TORONTO, ONTARIO–(Marketwired – March 22, 2017) – Detour Gold Corporation (TSX:DGC) (“Detour Gold” or the “Company”) reports its financial results for the fourth quarter and full-year 2016. The Company previously released its fourth quarter and full-year 2016 operational results on January 30, 2017. All amounts are in U.S. dollars unless otherwise indicated.

This press release should be read in conjunction with Detour Gold’s audited consolidated Financial Statements and related notes and schedules for the year ended December 31, 2016, and related Management’s Discussion and Analysis (“MD&A”), which are available from the Company’s website (www.detourgold.com) under the Investor Centre section and on SEDAR (www.sedar.com).

2016 Highlights

• Gold production of 537,765 ounces, in line with revised guidance of 525,000 to 545,000 ounces
• Revenues of $658.3 million on sales of 527,727 ounces of gold at an averaged realized gold price¹ of $1,221 per ounce
• Earnings from mine operations of $94.9 million
• All-in sustaining costs¹ of $1,007 per ounce sold, within the revised guidance of $970 to $1,020 per ounce sold
• Net loss of $6.9 million ($0.04 per share) and adjusted net earnings¹ of $10.4 million ($0.06 per share)
• Year-end cash and short-term investments balance of $129.4 million
• Positive drilling results from Zone 58N

Q4 2016 Highlights

• Quarterly gold production of 143,512 ounces
• Revenues of $176.6 million
• Earnings from mine operations of $4.8 million
• All-in sustaining costs¹ of $1,132 per ounce sold, including total cash costs¹ of $855 per ounce sold
• Net loss of $13.5 million ($0.08 per share) and adjusted net loss¹ of $6.0 million ($0.03 per share)

Subsequent Events

• Permitting for West Detour development delayed and awaiting decision if project will be subject to a federal environmental assessment process versus provincial (refer to news release dated January 30, 2017)
• Releasing a revised life of mine plan for the Detour Lake operation on March 22, 2017
• Year-end 2016 proven and probable reserves of 16.5 million ounces (refer to March 22, 2017 news release entitled “Detour Gold Provides Updated Life of Mine Plan for Detour Lake”.

¹ Refer to section Non-IFRS Financial Performance Measures at the end of this news release.

Selected Financial Information

Q4 2016 Financial Performance

• Fourth quarter revenues for 2016 were $176.6 million compared to $145.7 million in the prior year period. The Company’s gold sales increased to 144,668 ounces in the fourth quarter of
  2016 compared to 132,209 ounces in the prior year period, mainly due to the timing of gold pours and shipments. The average realized gold price¹ increased by $108 per ounce, from $1,102 per ounce to $1,210 per ounce.
• Cost of sales totaled $171.7 million in the fourth quarter of 2016, a 26% increase from $136.6 million in the prior year period, primarily driven by higher volume of gold sales, higher costs for mine maintenance, and costs associated to the ‘fines’ project. Total cash costs for the fourth quarter of 2016 were $855 per ounce sold compared to $694 per ounce sold in the prior year period.
• Earnings from mine operations for the fourth quarter of 2016 decreased to $4.8 million compared to $9.1 million in the prior year period. The decrease is mainly attributable to higher production costs.
• Net loss for the fourth quarter of 2016 totaled $13.5 million ($0.08 per share) compared to
  $40.8 million ($0.24 per share) in the prior year period. The improvement reflects higher gold sales and lower income and mining tax expense. The adjusted net loss¹ for the fourth quarter of 2016 totaled $6.0 million ($0.03 per share) compared to $4.4 million ($0.03 per share) in the prior year period.

