company."
The Board of Directors expresses its appreciation to Bill Williams, who has served as Interim Chief Executive Officer of the Company since January 2019. Dr. Williams will remain on the Board as a Director.
More Info on Mick McMullen
Since 2018, Mr. McMullen has been a senior advisor to Black Mountain LLC, a private company engaged in identifying and capturing high-growth opportunities within the natural resource space.
He was Chief Executive Officer and a Director of platinum and palladium ("PGM") producer Stillwater Mining Company from 2013 to 2017 prior to its acquisition by Sibanye Gold Limited for an equity value of US$2.2 billion. During his tenure, the Company achieved its best safety performance on record, reduced AISC/PGM ounce by approximately one third, expanded its PGM recycling business to be the largest in the world and added approximately US$1.1 billion in equity value against a backdrop of a 10% fall in PGM prices.
Before joining Stillwater Mining Company, Mr. McMullen served as a Principal at MRI Advisory AG, a private company focusing on the development of metal and minerals projects in the Americas, Europe and Africa. He was responsible for managing the mining investments of the Principals and supervising the technical due diligence for a variety of commodity-backed funding structures. Following MRI Advisory transactions, he held the following executive roles during that period: President and Chief Executive Officer of New Chris Minerals Ltd. (the predecessor of GT Gold Corp) from 2011 to 2016; Executive Chairman of Lachlan Star Ltd. from 2007 to 2013; and Managing Director of Northern Iron Ltd. from 2007 to 2009 and President of Northern Iron Marketing AG until June 2010.
Mr. McMullen holds a Bachelor of Science degree in geology from Newcastle University in New South Wales and pursued graduate studies in mineral economics at Western Australian School of Mines.
Mr. McMullen's appointment is subject to governmental approval of his authorization to work in Canada.
About Detour Gold
Detour Gold is a mid-tier gold producer in Canada that holds a 100% interest in the Detour Lake mine, a long life large-scale open pit operation. Detour Gold's shares trade on the Toronto Stock Exchange under the trading symbol DGC.
For further information, please contact:
Bill Williams, Interim CEO
Laurie Gaborit, VP Investor Relations
Detour Gold Corporation, Commerce Court West, 199 Bay Street, Suite 4100, P.O. Box 121, Toronto, Ontario M5L 1E2