Detour Gold Announces Management Changes
TORONTO, June 24, 2019 /CNW/ - Detour Gold Corporation (TSX: DGC) ("Detour Gold" or the "Company") wishes to advise that Frazer Bourchier, Chief Operating Officer ("COO"), and Laurie Gaborit, VP Investor Relations, have both resigned their positions, effective June 30, 2019.
Mr. Bourchier entered into an agreement with the Company in March 2019 whereby the Company offered certain incentives for him to remain in his position as COO until June 30, 2019. Among other things, the Company offered Mr. Bourchier the option to resign for "Good Reason", and to receive the immediate payment of all monies owning to him under his employment contract as a result of such resignation, provided that he remains with the Company until at least June 30th. Mr. Bourchier has now elected to exercise that option and has tendered his resignation, effective June 30th.
Ms. Gaborit also entered into an agreement with the Company in April 2019 that extended her option to resign following the deemed "Change of Control" of the Company in December 2018, and to receive the immediate payment of all monies owing to her under her employment contract as a result of such resignation. Ms. Gaborit has elected to exercise that option and has tendered her resignation, effective June 30th. The Company has put in place a consulting agreement for her to provide ongoing IR support in the short term.
The approximate cost to the Company of both resignations is approximately C$4.5 million, which will be taken as a one-off charge in Q2 2019.
The Company thanks both Mr. Bourchier and Mrs. Gaborit for their service and wishes them well in their future endeavors.
The Company also advises that Jaco Crouse has now formally started in the position of Chief Financial Officer. Mr. Crouse is a seasoned financial professional with over 16 years of experience in financial management and reporting, mine financial planning, business optimization and strategy development. At this time, the Company does not plan on filling the COO position. In addition, the Company has made other management restructurings that will in total represent an annual saving of approximately C$4 million going forward.
Mick McMullen, President and CEO of the Company, said, "We are moving forward at Detour Gold with our new Board, a rejuvenated executive team and a renewed focus on driving efficiencies and running the Company as a profitable business."
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:
Mick McMullen, President and 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