Mr. Paul Martin reports

DETOUR GOLD REPORTS SECOND QUARTER 2014 RESULTS

Detour Gold Corp. has released its operational and financial results for the second quarter of 2014. This release should be read in conjunction with the company's second quarter 2014 financial statements and MD&A (management's discussion and analysis) on the company's website or on SEDAR. All amounts are in U.S. dollars unless otherwise indicated.

Second quarter 2014 highlights

• Gold production of 117,366 ounces;
• Revenues of $139-million on gold sales of 107,206 ounces;
• Total cash costs of $941 per gold ounce sold;
• Net loss of $35-million or 23 cents per share; adjusted net loss of $17.4-million or 12 cents per share;
• Cash and short-term investment balance of $138.2-million at June 30, 2014;
• High-grade gold intersections reported from Lower Detour area.

"Operationally, we made good progress in the second quarter and attained the upper end of our production guidance for the first half of the year at 224,520 ounces of gold," said Paul Martin, president and chief executive officer. "We realized higher grades than planned, which compensated for the slightly slower ramp-up progress during the first half of the year. For the remainder of 2014, we project a similar rate of progress and have consequently trimmed the high end of our 2014 production guidance by 20,000 ounces to 480,000 ounces while maintaining the lower end at 450,000 ounces. We have also revised our 2014 total cash cost guidance range to be between $900 and $975 per ounce sold. We remain focused on execution and continue to expect reaching mill design capacity of 55,000 tonnes per day by year-end."

Summary operational results

In the second quarter of 2014, gold production totalled 117,366 ounces, driven primarily by higher gold grades due to improved dilution control. The mill processed 4.4 million tonnes of ore from a combination of direct feed (65 per cent) and run-of-mine stockpiles (35 per cent) at an average grade of 0.91 gram per tonne, with recoveries of 91 per cent. At quarter-end, the run-of-mine ore stockpiles totalled 1.3 million tonnes, grading 0.76 g/t.

The mill facility processed an average of 48,569 tonnes of ore per day in the second quarter, with availability of 83 per cent, approximately 4 per cent higher than the first quarter but at the low end of expectations for the quarter.

A total of 19 million tonnes was mined during the second quarter, with mining rates averaging 209,000 tonnes per day, below projected rates of 230,000 tonnes per day. Mining activities were heavily weighted on overburden and waste stripping, mainly for the development of the southwall pushback and Campbell pit breakthrough (western end of former open pit). Due to the reduced productivity in mining overburden and till and removing old infrastructure around the former Campbell pit, mining rates were lower than initially planned. With the overburden and till stripping decreasing significantly in the second half of 2014 (from 12.1 million tonnes to approximately 4.6 million tonnes), mining rates are expected to increase to 250,000 tonnes per day by year-end.

The development of the southwall pushback is expected to be completed in the third quarter, and tailings construction activities remain on schedule.

Although the operation is making positive progress quarter over quarter, the ramp-up is slightly behind schedule as of the end of June. For the second half of 2014, the forecasted mining and mill throughput rates have been adjusted downward, thereby lowering the high end of production guidance by approximately 20,000 ounces of gold for the year.

Total cash costs for the second quarter of 2014 were $941 per ounce sold, 4 per cent lower than the first quarter but above plan, mainly due to: (i) fewer tonnes mined, resulting in less ore stockpiled, which would have reduced reportable costs; and (2) higher unit costs during the ramp-up period.

