IAMGOLD Corporation (TSX: IMG)(NYSE: IAG)(BOTSWANA: IAMGOLD)
announces its 2008 year end Mineral reserve and resource statement.
Joseph Conway, President & CEO stated, "We are very pleased
to announce that 2008 was an excellent year for IAMGOLD in terms of
reserve renewal at all of our continuing operations."
IAMGOLD's total proven and probable reserves increased by 20% or
1.6 million ounces to 9.6 million ounces as at year end 2008,
compared with a year earlier. Including depletion of 1.1 million
ounces attributed to 2008 gold production, reserves increased by
2.7 million ounces. The main contributors to the increase are the
Rosebel Mine and the Quimsacocha project, although reserve
replacement was achieved at all continuing IAMGOLD operations. Upon
the closing of the acquisition of Orezone Resources Inc.
("Orezone"), scheduled for February 25, 2009, an additional 3.1
million ounces using a $600 per ounce gold price (or 3.4 million
ounces using a $700 per ounce gold price) related to the Essakane
project in Burkina Faso will be added to IAMGOLD's proven and
probable reserves.
At the Rosebel Mine in Suriname, in-fill and exploration
drilling successfully increased proven and probable reserves 9%
above replacement, contributing 639,000 new ounces to reserves. The
positive preliminary feasibility study at Quimsacocha released in
July 2008 increased reserves by 1.7 million ounces, and with the
new mining law in Ecuador officially in effect as of January 29,
2009, the Company anticipates work on the ground to recommence in
the near future.
Niobium proven and probable reserves as at December 31, 2008
increased by 36% to 137,800 tonnes of contained Nb2O5. This
represents an 18 year mine life at current production rates and a
production expansion plan is being reviewed. Inferred resources
were significantly increased as well, by the addition of 69,000
contained tonnes of Nb2O5, or a 72% increase. The significant
increases to reserves and resources relate to the use of an
increased long term price assumption for niobium (at levels 30%
below the currently realized price) and the planned use of paste
backfill technology that will facilitate expanded extraction ratios
on the lower levels.
IAMGOLD's measured and indicated gold resources (including
reserves) as at December 31, 2008 of 22.8 million ounces compares
to 22.7 million ounces a year earlier. Decreases at the Quebec
operations were expected as these operations are near the end of
their mine lives and lack resource replacement. At the Quimsacocha
and Westwood development projects, decreases in measured and
indicated resources relate to the application of higher cut-off
grades as mining plans were refined. These decreases were offset by
increases at Rosebel and Sadiola as described below.
At Rosebel, measured and indicated resources (including
reserves) increased by 1.4 million ounces to 9.7 million
attributable ounces, or a 1.7 million ounces increase including
depletion replacement. This increase is driven by the successful
infill and exploration drilling, the increase in gold price, and
the removal of the impact of the Euro Ressources SA royalty. Major
increases were achieved at the currently producing Royal Hill pit
where higher grade material was encountered at depth, and at the
Pay Caro pit where infill drilling added ounces to the western
extension. Additional economic mineralization was discovered in
lateral extensions and at depth at the Mayo deposit, where
pre-stripping has commenced ahead of gold production later this
year. At the Rosebel and "J" Zone deposits, resources were added as
drilling along strike and at depth demonstrated continuity. In
2009, an aggressive 90,000 metre drill program is planned to pursue
additional priority targets along the favourable geological
horizons in the immediate mine area.
At Sadiola, attributable measured and indicated resources
increased by 46% from 1.6 million ounces to 2.3 million ounces,
mainly due to adjustments related to the stockpiles, a lower cut
off grade applied to the deep sulphide mineralization, and the
addition of the Tambali South deposit. Sadiola oxide reserves in
the current pit are sufficient to support production through to the
end of 2010. An additional 0.3 million attributed ounces in the
measured and indicated resource category, not currently classified
as reserves, could extend Sadiola's mine life in a favorable gold
market environment. Studies of the deep sulphides have resulted in
the application of a lower cutoff grade of 1.2 g Au/t which
increases the deep sulphide measured and indicated resource by 0.4
million attributed ounces. The deep sulphides have the potential to
further extend the mine life and a new study is to be completed in
Q4 2009. Additional drilling of satellite targets such as at
Tambali South and Sekokoto SE continues, with the goal of
identifying additional resources.
