detour gold corp. is a canadian intermediate gold mining company with a primary focus on the successful ramp up of its flagship asset - the detour lake mine , located in the mining-friendly territory of northeastern ontario .

most of the company 's employees are from the cochrane and timmins , ontario area .

detour has continued to strive to maximize local employment in the communities surrounding the mine operation and with their aboriginal partner communities , offering both job opportunities and training .

the detour lake project was purchased from pelangio mines ltd. in 2007 ( the option property from goldcorp in 2008 ) .

detour gold 's proven gold reserves of 15.6 million ounces is comparable to that of canada 's osisko mining , whose main property is also in the vicinity of the abitibi gold belt .

the company acquired the asset in 2006 from pelangio mines ltd. for $ 75 million just before it went public on the toronto stock exchange on january 31 , 2007 .

initially the mine was assessed as having an indicated mineral resource of 3.4 million ounces .

in september 2009 a study suggested that the mine was capable of producing gold at a rate of 560,000 ounces per year ( that was raised to 649,000 by mid-2010 ) .

the company 's main asset has 2p reserves of 15.6 million ounces ( up from 14.9 m oz jan 2011 , up 36 % since 2010 ) and ranks 4th among north america 's gold deposits by size ( up from 6 , july 2010 ) ; further exploration could push that up to 20 million ounces .

the mine is located in the abitibi greenstone belt near the abitibi gold belt of quebec/ontario .

in february 2013 , detour gold poured its first doré bars at detour lake , and has since continued to ramp up its project through the remainder of the year , achieving commercial production in august .

in january 2017 detour gold notified shareholders of an unsolicited mini-tender offer made by trc capital corporation to purchase up to 5,000,000 common shares , or approximately 2.86 percent of the company 's outstanding common shares , at a price of ca$ 15.25 per share .

detour gold did not endorse the unsolicited mini-tender offer and recommended shareholders not to tender their shares in response .

detour gold produced 537,765 ounces of gold in 2016 at all-in sustaining costs of approximately $ 1,005 per ounce .

in 2016 detour gold generated us$ 658.3 million in revenue on gold sales of 527,727 ounces of gold at an average realized price of $ 1,221 per ounce of gold .

the company reported a net loss of $ 6.9 million or $ 0.04 per share and adjusted near earnings of $ 10.4 million or $ 0.06 per share .

detour ended the year with a cash and short-term investment balance of $ 129.4 million .

in q1 2017 detour produced 131,418 ounces of gold and generated $ 163.7 million in revenue from the sale of 134,213 ounces at an average realized price of $ 1,216 per ounce .

in q2 2017 detour produced 150,135 ounces of gold and generated $ 180.1 million in revenue from the sale of 142,970 ounces at an average realized price of $ 1,257 per ounce .

