Detour Gold Corporation (TSX: DGC) ("Detour Gold" or the "Company") announces today that it has executed a third amendment and restatement of its existing credit agreement, to provide for a new US$400 million senior secured revolving credit facility, with an accordion option allowing the Company to increase the size of the facility, subject to customary terms and conditions, by another US$100 million to a total amount of US$500 million (the "Credit Facility"). The new Credit Facility will be used for financial assurance and general corporate purposes.

The new Credit Facility replaces the Company's previous US$500 million senior secured credit facility, which was comprised of a US$200 million term loan (maturing July 14, 2020) and a US$300 million revolving credit facility (maturing July 14, 2022). The new Credit Facility has a four-year term, maturing September 25, 2023.

The new Credit Facility includes two financial covenants: (i) a "Net Debt to EBITDA" (or "Leverage Ratio") covenant of 3.5x (unchanged as compared to the previous facility) and (ii) an "Interest Coverage" covenant of 3.0x (reduced from 3.5x under the previous facility). The interest rate for drawn borrowings ranges from Libor + 2.00% to 3.125% (reduced from Libor + 2.215% to 3.125% under the previous facility), depending on the Leverage Ratio.

The Company plans to pay down US$100 million in indebtedness under the new Credit Facility by the end of Q3 2019, and to fully pay down its indebtedness under the new Credit Facility in the coming months. This will translate into estimated interest savings of approximately US$9 million per annum (relative to the amount payable under the previous US$200 million term loan) and available liquidity of approximately US$370 million under the new Credit Facility (taking into account issued and outstanding letters of credit under the new Credit Facility).

Mr. Jaco Crouse, the Company's Chief Financial Officer, commented: "The new Credit Facility is representative of our strong cash flow generation and growing net cash position. It delivers not only lower costs, but also increased flexibility and enables us to look at broader capital allocation decisions. Despite investing US$56 million year-to-date in the construction of Cell 2 of our long-term Tailings Management Facility, the Company expects to have approximately US$26 million in net cash* at the end of Q3 2019. We continue to focus on reducing operating costs, working capital requirements and waste stripping over the coming periods."

The Co-Lead Arrangers and Joint Bookrunners are BMO Capital Markets, Canadian Imperial Bank of Commerce, Commonwealth Bank of Australia, Royal Bank of Canada and TD Securities. Bank of Montreal is the Administrative Agent.

About Detour Gold

Detour Gold is a mid-tier 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.

For further information, please contact:

             Mick McMullen, President &
              CEO                                   Jaco Crouse, CFO



            Tel: 416-304-0800                      Tel: 416-304-0581

Detour Gold Corporation, Commerce Court West, 199 Bay Street, Suite 4100, P.O. Box 121, Toronto, Ontario M5L 1E2.

*Net cash is a non-IFRS financial performance measure. See "Non-IFRS Financial Performance Measures", below.

Cautionary Note regarding Forward-Looking InformationThis news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). Forward-looking statements reflect current expectations or beliefs regarding future events or the Company's future performance. 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.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements, including those herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date or dates specified in such statements.

Specifically, this news release contains forward-looking statements regarding items including, but not limited to, the use of proceeds under the new Credit Facility, the repayment of indebtedness, approximate interest savings, liquidity and net cash position, and future costs.

Inherent in forward-looking statements are risks, uncertainties and other factors beyond the Company's ability to predict or control. These risks, uncertainties and other factors include, but are not limited to, the results of the life of mine plan ("2018 LOM Plan"), gold price volatility, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, support of the Company's Indigenous communities, interest rate and exchange rate fluctuations, general economic conditions and other risks involved in the gold exploration, development and production industry, as well as those risk factors listed in the section entitled "Description of Business - Risk Factors" in Detour Gold's Annual Information Form for the year ended December 31, 2018 ("AIF") and in the continuous disclosure documents filed by Detour Gold on and available on SEDAR at www.sedar .com. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect forward-looking statements. Actual results and developments and the results of the 2018 LOM Plan are likely to differ, and may differ materially or materially and adversely, from those expressed or implied by forward-looking statements, including those contained in this news release. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about the following: the availability of financing for exploration and development activities; operating and capital costs; results of operations; the Company's available cash resources; the Company's ability to attract and retain skilled staff; the mine development and production schedule and related costs; 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 t he receipt of regulatory and governmental approvals for development projects and other operations; the timing and results of consultations with the Company's Indigenous 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 mineral reserve and mineral 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; and general business and economic conditions.

The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements 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.

Non-IFRS Financial Performance Measures

The Company has included net cash in this news release with no standard meaning under International Financial Reporting Standards ("IFRS"). The Company believes that this measure, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. This measure is 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. This measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Refer to Non-IFRS Financial Performance Measures in the Company's Q2 2019 MD&A for further information.

Net cash (debt) is comprised of the face value of the Company's long-term debt less cash and cash equivalents. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's financial position and its ability to take on new debt in the future, purchase new assets or withstand adverse economic conditions.

SOURCE Detour Gold

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SOURCE: Detour Gold

Mick McMullen, President & CEO, Tel: 416-304-0800; Jaco Crouse, CFO, Tel:
416-304-0581; Detour Gold Corporation, Commerce Court West, 199 Bay Street, Suite
4100, P.O. Box 121, Toronto, Ontario M5L 1E2