Full Year 2016 Financial Performance

• Revenues for the full year 2016 were $658.3 million, 17% higher than in the previous year as
  a result of higher volume of gold ounces sold and a 4% increase in the average realized gold price¹ received. The Company’s gold sales totaled 527,727 ounces at an average realized price of $1,221 per ounce compared to 486,243 ounces at an average realized price¹ of $1,175 per ounce for 2015.
• Cost of sales for 2016 totaled $563.4 million compared to $550.3 million in 2015. 2015 production costs include an unfavorable adjustment of $7.7 million relating to the Company’s electricity usage in prior periods. Total cash costs decreased to $746 per ounce sold in 2016 from $775 per ounce sold in 2015, driven by higher volumes of ounces sold and a more favorable average foreign exchange rate.
• Earnings from mine operations for 2016 increased to $94.9 million from $12.7 million in 2015, mainly due to higher revenues.
• Net loss for 2016 totaled $6.9 million ($0.04 per share) compared to a net loss of $163.6
  million ($0.97 per share) in 2015. The improvement reflects higher gold sales and an income and mining tax recovery. The adjusted net earnings¹ for 2016 totaled $10.4 million ($0.06 per share) compared to adjusted net loss¹ of $42.1 million ($0.25 per share) in 2015.
• For 2016, sustaining capital expenditures were $104.6 million, including cash deferred stripping costs of $2.7 million.

Liquidity and Capital Resources

• During 2016, the Company re-purchased $142 million of convertible notes, reducing the amount due at maturity on November 30, 2017 to $358 million. The Company is evaluating refinancing opportunities for the convertible notes and its bank credit facility which expires on August 31, 2017.
• At December 31, 2016, the Company held cash and cash equivalents and short-term investments of $129.4 million compared to $160.6 million at December 31, 2015. The Company also has an undrawn revolving credit facility of C$85 million.

Financial Risk Management

• During 2016, the Company entered into a number of gold, foreign exchange and diesel derivative contracts. The total realized loss on these derivative instruments for 2016 was $14.5 million.
• As at December 31, 2016, the Company had $161 million of zero-cost collars to hedge its Canadian dollar costs whereby it can sell US dollars at a rate no lower than 1.30 and can participate up to a rate of 1.40. For 2017, approximately 75% of operating costs and 65% of capital costs are expected to be denominated in Canadian dollars.
• Subsequent to year-end, the Company entered into 90,000 ounces of zero-cost collars to protect its gold sales from April to December 2017. The collars have a range of $1,200 to $1,330 per ounce.

Financial Position

The Company plans to arrange up to $450 million in financing in 2017 to ensure its future liquidity needs are well managed. The $450 million is premised upon re-financing $300 million of convertible notes that mature in November 2017 and replacing its senior secured credit facility of C$135 million that matures in August 2017.

The bank market is the Company’s preferred financing alternative as it provides the flexibility to re-pay indebtedness based on the Company’s liquidity. The Company is in discussions with its current bank syndicate, comprised of five banks, to assess the potential of obtaining a senior secured debt facility to ensure its future liquidity is addressed.

The senior secured debt facility is expected to comprise three components: a drawn facility of up to $300 million to re-finance the estimated outstanding amount of the convertible notes at their maturity on November 30, 2017; a drawn facility for letters of credit that guarantee the Company’s closure bonding and other obligations of up to $50 million; and an undrawn facility in the amount of up to $100 million.

The banking syndicate is currently reviewing the Company’s updated life of mine plan to assess the available capacity. The Company expects to receive commitments from the members of the banking syndicate by the end of April 2017 and to conclude negotiations in the second quarter of 2017.

The Company is also evaluating additional sources of potential funding in the event a senior secured credit facility alone does not provide sufficient liquidity or if the Company determines its liquidity needs are best met by including other sources of financing. To this end, the Company is in discussions with its mobile fleet equipment vendor to assess the availability of obtaining a secured debt facility of up to $100 million to finance new purchases of equipment. The Company is also evaluating the convertible debt and equity markets as additional sources of financing.

Annual General and Special Meeting of Shareholders

Detour Gold’s Annual General and Special Meeting of Shareholders will be held on May 4, 2017 at 2:00 PM in the St. Andrew’s Hall (27^th Floor) of the St. Andrew’s Club & Conference Centre at 150 King Street West in Toronto.

Technical Information

The scientific and technical content of this news release was reviewed, verified and approved by Drew Anwyll, P.Eng., Senior Vice President Technical Services, a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects.”

Analyst Workshop

The Company announced today an updated life of mine plan (including year-end 2016 mineral resource and reserve estimates) for its Detour Lake operation. The Company will host a Workshop tomorrow, March 23, 2017 at 9:00 AM E.T. The workshop will be webcast and the presentation posted on the Company’s website.

To join the webcast go to www.detourgold.com and click on the “2017 Workshop – Updated Life of Mine Plan” link on home page. For further details, contact Sandy Noyes, Investor Relations Associate, at 416.309.7345.