detour gold

on february 18 , 2013 , detour gold corporation ( tsx : dgc ) poured its first four gold bars for approximately 2 , 000 ounces of gold at its detour lake mine .
detour gold is an intermediate gold producer in canada that holds a 100 % interest in the detour lake mine , a long life large - scale open pit operation .
detour gold is an intermediate 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 .
construction is potentially months away from starting on canada’s largest undeveloped gold resource as detour gold corporation gears up for its detour lake open pit mine , 180 kilometres northeast of timmins .
detour gold’s life of mine plan includes the development of the west detour project , adjacent to the detour lake main pit . the permitting is currently underway with the development of the west detour pit scheduled for 2025 and the north pit for 2026 .
detour gold corporation owns and operates the detour lake mine , a long life large - scale open pit operation in the mining - friendly jurisdiction of northern ontario . currently , detour lake is one of the largest gold producing mines in canada with reserves of nearly 16 million ounces of gold .
detour gold continues to evaluate growth opportunities on its large prospective property . exploration work continues to advance zone 58n , a high grade gold deposit located approximately 6 kilometres south of the detour lake processing plant .
detour gold ( dgc - t ) and its shareholders have something to cheer about , as the junior gold explorer has graduated to producer after completing its first gold pour at the large detour lake mine in northeastern ontario , a goal the company has . . .
detour gold corp is a canadian gold producer engaged in the acquisition , exploration , development and operation of mineral property interests . the company ' s primary asset is its wholly - owned detour lake mine located in northeastern ontario .
detour gold is led by a proven and experienced management team and board of directors to implement its strategic plans with the goal of becoming a leading intermediate gold producer .
cochrane , ontario — last year detour gold’s ( tsx : dgc ) detour lake mine in northeastern ontario was the second - largest gold producer in canada . it’s now on track to take the top spot . detour lake — a large - scale , open - pit operation with a . . .
toronto , ontario - - ( marketwired - jan . 30 , 2017 ) - detour gold corporation ( tsx : dgc ) (
detour gold
or the
company
) today announces fourth quarter and full year 2016 operating results and 2017 guidance for its detour lake mine located in northeastern ontario .
from the late - nineties until 2002 the price of gold stumbled along under $ 300 . exploration on the detour lake property was limited at the time and the market in general was disinterested in gold plays . mines managed , however , to keep the detour lake story alive as the gold bull market slowly took hold .
year - end 2016 proven and probable reserves of 16 . 5 million ounces ( refer to march 22 , 2017 news release entitled
detour gold provides updated life of mine plan for detour lake
.
pelangio said yesterday it will establish a new company to own 19 million shares in detour gold , which is developing the detour lake prospect in ontario ,
and such other assets as may be required to maintain operations .
pelangio would retain its properties in ghana , along with one million shares of detour gold
for investment purposes .
detour gold corporation ( tsx : dgc ) (
detour gold
or the
company
) reports the details of its updated life of mine plan (
2018 lom plan
) for its detour lake operation located in northeastern ontario . the 2018 lom plan , in conjunction with a stronger leadership team dedicated to implementing several key operational improvement initiatives , represents an intensified commitment to optimize the detour lake operation .
detour gold corporation ( tsx : dgc ) (
detour gold
or the
company
) plans to release its second quarter 2018 operating and financial results after market close on wednesday , july 25 , 2018 , followed by a conference call and webcast the following morning .
detour gold corporation ( tsx : dgc ) (
detour gold
or the
company
) plans to release its updated life of mine plan results for detour lake after market close on wednesday , june 27 , 2018 . a conference call will be held the following day at 9 : 00 am e . t . followed by a briefing for analysts and institutional investors .
last october , harte gold corp . began a transition from junior exploration company to gold producer . but harte’s yellow brick road . . .
toronto , ontario - - ( marketwired - jan . 4 , 2017 ) - detour gold corporation ( tsx : dgc ) (
detour gold
or the
company
) has been notified of an unsolicited mini - tender offer made by trc capital corporation (
trc capital
) to purchase up to 5 , 000 , 000 detour gold common shares , or approximately 2 . 86 percent of the company ' s outstanding common shares , at a price of cdn $ 15 . 25 per share . detour gold does not endorse this unsolicited mini - tender offer and recommends that shareholders do not tender their shares in response to the offer .
detour gold is committed to high standards of corporate governance and ethical practices to direct and manage the affairs of the corporation and protect shareholder value over the long term .
pelangio bought the lands of detour lake from placer dome in 1998 , paying just $ 2 . 3 - million at a time when gold prices were plummeting . detour gold paid 32 times that , or $ 75 - million , eight years later , when gold prices started rebounding but were still only a fraction of today ' s price above $ 1 , 700 ( u . s . ) an ounce .
detour gold has a 100 % interest in the detour lake mine , a large - scale open pit mine in northeastern ontario , a region with a long mining history , experienced labour force , good infrastructure and a government that recognizes the value of the mining sector .
probe metals continues to intersect significant gold mineralization in expansion drilling at val - d’or east , including 4 . 1 g / t gold over 15 . 4 metres
chip samples revealed gold at grades up to 39 . 2 grams per ton .
the total exploration budget for the detour lake property is approximately $ 6 million , of which $ 4 million is non - sustaining expenditures for definition drilling of zone 58n ( lower detour ) , an underground high grade gold target located 6 kilometers south of the detour lake processing plant . the balance is considered sustaining and will be used to explore other targets on the property .
detour gold is in a position to deliver superior returns with its growing cash flow profile , organic growth initiatives , and significant potential for further exploration discoveries on its large land package .
pelangio mines inc . proposes to spin off most of its 49 . 4 per cent stake in detour gold corp . , seeking to raise the value the stock market places on its assets .
in march 2009 , the merger was completed with pdx shareholders receiving 0 . 2571 shares of detour for each share of pdx they held prior to the merger ( i . e . 19 million detour shares distributed pro rata to approx . 74 million pdx shares ) . most importantly , pdx shareholders received detour shares directly on a tax deferred basis , which would not have been the case had pdx either sold detour shares into the market and paid shareholders cash , or distributed the detour shares to shareholders as a dividend in kind .
gold production totaled 131 , 418 ounces , in line with projections for the first quarter .
detour gold ' s guidance for 2017 is between 550 , 000 and 600 , 000 ounces of gold at total cash costs of $ 690 to $ 750 per ounce sold . all - in sustaining costs are expected to be between $ 1 , 025 and $ 1 , 125 per ounce sold .
the company is expected to incur non - sustaining expenditures of $ 5 million for the development of west detour .
in january 2007 , mines sold the detour lake deposit to detour gold , with mr . panneton at the helm , for $ 5 million and 20 million common shares ( valued at $ 3 . 50 / share ) , at the time a 50 % interest in detour . importantly , detour had a very compact , 40 million common share capital structure - perfect for raising the funds needed to complete exploration and move towards feasibility and development . the detour lake deposit , which had been purchased for $ 1 . 5 million of borrowed money , was now valued at $ 75 million - with the upside potential of 20 million shares still to be realized .
pdx and detour realized in early 2009 that the most accretive solution for both parties would be to merge the two companies . pdx ' s shareholders would no longer suffer the discount on the market value of pdx ' s detour shareholding , and would also receive a pro rata apportionment of detour shares on a tax deferred basis . detour would reduce the equity overhang represented by pdx ' s control position , which would likely simplify further financing and strategic considerations .
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toronto , ontario - - ( marketwired - march 22 , 2017 ) - detour gold corporation ( tsx : dgc ) (
detour gold
or the
company
) reports its financial results for the fourth quarter and full - year 2016 . the company previously released its fourth quarter and full - year 2016 operational results on january 30 , 2017 . all amounts are in u . s . dollars unless otherwise indicated .
the detour lake mine marks the strongest sign yet of a trend toward massive , open - pit gold mining in canada on a scale more commonly seen in desert geographies in nevada , chile or africa .
gold production of 143 , 512 ounces in the fourth quarter bringing total gold production to 537 , 765 ounces for the year , in line with revised guidance of 525 , 000 to 545 , 000 ounces .
enter the hunter dickinson group (
hdi
) and gerald panneton . mr . panneton had years of experience working on late stage exploration and feasibility projects for barrick gold . more importantly , he immediately saw the vast unrealized potential that the detour lake deposit still held , well beyond the approximately 1 . 7 million ounce resource already defined . his determination and vision was to reap tremendous rewards for both detour gold and pelangio mines shareholders over the ensuing years .
after the nearly unprecedented market crisis of late 2008 , pdx ' s management reviewed its options in respect of the 19 million shares of detour that pdx held at the time . detour ' s share price had also been detrimentally affected by the market downturn and pdx ' s shares once again traded at a discount to the market value of the detour shares that it held .
the objective of the spinoff is to relieve what pelangio regards as a stock - market discount on both its detour stake and its other properties , which feature 290 square kilometres adjacent to anglogold ashanti ' s obuasi gold mine in ghana .
toronto , ontario - - ( marketwired - april 27 , 2017 ) - detour gold corporation ( tsx : dgc ) (
detour gold
or the
company
) reports its operational and financial results for the first quarter of 2017 . this release should be read in conjunction with the company ' s first quarter 2017 financial statements and md & a on the company ' s website or on sedar . all amounts are in u . s . dollars unless otherwise indicated .
“this is a very , very aggressive schedule , but we’ve hit all the targets thus far , ” says derek teevan , spokesperson for detour gold , which has completed 400 , 000 metres of drilling in the three years since acquiring the property .
