IAMGOLD: Ecuador Votes in Favour of New Constitution, a Positive Step Towards a New Mining Law
October 22 2008 - 10:12AM
Marketwired
IAMGOLD Corporation (TSX: IMG)(NYSE: IAG)(BOTSWANA: IAMGOLD) -
The official results of the constitutional referendum were
released on October 16 by the Supreme Electoral Tribunal of
Ecuador. The results show strong support with 63.9% in favour of
the new constitution, consistent with the initial results provided
in a news release by IAMGOLD September 29, 2008. The new
constitution legally took effect on October 20, 2008.
"We are very encouraged by the results of the referendum and are
optimistic that Ecuador will proceed quickly towards a new mining
law that will allow responsible mining to the benefit of all
stakeholders," commented Joseph Conway, President & CEO.
IAMGOLD is advancing its 100% owned, 3.5 million ounce
Quimsacocha Gold Project, located in Ecuador and is on schedule to
complete a final Feasibility Study by the end of 2009. Currently
negotiations with a drilling contractor are being finalized to
ensure that groundwork can progress rapidly once the legislative
process is complete and permits are granted. IAMGOLD has been an
active contributor to the economic development of the region since
1995 with exploration, employment, community and environmental
programs and is committed to responsible mining.
The Company considers the referendum results an important next
step in fulfilling President Correa's commitment to develop a
modern, responsible mining industry, which will provide an
equitable sharing of benefits amongst all stakeholders. The
referendum included the mandate to form a new policy for mining
that has been made available in draft form. A newly appointed
legislative body is expected to convene this week to consider the
new policies that formed part of the referendum, and the government
has stated its intention to get passage of a new mining law by the
end of this year.
IAMGOLD has a team of key people in Ecuador that are working
proactively with the government of Ecuador, providing submissions
and supporting the government's stated intention to introduce a
reasonable and transparent mining law as soon as possible. A number
of key issues such as royalty levels, taxation and community
benefits remain outstanding and will impact all mining projects'
economics.
The Company is seeking clarification regarding the 180
suspension of mining activity, which was scheduled to expire on
October 18.
ABOUT IAMGOLD
IAMGOLD is the top mid-tier gold producer, with annual
production of close to 1 million ounces from eight different gold
operations located in North America, South America and Africa.
IAMGOLD also owns non-gold assets that provide significant cash
flow and development projects that provide a strong platform for
continued growth. IAMGOLD has delivered seven consecutive years of
annual dividends to its shareholders and the Company's "Gold is our
Currency Policy" demonstrates IAMGOLD's commitment and confidence
in the gold market.
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 Joseph F. Conway President &
CEO (416) 360-4712 or Toll Free: 1-888-IMG-9999 Email:
jconway@iamgold.com IAMGOLD Corporation Elaine Ellingham SVP,
Investor Relations & Communications (416) 360-4743 or Toll
Free: 1-888-IMG-9999 Email: eellingham@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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