                                                               
                   DETOUR LAKE MINE OPERATION STATISTICS                                       
                                                                            
                                  Q2 2013  Q3 2013  Q4 2013  Q1 2014  Q2 2014

Ore mined (Mt)                       2.70     4.16     4.09     4.88     2.89
Waste mined (Mt)                     9.96    12.42    16.80    14.29    16.11
Total mined (Mt)                    12.66    16.58    20.89    19.17    19.00
Strip ratio (waste to ore)            3.7      3.0      4.1      2.9      5.6
Mining rate (tpd)                 160,000  180,000  203,000  213,000  209,000
Ore milled (Mt)                      2.87     3.88     3.41     4.08     4.42
Head grade (g/t Au)                  0.76     0.72     0.81     0.90     0.91
Recovery (%)                           82       85       92       91       91
Mill throughput (tpd)              31,513   42,141   37,090   45,282   48,569
Mill availability (%)                  68       78       66       80       83
Ounces produced(1) (oz)            57,897   75,672   81,877  107,154  117,366
Ounces sold (oz)                   37,870   75,600   95,000   84,560  107,206
Average realized price(2)
($/oz)                                  -   $1,340   $1,269   $1,301   $1,293
Total cash cost per oz sold(2)
($/oz)                                  -   $1,214   $1,174     $976     $941
Mining (Cdn$/t mined)                   -        -    $2.60    $2.87    $2.87
Milling (Cdn$/t milled)                 -        -   $11.75   $11.13   $11.25
G&A (Cdn$/t milled)(3)                  -        -    $4.13    $3.68    $3.46

(1) Includes preproduction ounces prior to the declaration of commercial 
    production on Sept. 1, 2013. 
(2) Non-IFRS (international financial reporting standards) financial   
    performance measures.

Unit mining costs were higher than planned due to the shortfall in total tonnes mined and higher equipment maintenance costs. Unit milling costs were also slightly higher than planned, mainly due to higher maintenance costs and lower mill throughput, partially offset by lower consumables and reagent consumption. With further improvements expected in mine and mill throughput rates, unit operating costs are projected to trend downward.

                                                               
                      2014 SELECTED FINANCIAL INFORMATION
                  (in millions of dollars, unless specified)                                         
                                                                            
                                  Q2 2013  Q3 2013  Q4 2013  Q1 2014  Q2 2014

Metal sales(1)                    $     -  $  33.1  $ 120.8  $ 110.0  $ 139.0
Production costs                        -     30.4     98.0     83.1     98.1
Depreciation and depletion              -      2.9     34.0     30.6     38.3
Mine standby costs                      -        -      4.2        -        -
Inventory writedown                     -        -     14.6        -        -
Cost of sales                           -     33.3    150.8    113.7    136.4
Earnings (loss) from mine
operations                              -     (0.2)   (30.0)    (3.7)    (2.6)
Net earnings (loss)                  23.1    (11.8)   (47.0)   (54.9)   (35.0)
Net earnings (loss) per share        0.19    (0.09)   (0.34)   (0.38)   (0.23)
Adjusted net loss(2)                (11.8)   (10.6)   (36.0)   (28.1)   (17.4)
Adjusted net loss per share(2)      (0.10)   (0.08)   (0.26)   (0.20)   (0.12)
                                                                            
Note: Totals may not add up due to rounding.                                
(1) Sales prior to commercial production (Sept. 1, 2013) were credited against 
    capitalized project costs. Includes silver sales.
(2) Non-IFRS financial performance measures.

Summary financial results

Revenues for the second quarter were $139-million from the sales of 107,206 ounces of gold at an average realized price of $1,293 per ounce, compared with the average London PM fix gold price of $1,288 per ounce.

Cost of sales excluding depreciation and depletion for the second quarter amounted to $98.1-million and is net of a $3.9-million rebate relating to 2013 electricity costs. Depreciation and depletion expense for the quarter was $38.3-million, or $357 per ounce of gold sold.

The company recorded a net loss of $35-million, or 23 cents per share, in the second quarter of 2014. The net loss includes $63.5-million of non-cash items, including depreciation and depletion of $38.3-million, a fair value loss on the convertible notes of $15.1-million as a result of share price appreciation, accretion charges related to the convertible notes of $6.2-million, an unrealized loss on derivative instruments of $1.2-million, and non-cash share-based compensation expense of $2.7-million. Adjusted net loss in the second quarter amounted to $17.4-million, or 12 cents per share, attributable to higher cost of sales during the mine ramp-up to full production levels.

