TORONTO, ONTARIO (TSX: IMG)(NYSE: IAG)(BOTSWANA: IAMGOLD) is
pleased to announce drill results from its wholly owned Quimsacocha
project in southwest Ecuador. These results are part of the US$5.7
million exploration and development program carried out throughout
2007, and comprise part of the work required for the completion of
pre-feasibility study expected in June 2008. Results continue to
highlight the strong gold, silver and copper values contained
within the known resource, and include an intercept of 51 metres
averaging 14.6 grams per tonne (g/t) gold, 52.6 g/t silver and
1.12% copper. The drill campaign on the Quimsacocha deposit was
designed as a dual purpose program to provide representative
samples for detailed metallurgical studies, and provide in-fill
drilling on the main resource area. Twenty-four diamond drill holes
totaling 4,310 metres were completed, including two holes completed
for geo-hydrological base line studies. Specific intersections from
the infill drilling program can be found in Table 1, and hole
locations are illustrated in Figure 1.
"Quimsacocha is continuing to show that it is a world class
deposit with potential to grow," commented Joseph Conway, President
and CEO, IAMGOLD. "In 2008, we will work toward establishing a
Mineral Development Agreement with the Government of Ecuador,
completion of the pre-feasibility study and begin work required for
the feasibility study. In addition, we plan to delineate and expand
the resource base and continue to work with the local governments
and communities to ensure the success of the project."
In addition to drilling on the main Quimsacocha resource,
exploration drilling was carried out on the Rio Falso Sur and Loma
Tasqui satellite targets located south and southwest of the
Quimsacocha deposit respectively. A 100 line-kilometre Induced
Polarization (I.P.) - Resistivity survey provided the basis of this
most recent exploration drill program, and six holes representing
close to 2,000 metres were drilled at Rio Falso Sur and ten holes
totaling over 2,500 metres were drilled at Loma Tasqui. Drill
results returned low, but clearly anomalous gold and base metal
values, and demonstrated that the mineralizing hydrothermal system
is broader and more pervasive than recognized previously. Details
of this drilling can be found in Tables 2 and 3, and a location map
of the drill holes is shown in Figure 2.
In 2008, the Company has approved a budget of over $11 million
at Quimsacocha to complete the pre-feasibility study, continue with
exploration of the Company's land package, and advance work on the
feasibility study. Permitting is currently on-going for a planned
25,000 metres follow-up in-fill and exploration drilling campaign
scheduled to start shortly. With the delivery of the
pre-feasibility and feasibility studies expected by mid 2009,
Quimsacocha has the potential to be in commercial production in
2012.
Work also continued with communities and stakeholders throughout
Ecuador. Over the Company's ten year tenure in the country, high
priority has been placed in the engagement and ongoing
relationships with surrounding communities, federal and local
governments. IAMGOLD's goal is to establish a project that promotes
mutual respect and sustainable development.
Table 1: Quimsacocha Ore Body Intersections December 2007
-------------------------------------------------------------------------
From To Length Au Ag Cu
-------------------------------------------------------------
Hole m m m g/t g/t %
-------------------------------------------------------------------------
IQD-1675-01 129.2 180.0 50.8 14.6 52.6 1.1
-------------------------------------------------------------------------
Including 130.0 136.0 6.0 19.0 88.1 1.4
-------------------------------------------------------------------------
Including 166.0 179.0 13.0 27.1 100.3 2.2
-------------------------------------------------------------------------
IQD-1525-01 60.3 91.0 30.7 8.4 29.5 0.4
-------------------------------------------------------------------------
IQD-1525-01 126.0 151.0 25.0 15.4 70.7 0.7
-------------------------------------------------------------------------
Including 131.0 147.0 16.0 18.8 87.8 1.0
-------------------------------------------------------------------------
IQD-1475-01 113.0 132.0 19.0 8.9 46.2 0.7
-------------------------------------------------------------------------
IQD-1450-01 114.0 153.0 39.0 2.7 11.6 0.1
-------------------------------------------------------------------------
IQD-1450-01 130.0 142.0 12.0 4.4 12.5 0.2
-------------------------------------------------------------------------
IQD-1425-01 93.0 150.0 57.0 2.4 15.6 0.1
-------------------------------------------------------------------------
Including 115.0 133.0 18.0 3.5 18.3 0.1
-------------------------------------------------------------------------
Including 143.0 148.0 5.0 4.6 58.3 0.2
-------------------------------------------------------------------------
IQD-1375-01 114.0 155.0 41.0 1.8 12.1 0.1
-------------------------------------------------------------------------
Including 147.0 155.0 8.0 2.6 25.5 0.3
-------------------------------------------------------------------------
IQD-1350-01 121.0 161.0 40.0 3.7 23.8 0.3
-------------------------------------------------------------------------