Gold reserves and resources for the 2008 year-end statement were
estimated using a $700 per ounce gold price (unless otherwise
indicated on the Tables below). For the 2007 year end reserve and
resource statement, a $600 per ounce gold price for reserves and
$700 per ounce gold price for resources, the same as for the
current year (except for the non-IAMGOLD operated mines).
Joseph Conway added, "For 2009, we have planned aggressive drill
programs for Rosebel, Westwood, Niobec and Sadiola which we expect
will continue to build our reserve profile. The completion of our
transaction with Orezone, scheduled for February 25th, increases
our reserves by more than 30% related to the Essakane project in
Burkina Faso, bringing our reserves to 12.7 million ounces. All of
these positive developments will continue to deliver value for our
shareholders."
ABOUT IAMGOLD
IAMGOLD is a leading mid-tier gold mining company producing
approximately one million ounces from 7 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 on our aggressive growth
objectives. IAMGOLD is focused in West Africa, the Guiana Shield of
South America and in Quebec, Canada with a pipeline of development
and exploration projects. IAMGOLD 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.
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 are Rejean Sirois, Eng., Manager, Mining
Geology and Francis Clouston, Eng., Manager, 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.
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
2008 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 contains forward-looking statements. All
statements, other than of historical fact, that address activities,
events or developments that the Company believes, expects or
anticipates will or may occur in the future (including, without
limitation, statements regarding the estimation of mineral
resources, exploration results, potential mineralization, potential
mineral resources and mineral reserves) are forward-looking
statements. Forward-looking statements are subject to a number of
risks and uncertainties that may cause the actual results of the
Company to differ materially from those discussed in the
forward-looking statements. Factors that could cause actual results
or events to differ materially from current expectations include,
among other things, failure to establish estimated mineral
resources, the possibility that future exploration results will not
be consistent with the Company's expectations, changes in world
gold markets and other risks disclosed in IAMGOLD's most recent
Form 40-F/Annual Information Form on file with the US Securities
and Exchange Commission and Canadian provincial securities
regulatory authorities. Any forward-looking statement speaks only
as of the date on which it is made and, except as may be required
by applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking statement.
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.
Table 1: Consolidated Mineral Reserves and Resources
As at December 31, 2008
---------------------------------------------------------------------------
Attributable
Contained
Ounces of Gold
(000)
---------------------------------------------------------------------------
Total Proven & Probable Reserves 9,599
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total Measured & Indicated Resources
(includes Reserves) 22,820
---------------------------------------------------------------------------
Total Inferred Resources 6,918
---------------------------------------------------------------------------
Table 2: Mineral Reserves and Resources for Tarkwa and Damang
---------------------------------------------------------------------------
MINERAL RESERVES AND RESOURCES(1)(2)(3)(4)
---------------------------------------------------------------------------
Ounces of Attributable
Gold Contained
Tonnes Grade Contained Ounces
GOLD OPERATIONS (000) (g Au/t) (000) of Gold (000)
---------------------------------------------------------------------------
Tarkwa, Ghana (18.9%)
Proven Reserves 158,700 1.3 6,456 1,220
Probable Reserves 126,600 1.2 4,857 918
Subtotal 285,300 1.2 11,313 2,138
Measured Resources 152,900 1.4 7,004 1,324
Indicated Resources 146,100 1.3 6,021 1,138
Inferred Resources 24,400 3.1 2,411 456
---------------------------------------------------------------------------
Damang, Ghana (18.9%)
Proven Reserves 4,614 2.6 388 73
Probable Reserves 20,872 1.4 966 183
Subtotal 25,486 1.7 1,354 256
Measured Resources 9,103 2.3 681 129
Indicated Resources 30,838 1.5 1,474 278
Inferred Resources 11,162 3.7 1,336 252
---------------------------------------------------------------------------
TOTAL (Tarkwa & Damang)
Proven & Probable Reserves 310,786 1.3 12,667 2,394
Measured & Indicated Resources 338,941 1.4 15,180 2,869
Inferred Resources 35,562 3.3 3,747 708
---------------------------------------------------------------------------
(1) Measured and Indicated Resources are inclusive of Proven and Probable
Reserves.