About Detour Gold

Detour Gold is an intermediate 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.

Non-IFRS Financial Performance Measures (1)

The Company has included certain financial performance measures with no standard meaning under International Financial Reporting Standards (“IFRS”): total cash costs, all-in sustaining costs, average realized gold price and adjusted net earnings (loss) in this news release. Refer to Non-IFRS Financial Performance Measures in the Company’s 2016 MD&A for further information.

The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.

Total cash costs

Total cash costs is a common financial performance measure in the gold mining industry but with no standard meaning under IFRS. Detour Gold reports total cash costs on a sales basis. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, such as sales, certain investors use this information to evaluate the Company’s performance and ability to generate operating earnings and cash flow from its mining operations. Management uses this metric as an important tool to monitor operating cost performance.

Total cash costs include production costs such as mining, processing, refining and site administration, agreements with Aboriginal communities, less non-cash share-based compensation and net of silver sales divided by gold ounces sold to arrive at total cash costs per gold ounce sold. The measure also includes other mine related costs incurred such as mine standby costs and current inventory write downs. Production costs are exclusive of depreciation and depletion. Production costs include the costs associated with providing the royalty in kind ounces. Other companies may calculate this measure differently.

All-in sustaining costs (AISC)

The Company believes this measure more fully defines the total costs associated with producing gold. The Company calculates AISC as the sum of total cash costs (as described above), share-based compensation, corporate general and administrative expense, exploration and evaluation expenses that are sustaining in nature, reclamation cost accretion (also known as unwinding of the discount on decommissioning and restoration provisions), sustaining capital including deferred stripping, and realized gains and losses on hedges due to operating and capital costs, all divided by the gold ounces sold to arrive at a per ounce figure.

Other companies may calculate this measure differently as a result of differences in underlying principles and policies applied. Differences may also arise due to a different definition of sustaining versus non-sustaining capital.

Average realized price and Average realized margin

Average realized price and average realized margin per ounce sold are used by management and investors use these measures to better understand the gold price and margin realized throughout a period.

Average realized price is calculated as metal sales per the MD&A statement of comprehensive loss and includes realized gains and losses on gold forwards, less silver sales. Average realized margin represents average realized price per gold ounce sold less total cash costs per ounce sold.

Adjusted net earnings (loss) and Adjusted basic net earnings (loss) per share

Adjusted net earnings (loss) and adjusted basic net earnings (loss) per share are used by management and investors to measure the underlying operating performance of the Company. Presenting these measures from period to period helps management and investors evaluate earnings trends more readily in comparison with results from prior periods.

Adjusted net earnings (loss) is defined as net earnings (loss) adjusted to exclude specific items that are significant, but not reflective of the underlying operations of the Company, including: fair value change of the convertible notes, the impact of foreign exchange gains and losses, including the foreign exchange on deferred income and mining taxes, non-cash unrealized gains and losses on derivative instruments, accretion on convertible notes, unwinding of discount on decommissioning and restoration provisions, impairment provisions and reversals thereof, and other non-recurring items. Adjusted basic net earnings (loss) per share is calculated using the weighted average number of shares outstanding under the basic method of loss per share as determined under IFRS.

Additional IFRS Financial Performance Measures

The Company has included the additional IFRS measure “Earnings (loss) from mine operations” in the news release. Management noted that “Earnings (loss) from mine operations” provides useful information to investors as an indication of the Company’s principal business activities before consideration of how those activities are financed, sustaining capital expenditures, corporate administration expense, exploration and evaluation expenses, loss on disposal of assets, finance income and costs, and taxation.

Forward-Looking Information

This press release contains certain forward-looking information as defined in applicable securities laws (referred to herein as “forward-looking statements”). Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the amount of mineral resources and mineral reserves and exploration targets; (ii) the amount of future production over any period; (iii) assumptions relating to recovered grade, average ore recovery, internal dilution, mining dilution and other mining parameters set out in the technical reports, studies and disclosure of the Company; (iv) assumptions relating to revenues, operating cash flow and other revenue metrics set out in the Company’s disclosure materials (v) mine expansion potential and expected mine life; (vi) expected time frames for completion of permitting and regulatory approvals; (vii) future capital and operating expenditures; (viii) future exploration plans; (ix) future gold prices; and (x) sources of and anticipated financing requirements. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates”, “targets”, or “believes”, or variations of, or the negatives of, such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved.

