TORONTO – Shares in Detour Gold Corp. (TSX:DGC) took a nosedive Monday on the Toronto Stock Exchange following the announcement of the sudden departure of founder and CEO Gerald Panneton.
No reason was given for the Panneton’s resignation, but the company said it was effective immediately.
Panneton is being replaced on an interim basis by Paul Martin, the company’s chief financial officer.
James Mavor, vice-president, finance, has been appointed interim chief financial officer.
Executive chairman Michael Kenyon said Detour acknowledges the near-term challenges it faces but that board “has full confidence in the company’s management team to take Detour Gold forward under the direction of Mr. Martin and Mr. (Pierre) Beaudoin,” the company’s chief operating officer
On TSX, Detour stock closed down 50 cents, or 11.7 per cent, at $3.77 after having gone as low as $2.88 in morning trading.
Volume was some 9.09 million shares, more than seven times its daily average and making it the most active issue on Toronto’s main board.
Detour Gold is an emerging mid-tier gold producer currently ramping up its 100 per cent owned Detour Lake mine in northeastern Ontario.