IAMGOLD Continues Rationalization of Exploration Portfolio
February 28 2008 - 2:46PM
Marketwired
TORONTO, ONTARIO (TSX: IMG)(NYSE: IAG)(BOTSWANA: IAMGOLD) is
pleased to announce the sale of its 34% interest in the Nyakafuru
Project in Tanzania to Resolute Mining Ltd. ("Resolute"). The
Nyakafuru Project is located approximately 120 kilometres from
Resolute's Golden Pride Mine in Tanzania.
The transaction is valued at US$6.0 million to be paid to
IAMGOLD in cash or Resolute shares, at Resolute's option. In
addition, Resolute Mining shall pay a royalty of US$10 per ounce
for each additional resource ounce of gold, attributable to the
former IAMGOLD interest that is discovered on the project, up to a
total cap of US$3.75 million.
"We are pleased to have completed this transaction with Resolute
as part of the rationalization of our non-core exploration assets,"
commented Joseph Conway, President & CEO, "while retaining the
opportunity to benefit from additional discovery on the property.
Since the beginning of 2007, the Company's divestiture of non-core
assets is valued at close to US$65 million."
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 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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