Canadian Detour Gold moves toward commercial production

Mid-tier Canadian gold producer Detour Gold (TSX:DGC) claims the company remainsĀ on target to hit commercial production by Q3 2013 but hasĀ revised its 2013 production outlook to 260,000 ounces – 320,000 ounces.

Post-commercial production, total cash costs are expected to be between $800/oz and $1,000/oz for 2013.

Detour Lake mine – the company's flagship asset in northeastern Ontario – recorded a milling rate between 40,000 and 50,000 tonnes per operating day over the first week in May.

The company has identified $10 million in cost cuts for 2013, including suspended exploration activity for its Block A project. Detour holds just under $130 million in cash and short term investments and has access to $20 million in credit.

Detour's share price fell 7.3% Thursday to $11.41.

To read the company's most recent press release in full, click here.