Including 132.0 149.0 17.0 5.1 26.4 0.3
-------------------------------------------------------------------------
Including 152.0 158.0 6.0 4.5 33.1 0.2
-------------------------------------------------------------------------
IQD-1325-01 69.0 81.0 12.0 5.9 38.5 0.9
-------------------------------------------------------------------------
IQD-1325-01 93.0 162.0 69.0 4.5 11.8 0.1
-------------------------------------------------------------------------
Including 135.0 157.0 22.0 10.1 22.1 0.3
-------------------------------------------------------------------------
IQD-1275-01 108.0 140.0 32.0 5.2 24.6 0.3
-------------------------------------------------------------------------
Including 108.0 112.0 4.0 18.0 47.1 1.5
-------------------------------------------------------------------------
Including 123.0 131.0 8.0 6.4 39.8 0.0
-------------------------------------------------------------------------
IQD-1275-02 109.0 180.7 71.7 3.1 10.6 0.1
-------------------------------------------------------------------------
Including 112.8 131.0 18.2 5.0 20.0 0.1
-------------------------------------------------------------------------
Including 141.0 148.0 7.0 5.9 12.9 0.1
-------------------------------------------------------------------------
IQD-1225-01 113.0 172.0 59.0 3.2 10.3 0.1
-------------------------------------------------------------------------
Including 144.0 153.0 9.0 4.9 9.7 0.1
-------------------------------------------------------------------------
Including 161.0 170.0 9.0 6.2 22.1 0.3
-------------------------------------------------------------------------
IQD-1225-01 176.0 190.0 14.0 3.5 8.7 0.3
-------------------------------------------------------------------------
Including 176.0 184.0 8.0 5.2 12.2 0.4
-------------------------------------------------------------------------
IQD-1225-02 123.5 128.1 4.7 4.8 1.6 0.0
-------------------------------------------------------------------------
IQD-1225-02 138.0 168.6 30.6 9.0 19.3 0.4
-------------------------------------------------------------------------
Including 156.0 168.6 12.6 15.9 33.2 0.7
-------------------------------------------------------------------------
IQD-1225-03 137.3 176.0 38.7 3.2 14.2 0.2
-------------------------------------------------------------------------
Including 137.3 148.0 10.7 4.0 16.4 0.2
-------------------------------------------------------------------------
Including 166.0 175.3 9.3 4.8 17.6 0.3
-------------------------------------------------------------------------
IQD-1175-01 109.0 124.0 15.0 2.2 6.9 0.0
-------------------------------------------------------------------------
IQD-1175-01 140.0 177.0 37.0 4.1 14.4 0.2
-------------------------------------------------------------------------
IQD-1175-01 193.0 212.0 19.0 3.4 12.0 0.2
-------------------------------------------------------------------------
IQD-1175-02 106.6 191.0 84.4 2.4 9.5 0.1
-------------------------------------------------------------------------
Including 118.9 134.1 15.2 4.9 14.0 0.1
-------------------------------------------------------------------------
IQD-1125-01 89.0 99.0 12.0 1.7 3.6 0.0
-------------------------------------------------------------------------
IQD-1125-01 113.0 177.0 64.0 4.5 12.0 0.1
-------------------------------------------------------------------------
Including 127.0 142.0 15.0 10.3 19.0 0.1
-------------------------------------------------------------------------
IQD-1125-01 195.0 222.0 27.0 2.8 11.0 0.2
-------------------------------------------------------------------------
Including 206.0 213.0 7.0 5.0 11.0 0.2
-------------------------------------------------------------------------
IQD-1100-01 114.0 187.0 73.0 2.6 6.2 0.1
-------------------------------------------------------------------------
Including 127.0 139.0 12.0 7.2 8.1 0.0
-------------------------------------------------------------------------
IQD-1100-01 207.6 218.4 10.8 1.8 6.5 0.1
-------------------------------------------------------------------------
IQD-1075-01 102.0 164.0 62.0 4.4 16.4 0.2
-------------------------------------------------------------------------
Including 123.0 147.0 24.0 6.5 23.8 0.3
-------------------------------------------------------------------------
IQD-1075-01 175.0 190.0 15.0 2.0 10.6 0.1
-------------------------------------------------------------------------
IQD-1075-01 207.0 218.0 11.0 1.6 9.7 0.1
-------------------------------------------------------------------------
IQD-1025-01 134.0 194.0 60.0 2.0 9.7 0.1
-------------------------------------------------------------------------
Including 179.0 194.0 15.0 3.6 16.5 0.1
-------------------------------------------------------------------------
IQD-950-01 114.0 180.0 66.0 2.4 15.4 0.1
-------------------------------------------------------------------------
Including 134.0 145.0 11.0 3.6 28.3 0.3
-------------------------------------------------------------------------
Including 150.0 157.0 7.0 4.2 20.6 0.3
-------------------------------------------------------------------------
IQD-925-01 117.0 207.0 90.0 2.0 13.3 0.1
-------------------------------------------------------------------------
Including 142.0 149.0 7.0 3.6 9.1 0.1
-------------------------------------------------------------------------
(i) Hole IQD-1100-01(a) was abandoned due to technical problems.
