IAMGOLD Reaches Agreement on Environmental Protection in Ecuador
November 15 2007 - 9:39AM
Marketwired
TORONTO, ONTARIO (TSX: IMG)(NYSE: IAG)(BOTSWANA: IAMGOLD)
announces that it has reached an agreement with the Government of
Ecuador in which the Government recognizes that IAMGOLD has adhered
to and met all of its legal, social and environmental obligations
thus far at the Company's Quimsacocha project in Ecuador and will
therefore get full support from the Government for the project
going forward. As part of the agreement and as a show of
environmental commitment, the Company has agreed to relinquish a
portion of its concession to ensure the safety of the water supply
to the surrounding areas. This land package is approximately 3,000
hectares, 23% of IAMGOLD's total 12,967 hectare holding and
contains no resources, no mineralization or exploration targets.
(See figure 1). It will have no impact on the development of the
Quimsacocha project.
"Giving back the small portion of our concessions was done to
send a clear message - IAMGOLD is committed to preserve and protect
the environment. The land in question surrounds a water shed, some
small lakes and a wetland. It was the right thing to do," stated
Joseph Conway, President and CEO. "The land contains no prospects
and will in no way affect the eventual operation there. Now we can
move ahead and help to formulate a mining code that will be
beneficial for all stakeholders. We look forward to working closely
with the Government and appreciate their support of
Quimsacocha."
The Quimsacocha project is located in the Azuay Province, 35
kilometres southwest of Cuenca in southern Ecuador. This
development project contains an indicated resource of 32.6 million
tonnes with 3.2 g/t gold, representing 3.35 million ounces of gold.
There are currently two drill rigs on site drilling at Loma Tasqui,
southwest of the known resource. It is expected that 8,000 metres
will be drilled on Loma Tasqui and Rio Falso Sur as part of the
$2.7 million second half 2007 exploration program. Work also
continues on the prefeasibility study which will be completed in
the first quarter of 2008.
To view a map of the Quimsacocha project, please click on the
link below:
http://www.ccnmatthews.com/docs/iam1115.jpg
Please note:
This entire press release may be accessed via fax, e-mail,
IAMGOLD's website at www.iamgold.com and through Marketwire's
website at www.marketwire.com. All material information on IAMGOLD
can be found at www.sedar.com or at www.sec.gov.
Si vous desirez obtenir la version francaise de ce communique,
veuillez consulter le http://www.iamgold.com/fr/accueil.html.
Contacts: IAMGOLD Corporation Lisa Doddridge Director, Investor
Relations (416) 360-4710 or Toll Free: 1-888-IMG-9999 (416)
360-4750 (FAX) Website: www.iamgold.com Renmark Financial
Communications Inc. John Boidman (514) 939-3989 (514) 939-3717
(FAX) Email: jboidman@renmarkfinancial.com Renmark Financial
Communications Inc. Henri Perron (514) 939-3989 (514) 939-3717
(FAX) Email: hperron@renmarkfinancial.com Website:
www.renmarkfinancial.com
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