-- 5 of 8 directors replaced by Paulson director nominees
-- Paulson thanks fellow shareholders for their support and looks forward to a brighter future for Detour Gold
Paulson & Co. Inc. ("Paulson"), one of the largest, long-term shareholders in Detour Gold Corporation (TSX: DGC) ("Detour Gold" or the "Company") today announced its appreciation to fellow shareholders for voting to bring positive change to Detour Gold and its support for the Company's newly constituted Board of Directors.
At a Special Meeting of Detour Gold Shareholders held earlier today, the Company's shareholders voted to remove Lisa Colnett, Edward Dowling, Michael Kenyon, Alex Morrison and Jonathan Rubenstein and to add Paulson director nominees Steve Feldman, Chris Robison, Ron Simkus, Dawn Whittaker and Bill Williams.
"Today's outcome represents a major victory for all of Detour's shareholders," said John Paulson. "We support Detour Gold's new Board of Directors and believe that our investment is now in the capable hands of experienced, independent and professional directors. We look forward to Detour Gold turning the page on its recent challenges and creating value for all shareholders."
Paulson also thanks its advisors Goodmans LLP, Shorecrest Group, MacKenzie Partners, Inc. and Longview Communications & Public Affairs for their advice and support.
About Paulson & Co. Inc.
Paulson is one of Detour Gold's largest investors, exercising control or direction over approximately 5.7% of Detour Gold's shares. Having first invested in the Company nine years ago, Paulson previously provided C$280 million in direct equity and US$250 million in convertible notes to finance its mine completion. Paulson, along with several other major shareholders in the Company, has grown increasingly frustrated by the Company's inability to appropriately manage shareholders' assets, having destroyed billions of dollars of value in the process.
Paulson, founded in 1994, is an investment management firm with offices located in New York, London and Dublin.