IAMGOLD Completes Sale of the Sleeping Giant Mine and Confirms Equity Position in Cadiscor Resources Inc.
December 15 2008 - 8:45AM
Marketwired
IAMGOLD Corporation ("IAMGOLD") (TSX: IMG)(NYSE: IAG)(BOTSWANA:
IAMGOLD) completed the previously disclosed sale of the Sleeping
Giant Mine, related milling facilities, and the Flordin property
claims to Cadiscor Resources Inc. ("Cadiscor") as of October 31,
2008. As a result of the sale to Cadiscor (TSX VENTURE: CAO),
IAMGOLD holds:
(i) 5,185,715 common shares of Cadiscor, representing
approximately 12.0% of Cadiscor's issued and outstanding common
shares,
(ii) 1,000,000 common share purchase warrants exerciseable at
$0.47 per common share, expiring December 31, 2010; and
(iii) A $3.5 million debenture, convertible into common shares
of Cadiscor in the first, second and third years at prices per
share of $0.47, $0.51 and $0.56, respectively.
If IAMGOLD were to exercise all warrants and fully convert the
debenture, IAMGOLD would control an aggregate of 13,632,524 common
shares of Cadiscor, representing approximately 26.3% of the
resulting outstanding common shares (on a partially diluted
basis).
The securities were acquired for investment purposes only.
The Sleeping Giant Mine commenced production in 1993 and
produced over 960,000 ounces of gold and 1.3 million ounces of
silver from 2.63 million tonnes grading 11.44 g/t Au.
Gold production from Sleeping Giant in 2008 up until the sale in
Q3 reached 63,000 ounces at an average cash operating cost of $320
per ounce, higher production and lower costs than anticipated.
IAMGOLD acknowledges the exemplary operating achievements of the
Sleeping Giant team and thank them for their dedication and
commitment. The team was recently honoured with the top regional
prize in innovation in health and safety by the CSST (Commission de
la sante et de la securite du travail du Quebec) for the
development of a system to reduce dust pollution. We are also
pleased to report that the Sleeping Giant Mine achieved two years
without a lost time accident.
About IAMGOLD
IAMGOLD is a leading mid-tier gold mining company producing
almost one million ounces from 8 mines on 3 continents. IAMGOLD is
focused on growth with a target to reach 1.8 million ounces gold
production by 2012. IAMGOLD is uniquely positioned with a strong
financial base, together with the management and operations
expertise to execute our aggressive growth objectives. IAMGOLD is
focused in West Africa, the Guiana Shield of South America and in
Quebec where it has a pipeline of development and exploration
projects. It continues to assess accretive acquisition
opportunities with a strategic fit. IAMGOLD is listed on the
Toronto Stock Exchange ("IMG"), the New York Stock Exchange ("IAG")
and the Botswana Stock Exchange.
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 Elaine Ellingham Senior VP,
Investor Relations & Communications (416) 360-4743 or Toll
Free: 1-888-IMG-9999 Email: info@iamgold.com 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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