detour immediately began an extensive drill program on the detour lake property and raised the profile of the deposit immensely . by june 2008 , mines ' 20 million detour shares had increased from the ipo value of $ 70 million to over $ 500 million and detour had more than doubled the total resources on the deposit , from 3 . 4 million ounces to 7 . 8 million ounces . meanwhile , mines ' market capitalization soared from $ 70 million to over $ 400 million , with the stock price going from $ 1 to $ 5 . 50 .
break - even for detour lake is $ 600 an ounce and “everything so far has been calculated at $ 850 , ” said panneton .
according to trc capital ' s offer documents , detour gold shareholders who have already tendered their shares may withdraw their shares at any time before 12 : 01 am ( toronto time ) on january 27 , 2017 by following the procedures described in the offer documents .
news update on may 28 , 2002 , pelangio mines inc . announced that it has acquired an additional 17 square miles by staking in the detour lake area of northeastern ontario . these claims were staked to cover prospective geology proximal to or along the extensions of known gold - bearing structures . the company now controls a total of approximately 76 square miles in one of the most prospective gold projects in the abitibi greenstone belt . the abitibi greenstone belt has produced approximately 65 % of canada ' s gold and a substantial portion of its base metals from a series of world class gold and base metals mines within established mining camps .
there was a decided lack of excitement about the detour lake property in 2006 . the former placer dome property , 250 kilometres northeast of timmins , had produced 1 . 8 million ounces of gold between 1983 and 1999 and was owned by pelangio mines . the property had a firm believer in company president ingrid hibbard and the price of gold was on the upswing , but nothing much was happening .
average realized price is calculated as metal sales per the statement of comprehensive loss and includes realized gains and losses on gold forwards , less silver sales . average realized margin represents average realized price per gold ounce sold less total cash costs per ounce sold .
the detour lake mine in the cochrane , ont . , area marks the strongest sign yet of a trend toward massive , open - pit gold mining in canada on a scale more commonly seen in desert geographies in nevada or chile or on the african continent . other examples include osisko mining corp . and its malartic project in quebec and san gold corp . ' s rice lake mine in manitoba .
the company announced today an updated life of mine plan ( including year - end 2016 mineral resource and reserve estimates ) for its detour lake operation .
lupaka gold is a peru - focused gold developer focused on advancing its 100 % owned invicta gold project . the invicta project hosts a high grade gold - copper underground mine located 120 kilometers north of lima , peru . the company plans to commence production at invicta and process up to 350 tonnes per day of high grade material . lupaka has outlined a three - phase development and growth plan to ramp up production and utilize free cash flow to expand operations and develop its portfolio of projects . . . view profile
please visit the careers section of our website . all of our job opportunities are posted there . if you see something that appeals to you , use the button to apply online . we don ' t accept resumes via email , unfortunately . thanks for your interest in detour gold !
“they had gold mineralization everywhere on the project . they had a corridor 300 metres wide by three kilometres long . they had drilled 20 , 000 metres , say 100 holes here , here , here , and here , but never put everything together . when i looked at the sections with the placer dome work from before , i said there’s gold here , gold there , gold there , but not enough drilling to demonstrate the continuity of the deposit . after i looked at that , i said wait a minute . that’s spectacular . if i connect all the gold together , it could be very big . i saw that in one day . ”
detour gold reports total cash costs on a sales basis . total cash costs include production costs such as mining , processing , refining and site administration , agreements with aboriginal communities , less non - cash share - based compensation and net of silver sales divided by gold ounces sold to arrive at total cash costs per gold ounce sold . the measure also includes other mine related costs incurred such as mine standby costs and current inventory write downs . production costs are exclusive of depreciation . production costs include the costs associated with providing the royalty in kind ounces .
detour gold ' s annual general meeting of shareholders will be held on may 4 , 2017 at 2 : 00 pm in the st . andrew ' s hall ( 27 th floor ) of the st . andrew ' s club & conference centre at 150 king street west in toronto .
average realized price is calculated as metal sales per the md & a statement of comprehensive loss and includes realized gains and losses on gold forwards , less silver sales . average realized margin represents average realized price per gold ounce sold less total cash costs per ounce sold .
shareholders are cautioned that the mini - tender offer has been made at a price below market , representing a discount of 4 . 69 percent to the closing price of detour gold ' s common shares on december 23 , 2016 , the last trading day before the mini - tender offer was commenced .
detour gold ' s annual general and special meeting of shareholders will be held on may 4 , 2017 at 2 : 00 pm in the st . andrew ' s hall ( 27 th floor ) of the st . andrew ' s club & conference centre at 150 king street west in toronto .
analyst andrew mikitchook with bmo capital markets reported his findings from a recent site visit to the yukon ' s likely next operating gold mine .
jack chan ' s updated charts for the precious metals markets include a look at how the canadian dollar relates to gold and silver prices .
since acquiring the detour lake project three years ago , the company has conducted 400 , 000 metres of drilling on the property in advance of an open pit operation .
the company is also working towards completing additional impact benefit agreements with local aboriginal communities , including the wahgoshig first nation , with whom detour signed an agreement in principle in mid - may . other communities include the the taykwa tagamou nation and the moose cree first nation , which signed memorandums of understanding with detour in the fall of 2009 .
gold production is expected to be between 550 , 000 and 600 , 000 ounces for 2017 with production being the lowest in the first quarter .
detour shares some of the industry’s concerns surrounding the cost of power in the province , says teevan , as energy shapes up to be one of the largest costs facing the project .
total cash costs is a common financial performance measure in the gold mining industry but with no standard meaning under ifrs . detour gold reports total cash costs on a sales basis . the company believes that , in addition to conventional measures prepared in accordance with ifrs , such as sales , certain investors use this information to evaluate the company ' s performance and ability to generate operating earnings and cash flow from its mining operations . management uses this metric as an important tool to monitor operating cost performance .
hdi and mr . panneton conducted intensive due diligence on the property during 2006 , reviewing thousands of metres of historical surface and underground drilling by placer dome and mines . in september 2006 , based on hdi and mr . panneton ' s recalculations , mines announced a national instrument 43 - 101 compliant mineral resource estimate for the detour lake property including 20 , 045 , 000 tonnes grading 2 . 14 g / t , containing 1 , 379 , 500 ounces of gold , and an inferred mineral resource of 35 , 435 , 500 tonnes grading 1 . 8 g / t , containing 2 , 035 , 650 ounces of gold . the detour lake mine had a life once more .
with $ 260 million in projected annual operating costs , the mine contains proven and provable open pit reserves of 11 . 4 million ounces . this ranks it sixth among north america’s top 10 largest gold reserves and translates to a 16 - year mine life , with average annual gold production of 649 , 000 ounces .
panneton had worked for placer dome out of val d’or from 1989 to 1993 , but had never visited detour lake . from what he knew , it had a reputation as a dog .
revenues for the full year 2016 were $ 658 . 3 million , 17 % higher than in the previous year as a result of higher volume of gold ounces sold and a 4 % increase in the average realized gold price 1 received . the company ' s gold sales totaled 527 , 727 ounces at an average realized price of $ 1 , 221 per ounce compared to 486 , 243 ounces at an average realized price 1 of $ 1 , 175 per ounce for 2015 .
fourth quarter revenues for 2016 were $ 176 . 6 million compared to $ 145 . 7 million in the prior year period . the company ' s gold sales increased to 144 , 668 ounces in the fourth quarter of 2016 compared to 132 , 209 ounces in the prior year period , mainly due to the timing of gold pours and shipments . the average realized gold price 1 increased by $ 108 per ounce , from $ 1 , 102 per ounce to $ 1 , 210 per ounce .
pelangio ' s strategy is to acquire and explore camp - sized land packages in world - class gold belts , while using innovative corporate restructuring to maximize shareholder value .
average realized price and average realized margin per ounce sold are used by management and investors use these measures to better understand the gold price and margin realized throughout a period .
although pelangio mines inc . is a junior mining company , they still can attract newmont mining corp . of canada ltd . as their joint venture partner . it reflects the potential growth in detour lake property
revenues for the first quarter were $ 163 . 7 million . the company sold 134 , 213 ounces of gold at an average realized price of $ 1 , 216 per ounce .
this press release should be read in conjunction with detour gold ' s audited consolidated financial statements and related notes and schedules for the year ended december 31 , 2016 , and related management ' s discussion and analysis (
md & a
) , which are available from the company ' s website ( urltoken ) under the investor centre section and on sedar ( www . sedar . com ) .
projected capital expenditures for 2017 remain as previously stated at approximately $ 160 to $ 180 million , including $ 14 million of capitalized stripping and $ 5 million of non - sustaining expenditures for the development of west detour .
at the end of december , run - of - mine stockpiles stood at 7 . 0 mt grading 0 . 65 g / t ( approximately 145 , 000 contained gold ounces ) .
while pelangio ' s management team has the geological , corporate and legal abilities to plan and execute various strategies , depending on the circumstance , the story of detour lake provides a good case study of pelangio ' s capabilities .
during 2016 , the company entered into a number of gold , foreign exchange and diesel derivative contracts . the total realized loss on these derivative instruments for 2016 was $ 14 . 5 million .
today , of course , it’s a different story . detour lake is a beehive of activity . current owner detour gold has a reserve of 15 million ounces and is spending $ 1 . 2 billion to develop a mine which will produce 650 , 000 ounces of gold per year over a 21 - year mine life . what happened in 2006 to alter the trajectory of this ontario gold property makes for a fascinating case study on the magic that happens when experience , entrepreneurship and the economic environment are in alignment . geologist gerald panneton had just ended a 12 - year career with barrick gold and had been hired as president and ceo of continental minerals , a hunter dickenson company with a porphyry copper project in tibet . “a former director of pelangio saw me at a presentation of continental minerals , ” recalled panneton . “after the presentation , he came up to me and asked me ‘where are you from ? i never saw you before . ’ i was with barrick for 12 years . i wasn’t a front man . i was a geologist . i went out to the field and i came back to the office , so nobody knew me . no bankers , no analysts . he said , ‘i think i have a project for you . ’”