(2) In mining operations, Measured and Indicated Resources that are not
Mineral Reserves are considered uneconomic at the price used for
reserves estimations.
(3) Mineral Reserves have been estimated as at June 30, 2008 using a
US $650/oz Au and Mineral Resources have been estimated as at June 30,
2008 using a US $800/oz Au.
(4) Mineral Resources have been estimated in accordance with SAMREC code.
Table 3: Mineral Reserves and Resources of Gold Operations
---------------------------------------------------------------------------
MINERAL RESERVES AND RESOURCES(1)(2)(3)
---------------------------------------------------------------------------
December 31, 2008
---------------------------------------------------------------------------
Ounces Attributable
Tonnes Grade Contained Contained
GOLD OPERATIONS (000) (g Au/t) (000) Ounces (000)
---------------------------------------------------------------------------
Rosebel(4)(8), Suriname (95%)
Proven Reserves 46,188 1.1 1,649 1,566
Probable Reserves 55,240 1.2 2,067 1,964
Subtotal 101,428 1.1 3,716 3,530
Measured Resources 160,671 1.1 5,736 5,449
Indicated Resources 138,554 1.0 4,428 4,207
Inferred Resources 6,756 1.1 227 216
---------------------------------------------------------------------------
Mupane(8), Botswana (85-100%)
Proven Reserves 2,896 1.9 180 178
Probable Reserves 311 2.6 26 25
Subtotal 3,207 2.0 206 203
Measured Resources 6,043 2.0 393 390
Indicated Resources 2,915 2.3 213 208
Inferred Resources 328 2.5 26 25
---------------------------------------------------------------------------
Sadiola(10), Mali (38%)
Proven Reserves 5,996 2.2 423 161
Probable Reserves 8,183 2.6 680 258
Subtotal 14,179 2.4 1,103 419
Measured Resources 24,664 1.6 1,234 469
Indicated Resources 65,278 2.4 4,944 1,879
Inferred Resources 28,430 2.3 2,068 786
---------------------------------------------------------------------------
Doyon Division(5)(8), Quebec (100%)
Proven Reserves 219 10.6 75 75
Probable Reserves 46 12.0 18 18
Subtotal 265 10.9 93 93
Measured Resources 842 6.0 163 163
Indicated Resources 1,975 4.6 290 290
Inferred Resources 3,443 5.1 570 570
---------------------------------------------------------------------------
Yatela(10), Mali (40%)
Proven Reserves 3,352 0.9 98 39
Probable Reserves 1,854 5.2 311 125
Subtotal 5,206 2.4 409 164
Measured Resources 4,421 1.6 228 91
Indicated Resources 3,962 4.4 554 222
Inferred Resources 745 3.5 84 34
---------------------------------------------------------------------------
Camp Caiman(6)(9),
French Guiana (100%)
Probable Reserves 12,285 2.8 1,114 1,114
Measured Resources 5,371 2.7 467 467
Indicated Resources 15,071 2.4 1,148 1,148
Inferred Resources 3,767 2.1 249 249
---------------------------------------------------------------------------
La Arena(7), Peru (100%)
Measured Resources 26,000 0.5 443 443
Indicated Resources 113,700 0.4 1,554 1,554
Inferred Resources 9,890 0.3 90 90
---------------------------------------------------------------------------
Buckreef(12), Tanzania (75-80%)
Measured Resources 3,066 2.7 265 212
Indicated Resources 12,887 1.8 734 573
Inferred Resources 11,827 2.4 919 727
---------------------------------------------------------------------------
Westwood(11)(13), Quebec (100%)
Indicated Resources 313 6.9 70 70
Inferred Resources 11,283 8.7 3,154 3,154
---------------------------------------------------------------------------
Quimsacocha(15), Ecuador (100%)
Probable Reserves 8,098 6.5 1,682 1,682
Indicated Resources 9,935 6.6 2,107 2,107
Inferred Resources 299 6.3 61 61
---------------------------------------------------------------------------
Kitongo(16), Tanzania (100%)
Inferred Resources 4,440 2.0 291 291
---------------------------------------------------------------------------
Grand Duc(14), Quebec (100%)
Indicated Resources 149 1.8 9 9
Inferred Resources 213 1.1 7 7
---------------------------------------------------------------------------
TOTAL (excl. Tarkwa & Damang)
Proven & Probable Reserves 144,668 1.8 8,323 7,205
Meas. & Indicated Resources 595,817 1.3 24,980 19,951
Inferred Resources 81,421 3.0 7,746 6,210
---------------------------------------------------------------------------
(1) Measured and Indicated Resources are inclusive of Proven and Probable
Reserves.
