Detour Gold Corporation (TSX:DGC) and Taykwa Tagamou Nation has announced the signing of an Impact Benefit Agreement with respect to the development and operation of the Company's Detour Lake gold project in northeastern Ontario.
The signing of this IBA follows the successful community ratification of the agreement, which took place on November 13, 2010. The agreement with TTN is the first of three such agreements that are in the process of being ratified.
The IBA sets out the benefits the TTN community will receive from the development of the Detour Lake project and throughout the life of the mine. It outlines how Detour Gold and TTN will work together on community training initiatives as well as employment and business opportunities. The IBA also provides for the establishment of an education trust and the provision of other forms of financial compensation.
The IBA recognizes and respects both TTN's aboriginal rights and interests as well as Detour Gold's rights and interests for the development of the Detour Lake project. It also endorses a commitment by Detour Gold and TTN to consult and accommodate with one another over the life of the mine.
Chief Linda Job of TTN said: "Taykwa Tagamou Nation's signed IBA with Detour Gold represents opportunities for community growth with both parties sharing the same vision for the future. TTN will have access to education, business and employment opportunities and gain skills and experience from the development and operation of Detour Lake, which will positively impact the lives of our membership."
Gerald Panneton, President and CEO commented: "The signing of this IBA marks a significant step reflecting the mutually beneficial partnership between Detour Gold and TTN in further strengthening our existing relationship. We are delighted to have TTN supporting the development of Detour Lake, which will bring numerous opportunities and economic benefits to TTN community members and pave the way to a successful future for regional communities near the Detour lake project for years to come.
Source: Detour Gold Corporation