2 based on property , plant and equipment additions per the cash flow statement , which includes deferred stripping . non - sustaining capital expenditures included in the cash flow statement have been excluded . non - sustaining capital expenditures in 2016 relate to west detour .
panneton didn’t waste any time . he rolled the property into a new company to give it the fresh start it needed , raised $ 10 million at the denver gold show in september 2006 and did an ipo at $ 3 . 50 . an aggressive drilling program confirmed the continuity of the deposit , the price of gold cooperated and a feasibility study in may 2010 gave credence to panneton’s assessment of the property four years earlier .
on may 16 , 2002 , pelangio mines inc . announced that it has completed the purchase of all of the property interests of newmont mining corporation of canada (
newmont
, formerly franco - nevada mining corporation ) in the detour lake area of northeastern ontario ( the
detour lake property
) by paying $ 1 , 500 , 000 , issuing 1 , 250 , 000 common shares of pelangio at $ 0 . 20 per share , and allowing newmont to retain a 2 % net smelter royalty . pelangio also announced the issuance of 10 , 250 , 000 shares at $ 0 . 20 for $ 2 , 050 , 000 . on may 13 , 2002 , pelangio mines inc . announced that it has optioned its birch lake gold property to mosquito consolidated gold mines ltd . the birch lake property is located within the birch - uchi greenstone belt in northwestern ontario , approximately 120 kilometers northeast of the town of red lake .
completed in mid - may , the mine’s feasibility study uses a price of $ 850 per ounce of gold for its base case , and calculates that total operating costs will reach an average of $ 454 per ounce .
they really spearheaded this movement of going into old camps where you had traditionally high - grade narrow - vein type mines , and looking at the bigger picture and seeing whether or not that can be developed into a very large , open - pit style low - grade deposit ,
said mike white , chief executive officer of ibk capital , the boutique investment bank that helped broker the consolidation of detour gold ' s exploration properties for their former owner , pelangio mines inc .
problematically , for tax and market - related reasons , mines traded at a significant discount to the market value of its 20 million detour shares , not to mention the value of the company ' s highly prospective properties in ghana , west africa . management took action .
another important lesson he learned was to never skip steps . “when you fast track a project without jumping steps and do all your homework , ” he said , “you can be very successful . we did it at tulawaki and we’re doing it at detour lake . ”
5 includes the sum of sustaining exploration and evaluation expense , which includes share - based compensation , per the statement of comprehensive earnings ( loss ) , excluding depreciation within those figures . non - sustaining exploration and evaluation expense , primarily relate to costs associated with west detour .
pelangio mines (
mines
, pelangio exploration ' s predecessor ) took steps to acquire the detour lake deposit from placer dome in 1998 . at the time , placer had decided to close operations at the deposit , as head grades were not sufficient to justify an underground mining operation . additionally , the price of gold was in the sub - $ 300 range at the time . mines already held a significant area around the mine , so the mine property was a good addition to its land position .
by 2010 , pelangio ' s early shareholders had realized extraordinary returns . a purchaser of pelangio mines inc . shares in january 2004 might have paid $ 0 . 10 per share . by late 2010 , with detour gold at $ 30 and pelangio exploration at $ 1 . 00 , those original shares would have been worth $ 8 . 70 , a remarkable 8600 % return on the initial investment . those returns illustrate pelangio ' s goal of generating wealth for its shareholders via both the drill bit and intelligent corporate restructuring .
troilus gold intersects 1 . 77g / t aueq over 40 metres and 1 . 36 g / t aueq over 70 metres below z87 open pit on troilus property , quebec ; expands 30 , 000 metre drill program to 35 , 000 metres
as at march 31 , 2017 , the company had 90 , 000 ounces of zero - cost collars to protect its gold sales from april to december 2017 . the collars have a range of $ 1 , 200 to $ 1 , 330 per ounce .
subsequent to year - end , the company entered into 90 , 000 ounces of zero - cost collars to protect its gold sales from april to december 2017 . the collars have a range of $ 1 , 200 to $ 1 , 330 per ounce .
at those prices , and cash costs of as little as $ 710 per ounce , detour will clear about $ 2 - billion before taxes in its first five years in operation . six years after it acquired the property , it has a market capitalization of $ 3 - billion . . . view full article
both head grade and gold recovery are expected to improve during the second half of the year . the installation of a lead nitrate and oxygen control system to assist with improving recoveries is expected to be completed in the second quarter and commissioned in the third quarter .
the company believes this measure more fully defines the total costs associated with producing gold . the company calculates all - in sustaining costs as the sum of total cash costs ( as described above ) , share - based compensation , corporate general and administrative expense , exploration and evaluation expenses that are sustaining in nature , reclamation cost accretion , sustaining capital including deferred stripping , and realized gains and losses on hedges due to operating and capital costs , all divided by the total gold ounces sold to arrive at a per ounce figure .
based on property , plant and equipment additions per the cash flow statement , which includes deferred stripping . non - sustaining capital expenditures included in the cash flow statement have been excluded . sustaining capital expenditures includes the value of fully commissioned assets with deferred payment terms . non - sustaining capital expenditures primarily relate to west detour .
total cash costs include production costs such as mining , processing , refining and site administration , agreements with aboriginal communities , less non - cash share - based compensation and net of silver sales divided by gold ounces sold to arrive at total cash costs per gold ounce sold . the measure also includes other mine related costs incurred such as mine standby costs and current inventory write downs . production costs are exclusive of depreciation and depletion . production costs include the costs associated with providing the royalty in kind ounces . other companies may calculate this measure differently .
the detour lake operation is forecast to process 21 to 22 mt of ore in 2017 . head grades are expected improve after the first quarter . the company does not anticipate processing fines during the year and will continue to engineer its low - grade stockpiles ( 0 . 4 - 0 . 5 g / t ) for future use .
the company believes this measure more fully defines the total costs associated with producing gold . the company calculates aisc as the sum of total cash costs ( as described above ) , share - based compensation , corporate general and administrative expense , exploration and evaluation expenses that are sustaining in nature , reclamation cost accretion ( also known as unwinding of the discount on decommissioning and restoration provisions ) , sustaining capital including deferred stripping , and realized gains and losses on hedges due to operating and capital costs , all divided by the gold ounces sold to arrive at a per ounce figure .
on april 30 , 2002 , pelangio mines inc . reported that it is in negotiations to raise up to $ 2 , 000 , 000 by way of private placement of common shares at an issue price of $ 0 . 20 per share . it is currently anticipated that the proceeds will be used for strategic property acquisitions in the detour lake area and for working capital .
the spin - off was designed to reduce the discount on mines ' market cap relative to its holding of detour shares , and to gain further exposure and market value for the obuasi property in ghana . unfortunately , the credit crisis of fall 2008 affected equity markets and the mining industry as a whole and required further strategic corporate restructuring by pdx / pelangio ' s board and management .
experience in the field over a 25 - year career in gold exploration played a critical role in arming panneton with the knowledge to distinguish between a tired old dog that nobody wanted and a potential gold mine . born in trois rivieres , quebec , panneton earned an undergraduate degree in geology at the université de montreal and a masters in geology at mcgill university . he began his career as project geologist for sulpetro andthe vior - mazarin group in the abitibi greenstone belt from 1985 to 1989 and worked for placer dome from 1989 to 1993 . he then joined barrick to head up its canadian exploration team , eventually serving as director of advanced projects and evaluation for the company’s exploration and corporate development group .
the gold price in the international market has been constantly increased from us $ 260 / oz to us $ 300 / oz in the past six months . it will help pelangio mines inc . to increase the business opportunities with those major companies . also , it will attract more investors who are favourable to discover some good potential junior mining companies like pelangio mines inc .
the company has included certain financial performance measures with no standard meaning under international financial reporting standards (
ifrs
) : total cash costs , all - in sustaining costs , average realized gold price and adjusted net earnings ( loss ) in this news release . refer to non - ifrs financial performance measures in the company ' s 2016 md & a for further information .
with a veteran in - house team of investment , mining and legal professionals , peartree securities has a strong network of canadian issuers , institutional and strategic investors including major gold producers and private equity funds . peartree’s large philanthropic subscriber base , in addition to our expertise in the resource sector , has enabled us to become the leading provider of flow through financings for mining companies .
2017 aisc ( 1 ) are expected to range from $ 1 , 025 to $ 1 , 125 per ounce sold , with total cash costs from $ 690 to $ 750 per ounce sold . due to the variability of gold production and the timing of capital expenditures , the company expects that the first quarter actual all - in sustaining costs will be significantly above the yearly guidance .
