TORONTO, ONTARIO (TSX: IMG)(NYSE: IAG)(BOTSWANA: IAMGOLD)
announces the Company's 2007 year end mineral reserves and
resources. Results are summarized in Table 1. Complete details are
provided in Figures 1, 2, and 3.
TABLE 1: Consolidated Mineral Reserves and Resources
As at December 31, 2007
-----------------------------------------------
Ounces
Contained
(000)
-----------------------------------------------
Total Proven Reserves 3,226
-----------------------------------------------
Total Probable Reserves 4,748
-----------------------------------------------
Total Reserves 7,975
-----------------------------------------------
-----------------------------------------------
Total Measured Resources 7,624
-----------------------------------------------
Total Indicated Resources 15,045
-----------------------------------------------
Total Measured & Indicated Resources 22,669
-----------------------------------------------
Total Inferred Resources 7,087
-----------------------------------------------
At the end of 2007, total proven and probable reserves total 8.0
million ounces, relative to the 9.7 million ounces stated at the
end of 2006. The slight decline, when considered net of production,
is primarily a result of a combined net decrease in attributable
reserves of 0.5 million ounces at Sadiola and Tarkwa. Rosebel
reserves decreased, net of production depletion, by 109,900 ounces
which was mostly offset by gains from the Company's remaining
mines. However, this decline can largely be attributed to the
inclusion of a royalty which was previously treated as a corporate
charge and not included in the calculation of reserves.
Measured and Indicated Resources increased by 5% over 2006 to
22.7 million ounces, at the end of 2007. The increase is a result
of the conversion of inferred resources to measured and indicated
resources and an increase in the gold price assumption. The effect
of the gold price increase was partially offset by general
increases in cost assumptions at all mines, as well as pit design
changes at Sadiola and Mupane. The measured and indicated resources
were also impacted by production depletion and the lack of resource
replacement at a number of the mature or short life mines such as
Doyon, Mouska and Sleeping Giant.
At Rosebel, the measured and indicated resource base increased
by 38% despite the loss of reserves. A further contribution to the
change in the total resource base at Rosebel is the adoption of a
more conservative evaluation approach relating to inferred
resources. The Company has elected to apply more stringent economic
constraints when calculating all resource determinations.
Proven and probable reserves of niobium were 101,600 tonnes of
niobium oxide, a decrease compared to the end of 2006, mainly due
to the 10,500 tonnes of production during the year. The 2007
measured and indicated resource base at Niobec is 117,000 tonnes of
niobium oxide compared to 131,000 tonnes at year end 2006. The
measured and indicated resource decrease is related to production
depletion and a change in the understanding of pillar recovery. A
technical study on the possible use of paste backfill at Niobec, to
be completed during 2008, is expected to have a positive impact on
the mining recovery of all resources (measured, indicated and
inferred) and therefore on future reserves.
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"), JORC
and/or SAMREC.
The "Qualified Persons" responsible for the supervision of the
preparation and review of all resource estimates for IAMGOLD
Corporation is Elzear Belzile, Manager, Mining Geology, a
geologist, and Francis Clouston, Director, Project Evaluation. Both
are considered "Qualified Person" for the purposes of National
Instrument 43-101 with respect to the mineralization being reported
on. The technical information has been included herein with the
consent and prior review of the above noted Qualified Persons. The
Qualified persons have verified the data disclosed, and data
underlying the information or opinions contained herein.
For more information, please refer to
http://www.iamgold.com.
Cautionary Note
Inferred mineral resources are considered too speculative
geologically to have the economic considerations applied to them
that would enable them to be categorized as mineral reserves.
Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
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
2007 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.
Figure 1: Mineral Reserves and Resources for Tarkwa and
Damang
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/iamgoldfig1.pdf.
Figure 2: Mineral Reserves and Resources of Gold Operations
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/iamgoldfig2.pdf.
Figure 3: Mineral Reserves and Resources of Non-Gold
Operations
To view Figure 3, please visit the following link:
http://media3.marketwire.com/docs/iamgoldfig3.pdf.
Contacts: IAMGOLD Corporation Lisa Doddridge Director, Investor
Relations (416) 360-4710 or Toll-Free: 1-888-IMG-9999 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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