Specifically, this press release contains forward-looking statements regarding the Company evaluating refinancing opportunities for the convertible notes and its bank credit facility on or before their respective maturity dates of November 30, 2017 and August 31, 2017; approximately 75% of operating costs and 65% of capital costs being denominated in Canadian dollars: the Company’s plans to arrange up to $450 million in financing in 2017; the senior secured debt facility being comprised three components; a drawn facility of up to $300 million to re-finance the estimated outstanding amount of the convertible notes at their maturity on November 30, 2017, a drawn facility for letters of credit that guarantee the Company’s closure bonding and other obligations of up to $50 million, and an undrawn facility in the amount of up to $100 million; the Company expecting to receive commitments from the members of the banking syndicate by the end of April 2017 and to conclude negotiations the second quarter of 2017.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Detour Gold’s ability to predict or control and may cause Detour Gold’s actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the ability of the Company to refinance its convertible notes and credit facility on or before maturity (November 30, 2017 and August 31, 2017, respectively) on acceptable terms, gold price volatility, changes in debt and equity markets, a reduction in the company’s available cash resources, the uncertainties involved in interpreting geological data, risks relating to variations in recovered grades and mining dilution, variations in rates of recovery, changes or delays in mining development and exploration plans, the success of mining, development and exploration plans, changes in project parameters, risks related to the receipt of regulatory approvals, increases in costs, environmental compliance and changes in environmental legislation and regulation, delays in the consultation and permitting process for West Detour, interest rate and exchange rate fluctuations, general economic conditions and other risks involved in the gold exploration and development industry, as well as those risk factors discussed in the section entitled “Description of Business – Risk Factors” in Detour Gold’s 2015 AIF and in the continuous disclosure documents filed by Detour Gold on and available on SEDAR at www.sedar.com.

Forward-looking statements in this press release are also based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about the following: a constant gold price of $1,200/oz in 2017, a constant diesel fuel price of C$0.70 per litre in 2017, a constant CAD/US exchange rate of 1.30 in 2017 and a constant power cost of C$0.03 per kilowatt hour in 2017, the ability of the Company to refinance its convertible notes and credit facility on or before maturity (November 30, 2017 and August 31, 2017, respectively) on acceptable terms, the availability of financing for exploration and development activities; operating and capital costs; the Company’s available cash resources in 2017; the Company’s ability to attract and retain skilled staff; the mine development schedule and related costs; the mine production schedule; year-end face position in the Campbell pit area; the success and timing of the Company’s mining and development plans, including the Campbell pit recovery plan and the ability of the Company to process fines from low and medium grade stock piles; dilution control, sensitivity to metal prices and other sensitivities; the supply and demand for, and the level and volatility of the price of, gold; timing of the receipt of regulatory and governmental approvals for development projects and other operations; the timing and results of consultations with the Company’s

Aboriginal partners, the supply and availability of consumables and services; the exchange rates of the Canadian dollar to the U.S. dollar; energy and fuel costs; required capital investments; estimates of net present value and internal rate of returns, the accuracy of reserve and resource estimates, production estimates and capital and operating cost estimates and the assumptions on which such estimates are based; market competition; ongoing relations with employees and impacted communities and general business and economic conditions. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are made as of the date hereof, or such other date or dates specified in such statements. Detour Gold undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.

Information Containing Estimates of Mineral Reserves and Resources

The mineral reserve and resource estimates were prepared in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), as required by Canadian securities regulatory authorities. Readers are advised to refer to the latest annual information form of the Company and other continuous disclosure documents filed by the Company available at www.sedar.com, for detailed information regarding the mineral reserve and resource estimates contained on this website. For United States reporting purposes, the United States Securities and Exchange Commission (“SEC”) applies different standards in order to classify mineralization as a reserve. In particular, while the terms “measured”, “indicated” and “inferred” mineral resources are required pursuant to NI 43-101, the SEC does not recognize such terms. Canadian standards differ significantly from the requirements of the SEC. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories constitute or will ever be converted into reserves. In addition, “inferred” mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities laws, issuers must not make any disclosure of results of an economic analysis that includes inferred mineral resources, except in rare cases.

Detour Gold Corporation
Laurie Gaborit
VP Investor Relations
(416) 304.0581