Livermore Partners Affirms Need for Wholesale Board Change at Detour Gold

NORTHBROOK, Ill., Dec. 05, 2018 (GLOBE NEWSWIRE) -- Livermore Partners ("Livermore"), a private investment firm and investment manager to a shareholder of Detour Gold Corporation ("Detour"), today released a letter to the shareholders of Detour, the full text of which is below:

"Dear Fellow Shareholders,

It is not easy being a shareholder of Detour. We know. We too have watched with dismay as the stock price and operational results plummet, management bumbles its way through increasingly pessimistic operational plans and insiders like Messrs. Kenyon and Morrison continue to get rich.

It is therefore critical that each of us exercise our rights as shareholders and vote for meaningful change at Detour. Livermore is pleased to confirm that it intends to vote in favor of Paulson's nominees. We know that many other shareholders intend to or have taken the same approach, and that the call for significant change has been echoed by leading independent shareholder advisory services, ISS and Glass Lewis.

In response to Glass Lewis' acknowledgement of the deep entrenchment of the core group of Detour's directors and in particular the need for Messrs. Kenyon and Morrison to be replaced, Detour has once again attempted to manipulate its shareholders for the individual benefit of its incumbent board by suggesting that Mr. Kenyon would no longer be willing to act as Chief Executive Officer if he is not re?elected to the board. We urge shareholders to see this for what it is ? a further act of entrenchment by Mr. Kenyon.

Rather than being discouraged, shareholders should embrace this outcome. The best thing that could happen to Detour would be the complete termination of all involvement with Messrs. Kenyon and Morrison. Detour insists that their skill sets are required, that Detour cannot afford the disruption of their departure. This could not be farther from the truth. If these individuals remain involved with Detour, shareholders can only reasonably expect more of the same ? systemic operational failings, bloated executive compensation and galling disregard for the best interests of shareholders. We are okay with disrupting that. You should be too.

If you believe as we do that new thinking is required at Detour, then you must accept that radical sweeping change is required. This board has had ample opportunity to prove themselves and have established nothing more firmly than that they are completely unable to execute on any plan to optimize Detour's world class gold assets. Detour shareholders that wish to see any meaningful recovery in their investment must reject the deceptive incrementalism proposed by the incumbent board and join Livermore, Glass Lewis and numerous large shareholders in acknowledging that wholesale board change is required.

Yours truly,

David L. Neuhauser,
Managing Director"

About Livermore Partners
Livermore Partners is an alternative asset investment manager servicing high-net worth individuals, institutional investors, and private-equity sponsors based in Northbrook, Illinois. We invest using a deep-value opportunistic approach and work diligently to help extract value in portfolio companies. For more information, please visit: www.livermorepartners.com.

Additional Information
Livermore is not acting jointly and in concert with any other party in disseminating this press release. The views expressed in this press release are those of Livermore alone, should not be attributed to any other person, and were formed based solely on Livermore's analysis of publicly available information. The information contained in this news release does not and is not meant to constitute a solicitation of a proxy within the meaning of applicable corporate or securities laws. Notwithstanding the foregoing, Livermore is voluntarily providing the disclosure required under subsection 9.2(4) of National Instrument 51-102 ? Continuous Disclosure Obligations in accordance with securities laws applicable to public broadcast solicitations. Any solicitation made by Livermore will be made by it and not by or on behalf of the management of Detour. All costs incurred for any solicitation will be borne by Livermore. Proxies may be solicited by Livermore pursuant to an information circular sent to shareholders after which solicitations may be made by or on behalf of Livermore by mail, telephone, fax, email or other electronic means as well as by newspaper or other media advertising, and in person by directors, officers and employees of Livermore, who will not be specifically remunerated therefor. Livermore may also solicit proxies in reliance upon the public broadcast exemption to the solicitation requirements under applicable Canadian corporate and securities laws, including through press releases, speeches or publications, and by any other manner permitted under applicable Canadian laws. Livermore may engage the services of one or more agents and authorize other persons to assist in soliciting proxies on its behalf, which agents would receive customary fees for such services. If Livermore commences any solicitation of proxies, proxies may be revoked by an instrument in writing by a shareholder giving the proxy or by its duly authorized officer or attorney, or in any other manner permitted by law and the articles or by-laws of Detour. None of Livermore nor, to its knowledge, any of its associates or affiliates, has any material interest, direct or indirect: (i) in any transaction since the beginning of Detour's most recently completed financial year or in any proposed transaction that has materially affected or would materially affect Detour or any of its subsidiaries; or (ii) by way of beneficial ownership of securities or otherwise, in any matter proposed to be acted on by Detour. Detour's principal office address is Commerce Court West, 199 Bay Street, Suite 4100, Box#121, Toronto, ON M5L 1E2, Canada.

Contact
David L. Neuhauser, Managing Director
Livermore Partners
5 Revere Drive, One Northbrook Place, Suite 200
Northbrook, Illinois 60062 USA
(847) 691-5307