from 2003 - 2006 , mines began the process of re - envisioning the detour lake deposit . eric kallio , p . geo , a geological consultant working for mines at the time was the catalyst . what had been a small - near surface pit with a largely underground operation became an audacious open pit mining plan comprising two significantly larger low - grade open pits , with room for expansion in all directions with further drilling and a steadily increasing gold price . mines had two choices : ( i ) raise the significant funds to complete infill drilling of the deposit and move towards development and production , with the significant share dilution , costs and risks those actions entail , or ( ii ) find a new company , expert team and leader to make the vision a reality . mines ' skill was in property acquisition and exploration , so the choice was easy .
sustaining capital expenditures for 2016 are estimated at approximately $ 100 million , at the low end of the revised guidance of $ 100 and $ 110 million , and include approximately $ 16 million for capital purchases originally planned in 2017 - 18 ( including three cat795 trucks , bringing the hauling fleet to 28 trucks at year - end ) . capitalized stripping costs totaled approximately $ 3 million . the company incurred approximately $ 2 million of non - sustaining expenditures for the development of west detour .
paul martin , president and ceo , commented :
2016 finished on a positive note with our best gold production quarter of the year . the mill performed at the highest level to date following the successful modification of the 410 - conveyor . the mining rate did not achieve our target in 2016 , leading to our decision of accelerating capital and adding to our mining fleet commencing in 2017 to meet our operational targets .
pacific empire minerals is focused on exploring gold - rich copper prospects in british columbia utilizing the prospect generator business model . the company identifies early - stage exploration opportunities and advances the projects with the company’s own reverse circulation drill , allowing for minimal costs while advancing the projects to a stage beyond that of traditional prospect generators . the company’s strong portfolio of assets is a result of continuous generative work conducted since . . . view profile
panneton decided there and then that he had to have the property . it was “skinny , ” as he puts it , at the 2006 gold price of $ 450 an ounce , but he figured there was a 50 : 50 chance that it could work . “it wasn’t a grassroots project in the middle of nowhere , where the chances are one in a million . my chance was down to one out of two . ”
“it’s an amazing story because we’re going to create 500 jobs , ” he said . “we’ve made a lot of happy millionaires with our story because we went from a market cap of $ 100 million to a market cap of $ 3 billion in four years , and it’s not finished . once we go into production and get re - rated , it could be $ 5 or $ 6 billion at the current gold price . ”
on september 6 , 2008 , mines spun - off all of its assets ( other than 19 million detour shares and some working capital ) to pelangio exploration , a newly formed corporation with the same board and management as mines . mines was concurrently renamed pdx resources . shareholders of mines received one share of pdx and one share of pelangio for each share of mines they held prior to the spin - off , all on a tax deferred basis due to the specific type of spin - off arrangement that management effected .
in this news release , the company uses the following non - ifrs measures : total cash costs , all - in sustaining costs (
aisc
) , realized gold price , average realized margin , adjusted net earnings ( loss ) , and adjusted basic net earnings ( loss ) per share . refer to the company ' s md & a and at the end of this news release for an explanation and discussion of these non - ifrs measures .
cost of sales totaled $ 171 . 7 million in the fourth quarter of 2016 , a 26 % increase from $ 136 . 6 million in the prior year period , primarily driven by higher volume of gold sales , higher costs for mine maintenance , and costs associated to the ' fines ' project . total cash costs for the fourth quarter of 2016 were $ 855 per ounce sold compared to $ 694 per ounce sold in the prior year period .
the mine plan calls for approximately 100 million tonnes ( mt ) to be mined from the detour lake pit in 2017 . mining rates are expected to trend higher starting in the second quarter with the addition of a cat6060 shovel and four cat795 trucks , bringing the available fleet to six shovels and 32 trucks , supported by the addition of a new rom fleet . the average waste to ore ratio for the year is estimated at 3 . 6 : 1 . there are specific months during the year where this strip ratio will be above the life of mine pit average and stripping costs will be capitalized .
there was just one problem with the purchase plan : at the time , mines were extremely low on funds . undaunted , ingrid hibbard , mines ' ceo , asked franco nevada for a $ 1 . 5 million loan , which mines would repay in royalties and exploration expenditures on the mine property . an offer from franco would surely require a much higher offer to be successful and an outright mine acquisition didn ' t necessarily fit with franco ' s royalty - focused business model , so franco agreed to this arrangement . mines approached placer and purchased the detour lake deposit for $ 1 . 5 million .
net loss for 2016 totaled $ 6 . 9 million ( $ 0 . 04 per share ) compared to a net loss of $ 163 . 6 million ( $ 0 . 97 per share ) in 2015 . the improvement reflects higher gold sales and an income and mining tax recovery . the adjusted net earnings 1 for 2016 totaled $ 10 . 4 million ( $ 0 . 06 per share ) compared to adjusted net loss 1 of $ 42 . 1 million ( $ 0 . 25 per share ) in 2015 .
net loss for the fourth quarter of 2016 totaled $ 13 . 5 million ( $ 0 . 08 per share ) compared to $ 40 . 8 million ( $ 0 . 24 per share ) in the prior year period . the improvement reflects higher gold sales and lower income and mining tax expense . the adjusted net loss 1 for the fourth quarter of 2016 totaled $ 6 . 0 million ( $ 0 . 03 per share ) compared to $ 4 . 4 million ( $ 0 . 03 per share ) in the prior year period .
on february 01 , 2002 , pelangio mines inc . announced that it has completed diamond drilling of one hole ( hole pr - 02 - 01 ) on the stoughton staz property . this hole was collared approximately 100 meters due west and 140 meters north of st99 - 26 and was designed to further evaluate both the strike and down plunge extents of known gold mineralization intersected by newmont in hole st99 - 26 . a second hole is planned contingent upon the results from hole pr - 02 - 01 and upon receipt of funds from hemlo north shore inc . conclusion there are many reasons why pelangio mines inc . is a good potential growing company in the near future :
at nearly $ 1 billion , the cost to build the mine is comparable to that of de beers canada’s price tag for the victor diamond mine . the environmental assessment process and related permitting is expected to wrap up by late summer , with construction due to begin by late fall or early winter .
“we’re out in the communities , and pushing the politicians , and to be frank , the ministry of natural resources , ministry of the environment and ministry of northern development , mines and forestry in the region have been very supportive . ”
this number may rise by the end of 2010 as the company looks to complete 90 , 000 metres of drilling immediately west of the open pit , of which 60 , 000 metres have already been completed .
some of the infrastructure needed for the ambitious project is already in place , including 151 kilometres of paved road and 34 kilometres of gravel road access off highway 652 , alongside rail access from nearby cochrane . an air strip and camp are also already located at the site .
the site will also need a 230 - kilovolt power line , meaning that a 180 - kilometre line will need to be built from the island falls area , just north of smooth rock falls , to link from the fraserdale power station .
“if we built this line in quebec , it would actually be covered by hydro quebec , and they would pay for that line , ” says teevan . “also , we’d be paying about four cents a kilowatt - hour less in energy costs . ”
if approvals and partnerships are obtained on schedule , the construction of the new power line may begin by the end of the year , followed by new tailings facilities .
as construction ramps up , it will create 1 , 200 direct jobs and 2 , 700 indirect jobs at peak , which will last slightly more than two years .
the plant will then be commissioned in the fourth quarter of 2012 . the mill’s throughput is expected to begin at 55 , 000 tonnes per day ( tpd ) , a number that will gradually increase to 61 , 000 tpd .
once production begins in 2013 , as many as 500 jobs will be created , with an estimated 1 , 200 indirect jobs needed through mine support and service work .
teevan says the company expects to draw staff from cutbacks at mining projects throughout northern ontario . it’s an approach that spells out no small amount of relief for the region , which is need of a rapid infusion of new career opportunities following those lost from the closure of xstrata’s kidd creek metallurgical site .
“for the timmins area , this project is as big as the ring of fire , ” says tom laughren , mayor of timmins . “we need to hold minister ( of northern development , mines and forestry ) michael gravelle’s feet to the fire on this so we can get the permits on this to get started . i don’t want to hear any excuse that we didn’t get it , or that we’re not ready , or that we need another year ; this project needs to go now . ”
in order to mine the pit , the company’s fleet will look to include 36 300 - tonne haul trucks , two electric cable shovels , three electric - hydraulic shovels , as well as six drills and various ancillary equipment to support the mining operation .
dialogue and debate are integral to a free society and we welcome and encourage you to share your views on the issues of the day . we ask that you be respectful of others and their points of view , refrain from personal attacks and stay on topic . to learn about our commenting policies and how our community - based moderation works , please read our community guidelines .
all 2016 numbers are preliminary figures , unaudited and subject to final adjustment . all amounts are in u . s . dollars unless otherwise indicated . the company ' s fourth quarter and full year 2016 financial results will be released on march 9 , 2017 .
refer to the section on non - ifrs performance measures at end of the news release .
in the fourth quarter , the mill facility processed a record 5 . 5 million tonnes ( mt ) of ore at an average grade of 0 . 90 g / t with average recoveries of 90 % . for the year , the mill processed 20 . 8 mt of ore as planned , an increase of 1 mt over the prior year . head grade of 0 . 90 g / t and recoveries of 89 % were below plan for the year by 6 % and 2 % , respectively .
a total of 20 . 9 mt ( ore and waste ) was mined in the fourth quarter ( equivalent to mining rates of 227 , 000 tpd ) , below plan mainly as a result of lower shovel availability . the campbell pit recovery plan which started in september remained on target at year - end . for the year , a total of 87 . 4 mt was mined , approximately 9 . 3 mt below plan .
from september to year - end , the company conducted a large - scale test where it crushed and screened approximately 1 . 9 mt of low and medium grade stockpiles ( average grade of approximately 0 . 48 g / t ) to < 2 inches . the screened portion ( < 2 inches ) , equivalent to 665 , 000 tonnes , was processed through the mill at an estimated grade of 0 . 79 g / t ( or 65 % grade improvement ) . the other crushed material generated during this process can be used for the tailings and road construction . the company will evaluate these results along with the prior testwork to assess the best approach of integrating the fines in the operations .