Table 2: Rio Falso Sur Drill Results
-----------------------------------------------------------------------
Hole From To Length Au Ag
-----------------------------------------------------------
m m m g/t g/t
-----------------------------------------------------------------------
IJD-009 203.7 214.0 10.4 0.4 0.9
-----------------------------------------------------------------------
IJD-010 243.0 262.6 19.6 0.2 0.5
-----------------------------------------------------------------------
IJD-011 173.0 180.5 7.5 0.2 0.5
-----------------------------------------------------------------------
IJD-013 216.0 225.6 9.6 0.3 0.3
-----------------------------------------------------------------------
IJD-013 239.7 248.8 9.1 0.1 0.3
-----------------------------------------------------------------------
IJD-013 261.7 266.5 4.8 0.4 0.4
-----------------------------------------------------------------------
IJD-016 263.5 269.0 5.5 0.2 0.3
-----------------------------------------------------------------------
IJD-016 273.0 288.0 15.0 0.9 0.3
-----------------------------------------------------------------------
IJD-016 280.0 287.0 6.0 1.7 0.4
-----------------------------------------------------------------------
IJD-019 172.0 210.1 38.1 0.5
-----------------------------------------------------------------------
Including 186.5 189.5 3.0 0.2
-----------------------------------------------------------------------
IJD-021 349.6 352.7 3.1 0.3
-----------------------------------------------------------------------
IJD-022 319.5 327.2 7.7 0.3 0.2
-----------------------------------------------------------------------
IJD-024 339.4 343.0 3.6 0.7 0.5
-----------------------------------------------------------------------
(i) Holes IJD-006, IJD-007, IJD-020, IJD-023 were abandoned due to
technical problems.
(ii) Holes IJD-001 to IJD-005, IJD-012, IJD-014, IJD-015, IJD-025,
IJD-026 yielded no important values.
Table 3: Loma Tasqui Results
---------------------------------------------------------------------
Hole From To Length Au Ag
----------------------------------------------------------
m m m g/t g/t
---------------------------------------------------------------------
ITD-010 354.0 376.0 22.0 0.2
---------------------------------------------------------------------
ITD-014 406.7 411.3 4.6 0.2
---------------------------------------------------------------------
ITD-014 431.0 438.4 7.4 0.1
---------------------------------------------------------------------
ITD-015 328.0 345.0 17.0 0.2 2.7
---------------------------------------------------------------------
ITD-015 361.0 399.0 38.0 0.2 1.9
---------------------------------------------------------------------
Including 365.0 382.0 17.0 0.3 1.8
---------------------------------------------------------------------
ITD-015 411.0 439.0 28.0 0.1 1.6
---------------------------------------------------------------------
(i) Holes ITD-009, ITD-011, ITD-016 to ITD-026 yielded no important values.
Technical Information and Qualified Person/Quality Control
Notes
The mineral resource estimates contained in this news release
have been prepared in accordance with National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI 43-101").
Analyses of gold in drill core samples were carried out by fire
assay at the laboratory of BSI in Lima, Peru along with copper and
silver included in a package of multi-elements analyses. The
quality assurance-quality control program (QA-QC) includes the
insertion of certified standards, blanks every 15 samples and field
or lab duplicates every 20 samples. In addition, 10% of the total
drilled samples were re-assayed by ALS Chemex, Lima, Peru.
The "Qualified Person" reviewing the work at Quimsacocha is
Francis Clouston, P. Eng., Director of Project Evaluations at
IAMGOLD, who as a result of his education, affiliation with a
professional association and past relevant work experience,
fulfills the requirements to be a "Qualified Person" for the
purposes of NI43-101.
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission (the "SEC")
permits mining companies, in their filings with the SEC, to
disclose only those mineral deposits that a company can
economically and legally extract or produce. We use certain terms
in this press release, such as "mineral resources", that the SEC
guidelines strictly prohibit us from including in our filings with
the SEC. U.S. investors are urged to consider closely the
disclosure in the IAMGOLD Annual Report on Form 40-F. A copy of the
2006 Form 40-F is available to shareholders, free of charge, upon
written request addressed to the Investor Relations Department.
Forward Looking Statement
This press release includes certain "Forward-Looking Statements"
within the meaning of section 21E of the United States Securities
Exchange Act of 1934, as amended. All statements, other than
statements of historical fact, included herein, including without
limitation, statements regarding potential mineralization and
reserves, exploration results and future plans and objectives of
IAMGOLD, are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from IAMGOLD's expectations are disclosed under the
heading "Risk Factors" and elsewhere in IAMGOLD documents filed
from time-to-time with the Toronto Stock Exchange, the United
States Securities and Exchange Commission and other regulatory
authorities.
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.
To view Figure 1, Summary of the Geochemistry, please visit the
following link:
http://media3.marketwire.com/docs/Quimsacocha.pdf
To view Figure 2, Rio Falso Sur and Loma Tasqui Hole Collar
Locations, please visit the following link:
http://media3.marketwire.com/docs/Rio_Falso.pdf
Contacts: IAMGOLD Corporation Lisa Doddridge Director, Investor
Relations (416) 360-4710 or Toll-Free: 1-888-IMG-9999 (416)
360-4750 (FAX) Email: info@iamgold.com Website: www.iamgold.com
Renmark Financial Communications Inc. John Boidman (514) 939-3989
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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