Operating cash flow before changes in working capital for the three months ended June 30, 2014, was $38.8-million. During the quarter, sustaining capital expenditures totalled $27.1-million, of which $6.2-million was on the tailings dam construction raise, $2.4-million was on the processing plant, $16-million was on mine equipment and $2.5-million was on other. Cash deferred stripping totalled $15.1-million.

Cash and short-term investments were $138.2-million at June 30, 2014, approximately $7-million lower than the previous quarter.

In early 2014, the company signed a six-year fixed-rate electricity contract with the Ontario Power Authority. At June 30, 2014, the company had accrued $26.4-million as electricity rebate receivable for charges paid in 2013 and the first half of 2014.

In July, 2014, the company received $16-million, and expects to receive the remainder over the course of 2014.

In July, 2014, the company amended its existing credit facility to extend the date by which the completion test (as set out section on "liquidity and capital resources" in the second quarter 2014 MD&A) must be achieved from Sept. 30, 2014, to May 31, 2015.

During the second quarter, the company realized a net gain of $1.8-million on its gold sales and foreign exchange risk management programs. The company has a total of 100,000 ounces of gold hedged at an average price of $1,287 per ounce for its gold sales from August to December, 2014.

2014 outlook and updated guidance

In the first half of 2014, the company continued to make progress toward completing the ramp-up of the Detour Lake mine. Detour Gold met the high end of its gold production guidance for the first half of the year, despite the mine ramp-up proceeding slightly below plan.

Based on both the throughput and mining rates being below target levels at the end of the quarter, the company has revised its mine output from 92 million tonnes to 82 million tonnes and its mill output from 19 million tonnes to 17.7 million tonnes for 2014. As a result, the company does not expect to reach the upper end of its production guidance of 500,000 ounces for 2014 and has revised it downward to 480,000 ounces, with the low end remaining at 450,000 ounces. With this updated production range, combined with an increase in forecasted operating costs, total cash costs for 2014 have been revised from $800 to $900 per ounce sold to $900 to $975 per ounce sold. The company continues to expect that mill design capacity (55,000 tonnes per day) will be attained by year-end.

Sustaining capital expenditures for the year are expected to range between $125-million and $135-million, including no change to deferred stripping of $35-million.

                                                  2014                  2014
                                        prior guidance      updated guidance

Total gold production (oz)             450,000-500,000       450,000-480,000
Total cash costs ($/oz sold)(1)               $800-900              $900-975
Sustaining capital expenditures                                             
($ millions)(2)                                   $131              $125-135

(1) Non-IFRS financial performance measures.
(2) Include deferred stripping costs of approximately $35-million.

For 2014, the company targets to maintain a minimum of $100-million in cash and short-term investments. As a result, its discretionary debt reduction program will be based on gold price and mine performance. With the high end of the production guidance lowered, the company is targeting debt repayment of up to $80-million in 2014.

Although the company remains focused on the mine ramp-up, it is continuing to advance its organic growth and optimization initiatives:

• Mineral reserve estimation of block A for 2014 year-end reserve update;
• Amenability to heap leaching under way to evaluate potential to process low-grade material;
• Assessment to potentially remove the pebble crushing circuit;
• Further evaluation of Lower Detour area (high-grade intersections in zone 58);
• Exploration plan for 2015 winter drilling program in progress.

Technical information

The scientific and technical content of this news release has been reviewed, verified and approved by Drew Anwyll, PEng, vice-president of operations, a qualified person as defined by National Instrument 43-101, standards of disclosure for mineral projects.

Conference call

The company will host a conference call on Wednesday, July 30, 2014, at 10 a.m. E.T. Senior management will discuss the second quarter operational and financial results. The details of the conference call are as follows:

• Via webcast, go to the company's website and click on the "Q2 results conference call and webcast" link;
• By phone -- toll-free in Canada and the United States, 1-800-319-4610;
• By phone -- international, 416-915-3239.

The conference call will be recorded and playback of the call will be available after the event by dialling 1-800-319-6413 (toll-free in Canada and the United States) or 604-638-9010 (international) and using passcode 1532 (available up to Aug. 31, 2014).

We seek Safe Harbor.