the saddle shoe is a low-heeled casual oxford shoe ( hence the alternative name " saddle oxford " ) , characterized by a plain toe and distinctive , saddle-shaped decorative panel placed mid foot .

saddle shoes are typically constructed of leather and are most frequently white with a black saddle , although any color combination is possible .

saddle shoes are worn by both men and women in a variety of styles ranging from ultra-high platforms to golf cleats .

some groups identify with this type of shoe irrespective of current fashion trends .

those associated with ska , sometimes known as rudeboys , often wear them in some combinations since both the classic look and the black/white color scheme represent the genre as a whole .

saddle shoe

, frank w . hoffmann ; william g . bailey , “saddle shoes” , in
with the popularity of the saddle shoe other two - toned colors emerged , including black shoes with white saddles , white shoes with red , and tan shoes with brown . at one time or another it ' s likely that nearly every conceivable color combination has found its way into the saddle shoe .
what made you want to look up saddle shoe ? please tell us where you read or heard it ( including the quote , if possible ) .
q : lastly , what are saddle shoes again ? a : saddle shoes are a casual form of oxfords where the centre section of leather ( the “saddle” ) is a different colour ( typically black on white ) – as is sometimes the heel spine .
i also will think of saddle shoes and poodle skirts going together , but i have also seen several saddle shoes for men . it is also interesting to see the different color combinations .
oxfords come in two styles – dress styles ( sometimes referred to as balmorals ) and casual styles ( sometimes called saddle shoes ) . saddle shoes are distinctive because they have a layer of leather in the middle of the shoe that is often a different colour .
the classic saddle shoe is a dress - style shoe with a leather white toe box and back , and a black instep and vamp , which includes the throat , tongue and eyelets . the instep and vamp together form a shape much like a saddle in the center of the shoe , hence the name . a contrasting black strip also ran up the rear of the shoe at the back of the heel , often with a buckle at the top . the rubberized composite low - heeled sole was coral colored .
saddle shoes – two - tone , plain oxfords usually for more casualwear . commonly found in the us .
in the post - war era of jive , jitterbug and the king , elvis presley , a two - toned snappy shoe replaced the respectable penny loafer . that crazy new footwear was the saddle shoe and it bunny - hopped and bee - bopped its way into popular culture .
let’s be honest . shoe lingo isn’t always clear - cut . why are there so many names for everything anyway ? surely a shoe either has laces or it doesn’t ?
it’s more commonly understood ( especially in the us ) that oxfords are plain shoes and any brogued shoe is a brogue . broguing can be applied to numerous shoe styles .
shortly after the outbreak of war i wrote to the english friends about clothing and raised the question as to whether we should send you
saddle shoes .
it seems i gave you busy people no end of trouble trying to discover what a saddle shoe is . . . it is originally white and has a brown or black saddle - shaped piece of leather across the instep . the american adolescent is properly shod for all except dress occasions in saddle shoes , but not clean ones ! these shoes , for reasons that only a teen - ager can explain , must never be cleaned !
the official preppy handbook served as a joke - slash - bible to the preppy way of life , and in it , swedish tennis shoe brand tretorn was listed alongside sperry top - siders and saddle shoes as the preppiest styles to wear .
these example sentences are selected automatically from various online news sources to reflect current usage of the word ' saddle shoe . ' views expressed in the examples do not represent the opinion of merriam - webster or its editors . send us feedback .
a casual shoe , usually white , having a band of leather in a contrasting color across the instep .
traditional ( or balmoral ) oxfords – most common shoe for smart or professional occasions in black or brown .
in 1906 as an accessory for tennis and squash . the saddle was not initially conceived of with style in mind ; it functioned as an orthopedic girdle that reinforced the instep and held the shoe together against the strain of fast starts and jolting steps .
in 1957 elvis presley thrilled a generation in jailhouse rock with his ultra - cool blue eyes , sexy gyrations and deep resonate voice - - and he did it in saddle shoes as well as in another up and coming shoe that would eventually replace the saddle shoe : the humble sneaker . james dean , who died in 1955 at the age of 24 , was another icon and lightening rod for youth . one of the most famous photographs of james dean shows him standing in jeans and sneakers . with dean and presley both embracing this new trend it was just a matter of time before saddle shoes ended up at the back of the closet , and sneakers took their place up front .
oxford shoes are plain , low - heel lace - ups in which the tongue of the shoe is a separate piece to the vamp ( that’s the upper part of the shoe ) . their ‘closed lacing’ style brings the eyelets completely together – making them different from derby shoes which they are often confused with ( but more on that later ) . named after the iconic university , the oxford shoe became popular as students began to champion the ankle – rather than knee - high – shoe trend .
you saw many poodle skirts and saddle shoes and there was just something special about lacing up those shoes . anytime i see a pair of girls or womens saddle shoes , i am reminded of those fun times , and imagine that many people even have better memories than that when they put on a pair of those shoes .
this time , fanning laced into a pair of black and white saddle shoes embellished with all - over studs , which gave the ’50s schoolgirl staple a distinctly punk - rock edge .
i have seen a mixture of many different colors - not just the usual white and black . maybe they aren ' t authentic saddle shoes , but the are created to look very similar to them .
growing up catholic in america in the mid - century was a heady , paradoxical blend of excitement and repression , glamour and asceticism , mystery and cruelty , sensuality and sexism , beautiful lace mantillas and ugly saddle shoes .
still , despite the more casual dress of today ' s fashions , saddle shoes continue to be widely available at most department stores , bearing testament to their enduring appeal . they bring to mind an era of innocence , naivety , youth and the sounds of a generation caught between the greasers of the ' 50s and the hippies of the ' 60 ' s . their classic look and styling has endured the changing times , and on those occasions when sneakers won ' t due , saddle shoes remain a hip choice for eclectic shoe lovers everywhere . try a pair on and see if you don ' t feel the magic !
oh yes - saddle shoes ! i did not grow up in the 50 ' s , but during homecoming week at our high school we always had a 50 ' s day where we would wear our finest clothes from that era .
like many staples in prep style , you either love boat shoes or hate them . personally , i adore them . in fact , as i sit in my office writing this article , i am wearing a pair of boat shoes by brooks brothers . while many credit sperry topsider with the initial introduction , and most people consider them the quintessential boat shoe , there are many companies today that make them . boat shoes are pretty much exactly what they sound like . they were created as a non - slip shoe for sailing and are generally are made of leather and sometimes suede or other materials . they are worn exclusively without socks and as a casual shoe that is tied using leather boat shoe laces . for more information , check out this great primer on boat shoes by my colleague sven raphael schneider .
“i think it’s simple [ as to ] why the cortez became a staple for l . a . youth : the shoe was for the ’hood . it wasn’t mainstream fashion like it is now . accessibility and price point made that shoe what it is , ” says spanto , the co - owner of l . a . streetwear brand born x raised , who was raised in venice , california . “they sold it at every swap meet , every hood shoe store for $ 20 - $ 30 . it fit the aesthetic of how we dressed in the ‘80s and ‘90s : classic american workwear , dickies , and ben davis . ”
best has quantities of the arnold type of buckled sports shoes , as well as the saddle shoes that have been popular on campuses for many years ; lots of felt hats of the dunlap type , varied by odd crowns ; and round - crowned hats with bound brims—stetson classics .
kiltie oxford – the kiltie oxford features a flap of leather over the laces which looks like a kilt . these became common on the golf course but as a style , the kiltie has become a fashion - forward shoe .
, ’ from the london - based shoe designer chrissie morris , who links the loafer’s appeal to its “understatement , ease , the associations with loafing around and relaxing . a loafer is meant to be a ‘land runner . ' ”
[ … ] by lisa birnbach the boat shoe began to be identified as an essential and integral part of the preppy style . boat shoes however are not just restricted to preppies but have been adopted by a large [ … ]
loafers , like boat shoes , are synonymous with coastal culture . there are a variety of loafers on the market from the most casual forms to semi dress shoes . they are typically categorized as being a low , lace - less shoe that you slip on and wear out , rather than as a slipper indoors . traditionally , loafers are a casual shoe , but recently many preps have begun wearing them with lounge suits or to work at offices with a more relaxed dress code . they come in a variety of styles , colors and materials and occasionally will feature tassels or decorations on the front of the shoe . for a detailed discussion of loafers in all their varieties , read the ultimate loafer guide .
[ … ] by lisa birnbach the boat shoe began to be identified as an essential and integral part of the preppy style . boat shoes , however , are not just restricted to preppies but have been adopted by a large [ … ]
even though the cortez was readily available in los angeles and wasn’t expensive , it was still a status symbol for those who were brave enough to wear it . “everything has changed since then , but back then you didn’t wear that shoe unless you were about your shit , ” spanto says . “if you weren’t about your shit and you wore that shoe to school or the movies , best believe you were going to get pressed . your shoes were probably going to be revoked . ”
their black , white and red colour scheme prefigures the zigzag floors and red curtains of the infamous red room sequence , in which detective dale cooper dreams that the murdered laura palmer tells him the name of her killer . later in the series , a one - armed shoe salesman plays a significant role , while bobby and shelly find a tape of laura’s therapy sessions hidden in shelly’s husband leo’s shoe . in twin peaks , material objects take on inflated significance . everything and nothing is a clue .
nowadays , there are lots of variations of the oxford ( see below just a few ! ) traditionally a men’s shoe , over time oxfords have also crept into the women’s fashion scene , becoming an androgynous yet fashion - forward wardrobe staple for women .
clockwise , from top left : chrissie morris shoe , $ 770 ; urltoken . g . h . bass & co . penny loafer , $ 89 ; urltoken . marc jacobs loafer , $ 1 , 295 ; urltoken . chloé loafer , $ 795 ; urltoken .
but once all of that wears away , there’s still going to be a great shoe , one that fadlon wore back in his days at fairfax high school in los angeles . “it has its moments . it comes and goes , but it will never go away , ” he says .
at 80 , allen no longer is the bespectacled , saddle shoe - wearing comic genius who famously was too busy playing clarinet at michael ' s pub to collect his oscar for annie hall ( at least he doesn ' t wear saddle shoes anymore ) . but on this april morning , the razor - sharp director invites thr inside his
bubble
for a conversation covering everything from his 20 - year marriage to soon - yi previn , now 45 ( they have two daughters , 15 and 17 ; he also has three children with farrow ) , to his nonexistent relationship with technology . he doesn ' t use a computer but , ironically , is now part of the amazon revolution . the internet giant not only bought cafe society for $ 15 million — marking the end of allen ' s six - film run with sony pictures classics — but also is funding allen ' s first streaming tv series , a limited - run comedy in which he will co - star with elaine may and miley cyrus .
never fear ! we’re here to help . we’ll soon be bringing you a concise dictionary of all the shoe terms you need to know . in the meantime , we’ll take you on a thrilling journey through the world of oxford shoes ( just kidding , but we hope this guide will help ) .
the loafer’s rise to fashionableness follows on the heels , so to speak , of another seemingly trend - proof shoe that has been widely adopted by fashionable young women , the oxford , and can be classed as part of the men’s wear resurgence in women’s fashion that was set off again , and most recently , by phoebe philo when she took over as creative director of céline three years ago . but as morris rightly points out , the loafer , unlike the oxford , is a casual shoe . that’s how it was conceived of — indeed , in the days before sneakers became ubiquitous , it was the only permissible casual footwear choice .