(2) In underground operations, Mineral Resources contain similar dilution
and mining recovery as Mineral Reserves.
(3) In mining operations, Measured and Indicated Resources that are not
Mineral Reserves are considered uneconomic at the price used for
reserve estimations but are deemed to have a reasonable prospect of
economic extraction.
(4) Effective November 8, 2006, the Company indirectly owned a 95%
interest in the Rosebel Gold Mine.
(5) Effective November 8, 2006, the Company indirectly owned 100% of the
Doyon Division which includes Mineral Reserves and Resources from the
Doyon and Mouska Gold Mines.
(6) Effective November 8, 2006, the Company indirectly owned a 100%
interest in the Camp Caiman Project.
(7) Effective November 8, 2006, the Company indirectly owned 100% of La
Arena Peru S.A. (formerly known as IAMGOLD Peru S.A.) which holds
the La Arena Project. La Arena resources are confined within a pit
shell based on US $550/oz Au and $1.50/lb Cu and have been estimated
in accordance with NI 43-101.
(8) Mineral Reserves have been estimated as at December 31, 2008 using a
US $700/oz Au and Mineral Resources have been estimated as at
December 31, 2008 using a US $700/oz Au and have been estimated in
accordance with NI 43-101.
(9) Mineral Reserves and Mineral Resources have been estimated as at
Aug. 2005 using a US $425/oz Au and have been estimated in accordance
with NI 43-101.
(10) Mineral Reserves have been estimated as at December 31, 2008 using
a US $870/oz Au and Mineral Resources have been estimated as at
December 31, 2008 using a US $1,000/oz Au and have been estimated in
accordance with JORC code.
(11) Based on a 4 g Au/t cutoff.
(12) Mineral Resources have been estimated as at July 2008 at a 1.0 g Au/t
cutoff and have been estimated in accordance with JORC code and the
NI 43-101.
(13) Mineral Resources have been estimated as at July 2008 using a
US $700/oz Au and have been estimated in accordance with NI 43-101.
(14) Mineral Resources have been estimated at US $700/oz Au and have been
estimated in accordance with NI 43-101.
(15) Mineral Resources have been estimated as at August 2008 using a
US $750/oz Au and have been estimated in accordance with NI 43-101.
(16) Mineral Resources have been estimated in accordance with JORC code.
Table 4: Mineral Reserves and Resources of Non-Gold Operations
--------------------------------------------------------------------------
MINERAL RESERVES AND RESOURCES
Non-Gold Operations
--------------------------------------------------------------------------
December 31, 2008
--------------------------------------------------------------------------
Grade Contained tonnes
NIOBIUM OPERATION Tonnes Nb2O5 (000)
(000) (%) Nb2O5
--------------------------------------------------------------------------
Niobec (100%)
Proven Reserves 11,367 0.58 66.0
Probable Reserves 12,133 0.59 71.8
Subtotal 23,500 0.59 137.8
Measured Resources 11,367 0.58 66.0
Indicated Resources 12,133 0.59 71.8
Inferred Resources 28,777 0.58 165.5
--------------------------------------------------------------------------
Grade Contained tons (short)
COPPER PROJECT Tonnes Cu
(000) (%) (Cu)
--------------------------------------------------------------------------
La Arena (100%)
Measured Resources 26,000 0.16 45,849
Indicated Resources 113,700 0.39 493,413
Inferred Resources 9,890 0.33 35,534
--------------------------------------------------------------------------
Contacts: IAMGOLD Corporation Elaine Ellingham SVP, Investor
Relations & Communications (416) 360-4712 or Toll-Free:
1-888-IMG-9999 Email: info@iamgold.com Website: www.iamgold.com
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