the history of the loafer is really the history of two shoes : the bass weejun and its more upmarket spinoff , the gucci loafer ; its from these two styles that all other loafers spring . the bass weejun was first made in 1936 and was intended to be a man’s shoe . but so many women were buying and wearing boys’ sizes that two years later bass launched a feminine version that was a line for line copy of the original . thanks to its mix of informality and comfiness , the weejun went on to become a staple on college campuses across the united states . it’s on display , along with white bucks and saddle shoes , at f . i . t . ’s excellent ivy style exhibit , which is up until the end of january . patricia mears , the exhibit’s curator , describes it as “the collegiate shoe” of the period that stretched from the 1940s through to the late 1960s , when , along with so many stalwarts of the preppy wardrobe , the loafer was largely abandoned in favor of more countercultural footwear .
despite the ivy league associations and moccasin construction , the loafer is neither american in origin nor named for a little known native american tribe . instead , weejun is a corruption of “norwegian . ” what does that scandinavian country have to do with the preppiest of american shoe styles ? as it turns out , quite a bit : the loafer as we know it came about thanks to a combination of lost generation wanderlust and a growing and more general desire for comfort . though paris was the most famous destination for f . scott fitzgerald and his lesser - known cohorts , some of his peers journeyed further afield . those who went to norway noticed that norwegian fisherman made themselves comfortable shoes that consisted of leather sides joined by a strip of leather across the instep like moccasins — still the way true loafers are made today . “when these young men started wearing these shoes back home , ” explains g . bruce boyer , a fashion editor and author , “american and english shoemakers copied them and advertised them as being similar to the norwegian fisherman’s shoe . ” foremost among the brands making this new shoe was g . h . bass , which had been founded in 1876 by george henry bass .
the cortez has also made the news recently because kendrick lamar , who vowed to only wear the sneaker in 2013 , has left his sneaker deal with reebok and signed a new one with nike . and he’s back to wearing the cortez , which has helped energize the sneaker and its connection with his hometown of compton . “i think it’s dope that kendrick wears that shoe , because he’s from l . a . and gets it . it’s part of his growing up , ” spanto says . “things have changed , it’s more mellow now . some of the cultural appropriation stuff that’s going on right now ? i think that’s kinda weird . but the shoe wasn’t just made for us , it was made for something else . so it gets complicated . i went to whole foods a few months ago , and i tweeted , ‘there are way too many cortez in here . ’”
the cortez became notorious in los angeles and the danger around wearing it was real . “you couldn’t wear those fucking things . i remember i had a pair in fourth grade . in fifth grade i went to get a pair , and my mom was like , ‘i’m not getting those shoes . ’ parents knew you couldn’t wear that shoe where we lived , ” spanto says . “shit’s not gonna end up well if i buy you those shoes . ”
although the cortez is affiliated with los angeles , and even california as a whole , it still is nike’s first sneaker for all intents and purposes , and the brand will continue to tell its story for years to come , for better or worse . “the cortez put nike on the map in an organic way , ” fadlon says . “now they’re trying to push and manufacture the excitement around the shoe , and it doesn’t feel as authentic as it once was . ”
part of the cult appeal of twin peaks is in the way it encourages its viewers to look for clues and to participate in the detective process , which gives rise to endless speculation . it is the original watercooler television . clothes are no exception to this process . why does the character of audrey horne change from sensible black and white saddle shoes to red kitten heels when she gets to school ? the obvious answer is out of adolescent rebellion . however , the repeated close - ups on the shoes throughout the pilot episode draw attention to them and encourage the viewer to speculate on their meaning .
oxfords are one of the most timeless , classic and stylish shoes a man can own . traditionally , men would choose an oxford shoe for smart and formal occasions such as around the office , weddings and other ceremonial occasions where suits or eveningwear is advised . nowadays , oxfords are also worn during more casual occasions and can add a rock and roll edge to the right look . you can go classic with black or dark brown for formal occasions whereas a tan oxford can go well with dark jeans . don’t be afraid to mix it up though . experiment with tailored trousers with subtle patterns .
the sneaker’s gang affiliations also initially pushed away 23 - year - old cortez collector david navarro from the bay area , who runs the popular sneaker youtube channel , davidgotkicks , years after the sneaker’s heyday in los angeles . “it all started when my friends had them , but i found out they were gang - related and i wasn’t trying to get checked , ” he says . “but i noticed it wasn’t a gang shoe anymore and it’s evolved into lifestyle . it’s a dream to see the sneaker get popular now , because they’re finally getting the mainstream recognition that they didn’t have a few years ago . ”
in the 1950s , it didn’t matter if you were a bobby - sor in a long skirt or elvis presley onstage in shiny black trousers—you owned a pair of saddle shoes . they were the footwear of choice for good girls and bad boys alike . this summer they’re suddenly everywhere again , available from niche designers as well as big names , like this tri - tone , leather - soled version from cole haan . ( and if you dig the old - school rubber - soled style , don’t worry—g . h . bass still makes great ones . ) wear yours with a slim - cut lightweight cotton suit or go sockless in a pair of rolled - up selvage jeans or skinny chinos . and don’t be afraid of a smudge or two ; you’re not on your way to a sock hop .
it all started in 1968 when nike co - founders phil knight and bill bowerman marketed the shoe under the “aztec” name with japanese footwear brand onitsuka tiger , which resulted in a cease and desist from adidas . they’d go on to change the name to “cortez , ” after spanish conquistador hernan cortes , who’d defeated the aztecs . then , in 1972 , knight and bowerman would bring their cortez sneaker to their newly formed brand , nike , while onitsuka tiger continued to produce the same sneaker . it took a legal battle between the two companies before it was agreed upon that nike would make the cortez while onitsuka tiger would produce the corsair . and that was only the start of the cortez’s history and where its authenticity would first start to take place .
but that’s an aberration . for the most part , loafer has a spotless reputation . indeed , between the fitzgeraldian glamour of its roots and the patrician associations that ensued , it’s a shoe with its own quiet brand of glamour . moreover , it’s remarkably catholic in its appeal , swinging from one end of the style spectrum to the other , all the while appealing to men and women , young and old , the fashion conscious as well as the oblivious , in countries around the world . there’s something very freeing about wearing something so broadly accepted . timelessness is an overused adjective in fashion , but in this case it’s apt . which might not be the sort of comfort that the loafer was intended to address , but it’s just as compelling a reason .
in the united states , the supremacy of the bass weejun was unchallenged — from james dean to j . f . k . , everyone wore them . on college campuses , they were de rigueur , and , says boyer , worn until they fell apart and had to be held together with duct tape ( a prime example of the endurance contest that prepsters subject their clothes to ) . they were sometimes worn without socks , but while this is now a fashion statement , in the early 1960s , when boyer was an undergraduate , it was more a question of convenience . “guys who lived in the dorms wore them that way , ” boyer says . “if they were late for their first class they would put on their loafers without putting on their socks first . other guys would show up in their pajamas . ” pennies were often inserted in the cutout on the instep ; theories abound as to why this was done — so girls who were out on less - than inspiring dates could call for a lift home ( not that phone calls were ever cost a cent ) ; for good luck ; to commemorate the wearer’s birth year — but if there ever was a reason , it’s been lost . men of elegance wore tasseled loafers , which originated in england and were copied by american firms like alden . loafers were always brown , which is part of what made them a casual shoe — dress shoes of the era were black and were kept polished and in good repair . after graduation , loafers were worn only on informal occasions and black lace - ups ( or , for coeds , pumps ) became the norm .
with ' cafe society ' set to open the french festival , the director reflects on his unreflective stance on aging (
if you focus on mortality , the house always wins
) , his movies (
i would erase all but a few
) , saving wife soon - yi , working with miley cyrus , why tv is
harder
than he thought and his willful avoidance of his own press :
i scrupulously have avoided any self - preoccupation .
people often have said , ' gee , you live in a bubble ' — and maybe i do ,
admits woody allen as he settles into an armchair inside his private screening room on new york ' s upper east side . a creature of habit , he has been watching movies ( and taking meetings ) in this somber little theater for the past 35 years .
i get up in the morning ,
he says ,
take the kids to school , then do the treadmill , then get into my room and work , have lunch , go back and work , practice the clarinet , see friends or go to a basketball game . it ' s a bourgeois , middle - class worker ' s life . but it ' s enabled me to be productive over the years .
productive is putting it mildly . allen has churned out a movie a year — from classic new york comedies ( manhattan , hannah and her sisters ) to bergman - esque dramas ( interiors ) to stylish london - set crime capers ( match point ) — since the 1980s , with combined grosses of nearly $ 600 million . he barely missed a beat even during the tumultuous 1990s , when his split from mia farrow threatened to blow up his reputation ( accusations that allen abused their then - 7 - year - old daughter dylan were not pursued by police after an investigation , but the battle still rages , with a grown - up dylan reasserting the claims two years ago in the new york times ) .
right on schedule , allen is about to bring his 47th picture to cannes — cafe society , a coming - of - age tale set in the 1930s about a young man ( jesse eisenberg ) who moves from new york to hollywood , where he lands a job with a big - time agent ( steve carell ) and falls in love with a pretty assistant ( kristen stewart ) .
it was such a glamorous time in california ,
says allen .
you ' d read about the mocambo and the cocoanut grove and ciro ' s and all the movie stars going out at night . and then there was new york nightlife — socialites and politicians and gangsters .
you ' re 80 now . mortality was always a theme in your early work . does it still worry you ?
well , yeah , sure it worries me . first of all , it did worry me when i was 5 . and it ' s worried me throughout my entire life . and yes , it does worry me , sure . the only thing you can do , i think , the best solution , is to try and push it out of your mind , not think about it and just focus on ,
gee , am i going to be able to get the right scene for jesse eisenberg and steve carell in this movie ?
to focus on problems that , if you strike out and they don ' t succeed for you , you are still ok . if you focus on mortality , the house always wins .
i do think i evolved artistically . when i first started making movies , i was interested in just the jokes . then , over the years , i became more ambitious and wanted to do deeper works or better works . and this is either a good thing , depending on where you sit , or a bad thing . there are people that would say ,
i think this is great and very healthy and you went on to make some very good films ,
or they could say ,
you never should have done [ that ] .
i shot a few scenes in california with bruce willis , and bruce was going to do something on broadway [ misery ] and it was just too much for him . so we replaced him with steve carell .
you know , that was always a myth . i never hated l . a . it’s just not a place i could live in because i don’t like sunny weather . but i like cities like new york , where i can walk out of my house and i’m right in the middle of everything and there’s noise and traffic and we get gray , cloudy days and snow , ” says allen , photographed april 20 at manhattan film center in new york city .
i wanted to do kind of a novel on film , about a family and the relationships of the members toward one another , and the protagonist ' s love relationship . i wanted it to have the structure of a novel , so i could move around and dwell on various members of the family . that ' s why i narrated it because i was sort of the writer of the novel that you were experiencing when you saw the film .
yes and no . when i first started in the business , i was 16 , 17 , and i would go up to agents ' offices . and these agents were very powerful figures to me . i remember going out to california once , going to william morris , and there was a very beautiful receptionist there . and i thought ,
my god , she ' s as beautiful as any of the movie stars .
no , no . you know , that was always a myth . i never hated it . it ' s just not a place that i could live in because i don ' t like sunny weather and i don ' t like being dependent on a car . i like cities like new york , where i can walk out of my house and i ' m right in the middle of everything and there ' s noise and traffic and we get gray , cloudy days and snow . but i have many friends in california . i enjoy going out there for short periods of time . i don ' t like to drive . i can drive , but i don ' t like to .
well , you read the [ old ] gossip columns , the hollywood columns , [ which ] were in new york as well . so much of what you knew from california , you knew from the columns that you got in new york — hedda hopper and sheilah graham . they would give you the hollywood news , and it sounded very exciting .
i never enjoyed reading . i was not a bookish guy . i read comic books till i was 18 . i read over the decades because one has to read to survive in life . but it ' s not what i do for pleasure . i ' d always rather watch a baseball game or a basketball game or go to the movies or listen to music .
the [ new york ] times because it ' s habitual since i was younger . and then somehow or another i catch up with the tabloids . my driver has them when i ' m sitting in the car .
i never , ever , ever read anything about myself . not my interviews , not stories about me . i never , ever read any criticism of my films . i scrupulously have avoided any self - preoccupation . when i first started , that was not the case . [ but now i ] just pay attention to the work and don ' t read about how great i am or what a fool i am . the enjoyment has got to come from doing the project . it ' s fun to get up in the morning and have your script in front of you and to meet with your scenic designer and your cinematographer , to get out on the set and work with these charming men and beautiful women and put in this cole porter music and great costumes . when that ' s over , and you ' ve made your best movie , move on . i never look at the movie again — i never read anything about it again .
from left : allen , cinematographer vittorio storaro and eisenberg on the set of ' cafe society . ' “i always wanted to do a movie that had some of the nightlife [ of the 1930s ] in it , ” says allen . “it was such a glamorous time . ”
i was immune , yes i was . you can see i worked right through that , undiminished . made films all through those years and at the same rate i was making them . i ' m good that way . i am very disciplined and very monomaniacal and compartmentalized .
no . i don ' t think she lives in new york . i think she lives in connecticut . i ' m not sure . or travels for unicef or something .
oh , well , one of the great experiences of my life has been my wife . she had a very , very difficult upbringing in korea : she was an orphan on the streets , living out of trash cans and starving as a 6 - year - old . and she was picked up and put in an orphanage . and so i ' ve been able to really make her life better . i provided her with enormous opportunities , and she has sparked to them . she ' s educated herself and has tons of friends and children and got a college degree and went to graduate school , and she has traveled all over with me now . she ' s very sophisticated and has been to all the great capitals of europe . she has just become a different person . so the contributions i ' ve made to her life have given me more pleasure than all my films .
you ' re saying how you changed her . how has she changed you ?
( allen pauses . ) well , she ' s given me a lot of pleasure . i adore her , and she ' s given me a wonderful life . we ' ve been married 20 years . and we were together for a few years before that . and she has given me the great years of my life , personally . she ' s a great companion and a great wife . she has given me a stable and wonderful home life and great companionship . i guess whenever you meet somebody and they ' re the right person for you , there is a great emotional contribution they make to your life .
( pauses . ) changed me ? i don ' t know if you could say she changed me . i don ' t know if i ' ve changed . i might be the same person i was when i was 20 . i ' m not sure . i mean , i seem to have the same habits , the same work habits , the same phobias , the same enjoyments . i don ' t think i have changed much over the years at all . when you mention it , i try and think about the ways [ i ' ve changed ] . i don ' t know if i ' ve changed much .
there aren ' t a lot of films that interest me . when i first had this screening room 30 years ago , 35 years ago , i used to be able to come here every saturday night and see something with my friends . but that doesn ' t happen anymore .
i saw a picture called rams , which i liked , an icelandic film . but i don ' t see many american films . i used to be able to . when i grew up , there were a dozen films to see every week . then we went through that period in the ' 60s where the director emerged as a formative figure in american filmmaking , and there were a lot of terrific films . and then the industry realized they could make more money making big blockbuster films . but none of them have ever interested me .
from left : allen with misha , farrow , dylan ( in farrow’s arms ) , fletcher and soon - yi in new york in 1986 .
no . never seen them again . i made take the money and run in 1968 or so ; i ' ve never seen it again . never seen any of them .
it could be . i don ' t know . for years , i would send the film and not go . i don ' t know [ why ] . i never liked to fly on an airplane for six hours and get the time change . it makes me crazy ; it takes me six months to get [ over the time change ] . just from daylight saving time , i can ' t recover . so then i started to go , and my wife likes to go , she enjoys the south of france . i mean , i like the south of france , too . it ' s a film - oriented event , and so it ' s enjoyable .
of mine ? well , i would erase all but a few . ( laughs . ) there ' s probably six or eight of my films that i would keep , and you could have all the rest . purple rose of cairo i would include , and match point and husbands and wives , probably zelig , probably midnight in paris . it ' s starting to get harder …
i made them so long ago , i don ' t even remember them well . i don ' t have the same affectionate feeling for them as the public had . when i made manhattan and saw it , i was very disappointed at the time . and i spoke to arthur krim [ the head of united artists ] and said ,
if you don ' t put this film out , i will make a film for you for nothing .
he said :
you ' re crazy . we like the film and we have an investment . we borrowed money to make [ it ] . we can ' t just spend a few million dollars and then not put a film out . it ' s insane .
so they put it out , and it was a very big success . i have often said , it ' s great luck , and we take credit for stuff that is out of our control .
by tomorrow i ' ll have edited it and finished it . six half - hour episodes .
no , i do not have a title for it , but it ' s six half - hour episodes . and it ends . it ' s not the kind of thing that could go on in perpetuity . it ' s one story . it ' s a comedy that stars me , elaine may and miley cyrus primarily , a domestic comedy that takes place in the late 1960s . and hopefully people will find it amusing . it ' s not going to start any new religions , i can tell you that .
i met her for this project . i noticed years ago that my kids would be watching hannah montana . and i would say :
who is that girl ? she ' s got such a good delivery . you know , she snaps those lines off so well . the show is a silly little show , but she ' s very good at what she does .
and then she emerged as a singer , and someone showed me a little clip of hers from saturday night live , and i said ,
it confirms what i always thought about her : she is very good , she is really a talented girl .
she wanted to take some time off , but she [ agreed to do the series ] because the role interested her . so i met her right here .
from left : jodie markell , barney cheng , treat williams , tiffani thiessen , soon - yi , allen and debra messing at cannes in 2002 for allen’s ' hollywood ending , ' which opened the festival . says allen of going to the south of france : “i never liked to fly on an airplane for six hours and get the time change . it makes me crazy ; it takes me six months to get [ over it ] . ”
right here , yeah . she came in here one day while the casting people were here . she came in and we chatted for a few minutes — a perfunctory chat , just getting to know the person . but i wanted to hire her . i didn ' t need that five minutes of silly chat .
last year , you seemed to regret embarking on a tv show . do you still regret it ?
it was much harder to do than i thought . i thought ,
i ' ll sandwich this in between two films and knock it off . what ' s the big deal ? it ' s television .
but over the years , television has made enormous strides , and wonderful things are being done on television . and i found as soon as i started to get into the project , i couldn ' t bring myself to slough it off because this is not television of 50 years ago , where every silly thing was acceptable . you ' re working in a medium that has grown up and has got wonderful things being done in it , and , yes , you may prove to be an embarrassment , but you don ' t want to be a total embarrassment .
i don ' t watch them . i ' m not home . i don ' t have the incentive . i ' m out having dinner with friends , and when i come home , i ' m tired and i want to quickly see the last quarter of the knick game or the last couple of innings of the yankee game or the mets game . i ' m just not interested enough .
i can ' t work any of that stuff . my wife could work it , but i can ' t .
no . i have none of that stuff . and i ' m not good at that . i ' m not good technically . i have a cellphone , but it ' s very limited . i know this : i can make calls , and my assistant put all my jazz records on it . it used to be when i would go out of town and i ' d practice the clarinet , i was always schlepping a lot of vinyl recordings from city to city .
when you turn 80 , what are you looking forward to ? becoming decrepit ? the solution is to push it out of your mind .
no , i don ' t think so . the only other deal i made with them was to put out cafe society . but i didn ' t want to put it out and then go stream it right away , so we said it would have to be a normal putting out of a picture . it would have to play for several months in the theaters , the way i normally put a picture out — in a few theaters and then a larger amount . depending on what the box office is , it either goes larger quickly or slower or whatever voodoo strategies those companies have . but that seemed fine with me .
every once in a while , i ' ll have a nightmare , yes . not often . but i will occasionally be screaming in my sleep , and my wife will be shaking me . but not often . i sleep like a dead person .
my views on religion are the same . i feel it ' s a pleasant fantasy for people to try and mollify the pain of the reality of existence .
i ' m a hillary fan . i like bernie very much . i think what he espouses is wonderful . but i think hillary will get more done of what bernie would like than bernie could get done .
no . i ' ve met trump because he was in one of my movies , celebrity . he ' s very affable , and i run into him at basketball games and at lincoln center . and he is always very nice and pleasant — [ which is ] hard to put together with many of the things he has said in his campaign .
i did . i chatted with him for five minutes at i think it was les deux magots [ a cafe in paris ] . i was there having coffee , and someone said :
samuel beckett is over there . would you like to meet him ?
and i said ,
sure ,
and i went over and we chatted for a little while . he was very nice . i was never a great beckett fan . but i wanted to meet jean - paul sartre . i wanted to do that , and someone connected with him said ,
it can be arranged for a price .
no , no . i didn ' t follow up on that because the whole thing was too sinister for my psyche .
editors note : corrected to reflect that in 1993 authorities did not dismiss charges against allen , but declined to pursue them after an investigation .
with a good jacket either a pleather biker jacket or even a good peacoat .
and went head - to - head with other classrooms in hula hooping , singing , and twist competitions .
, suit and string tie , has awesome hair that she styles with a toaster - like contraption designed by a hairbender friend .
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urltoken
in germany , abundant renewable energy means that when supply exceeds demand , consumers can get paid for using power .
we called them dink shoes when i was a kid . i don ' t know why .
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urltoken unabridged based on the random house unabridged dictionary , © random house , inc . 2018
1936 , friends ' intelligencer , volume 100 , philadelphia , pa . : wm . w . moore , oclc 10359090 , page 109 , column 2 :
1936 , the new yorker , volume 12 , new york , n . y . : new yorker magazine , inc . , oclc 271677163 , page 37 :
; republished new york , n . y . ; abingdon , oxon . :
finally caught on in the 1920s as a result of spalding ' s decision to outfit the bottom with spikes and go after the golf market .
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