All dollar amounts are in U.S. dollars unless
otherwise indicated.
TORONTO, Feb. 18, 2015 /PRNewswire/ - IAMGOLD
Corporation ("IAMGOLD" or "the Company") today announced its
2014 year-end mineral reserve and resource statement.
(See table below for more details.)
Total attributable proven and probable gold reserves decreased
by 15% or 1.5 million ounces to 8.6 million ounces of gold at the
end of 2014 due to three principal factors:
- changes in economic and geotechnical parameters, mainly at
Rosebel (-735,000 ounces) offset by positive economic parameters
resulting from an optimization process at Sadiola (+269,000
ounces),
- depletion at Rosebel, Essakane and Westwood sites (-790,000 ounces) somewhat
offset by the increase in reserves at Westwood (+117,000 ounces), reflecting the
transfer of resources into reserves, and
- a lower gold price assumption (-360,000 ounces) for reserves at
the Company's owned and operated mines of $1,300 per ounce at December 31, 2014 compared to $1,400 a year earlier. At Sadiola the gold price
assumption for reserves was $1,100
per ounce in both years.
Total attributable measured and indicated gold resources
(inclusive of reserves) decreased by 9% or 2.0 million ounces to
21.4 million ounces of gold at the end of 2014 mainly due to
changes in economic parameters and depletion at Rosebel (-1.6
million ounces) and Essakane (-510,000 ounces) partially offset by
additional resources at the Company's development and exploration
projects, such as Côté Gold (+100,000 ounces) and Boto Gold (+90,000 ounces). As at
December 31, 2014, the Company also
had attributable inferred resources of 7.0 million ounces.
Steve Letwin, President and CEO
of IAMGOLD, said, "The exploration and mine site geology teams made
remarkable progress on a number of fronts and are developing a
strong pipeline of growth projects, during a time when they, along
with their colleagues across the Company have been required to
focus on doing more with less. Drilling activities on
projects and mine sites totaled approximately 350,000 metres for
the year. At our current annual rates of gold production, our
8.6 million ounce reserve represents a collective mine life
of our gold assets of over 10 years and our 21.4 million ounce
measured and indicated resource give the Company an extensive
resource profile, enhanced by recent resource declarations and
additions at our wholly-owned exploration projects in Senegal and Brazil.
"The 2014 expenditures for exploration, including greenfield
programs and project studies totaled $69
million. The planned decrease in 2015 of $13 million to $56 million in annual exploration
expenditures reflects our focused project prioritization. On
April 9, 2014, at the Company's
100%-owned Pitangui gold project in Brazil, we declared a maiden inferred mineral
resource estimate of 4.07 million tonnes grading 4.88 grams of gold
per tonne for 0.64 million contained ounces based on an underground
mine scenario and using a cut-off grade of 3.0 grams of gold per
tonne. We are also excited about the progress to date and the
work underway at the Boto Gold Project in Senegal, where results will be incorporated in
a further resource estimate to support ongoing technical
studies. In addition, the Company has several joint
venture projects with exploration companies which have the
potential to become development projects with further exploration
success."
Notes to Investors Regarding the Use of Resources
Cautionary Note to Investors Concerning Estimates of Measured
and Indicated Resources
This news release uses the terms "measured resources" and
"indicated resources". We advise investors that while those terms
are recognized and required by Canadian regulations, the United
States Securities and Exchange Commission (the "SEC") does not
recognize them. Investors are cautioned not to assume that any part
or all of mineral deposits in these categories will ever be
converted into reserves.
Cautionary Note to Investors Concerning Estimates of Inferred
Resources
This news release also uses the term "inferred resources". We
advise investors that while this term is recognized and required by
Canadian regulations, the SEC does not recognize it. "Inferred
resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility
studies, except in rare cases. Investors are cautioned not to
assume that part or all of an inferred resource exists, or is
economically or legally mineable.
Scientific and Technical Disclosure
IAMGOLD is
reporting mineral resource and reserve estimates in accordance with
the CIM guidelines for the estimation, classification and reporting
of resources and reserves.
Note: Mineral reserves and mineral resources for IAMGOLD's
gold mines for the 2014 year-end statement were estimated using a
$1,300 per ounce gold price (unless
otherwise indicated in the notes in Table 1) for mineral reserves
and a $1,500 per ounce price for
mineral resources (unless otherwise indicated in the notes in Table
1). For open pit operations, gold resources are constrained
within an economic pit shell.
Cautionary Note to U.S. Investors
The SEC limits
disclosure for U.S. reporting purposes to mineral deposits that a
company can economically and legally extract or produce.
IAMGOLD uses certain terms in this news release, such as
"measured," "indicated," or "inferred," which may not be consistent
with the reserve definitions established by the SEC. U.S.
investors are urged to consider closely the disclosure in the
IAMGOLD Annual Reports on Forms 40-F. You can review and obtain
copies of these filings from the SEC's website at
http://www.sec.gov/edgar.shtml or by contacting the Investor
Relations department.
The Canadian Securities Administrators' National Instrument
43-101 ("NI 43-101") requires mining companies to disclose reserves
and resources using the subcategories of "proven" reserves,
"probable" reserves, "measured" resources, "indicated" resources
and "inferred" resources. Mineral resources that are not mineral
reserves do not demonstrate economic viability.
A mineral reserve is the economically mineable part of a
measured or indicated mineral resource demonstrated by at least a
preliminary feasibility study. This study must include adequate
information on mining, processing, metallurgical, economic and
other relevant factors that demonstrate, at the time of reporting,
that economic extraction can be justified. A mineral reserve
includes diluting materials and allows for losses that may occur
when the material is mined. A proven mineral reserve is the
economically mineable part of a measured mineral resource
demonstrated by at least a preliminary feasibility study. A
probable mineral reserve is the economically mineable part of an
indicated, and in some circumstances, a measured mineral resource
demonstrated by at least a preliminary feasibility study.
A mineral resource is a concentration or occurrence of
natural, solid, inorganic material, or natural, solid fossilized
organic material including base and precious metals in or on the
Earth's crust in such form and quantity and of such a grade or
quality that it has reasonable prospects for economic extraction.
The location, quantity, grade, geological characteristics and
continuity of a mineral resource are known, estimated or
interpreted from specific geological evidence and knowledge. A
measured mineral resource is that part of a mineral resource for
which quantity, grade or quality, densities, shape and physical
characteristics are so well established that they can be estimated
with confidence sufficient to allow the appropriate application of
technical and economic parameters, to support production planning
and evaluation of the economic viability of the deposit. The
estimate is based on detailed and reliable exploration, sampling
and testing information gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drill
holes that are spaced closely enough to confirm both geological and
grade continuity. An indicated mineral resource is that part of a
mineral resource for which quantity, grade or quality, densities,
shape and physical characteristics can be estimated with a level of
confidence sufficient to allow the appropriate application of
technical and economic parameters, to support mine planning and
evaluation of the economic viability of the deposit. The estimate
is based on detailed and reliable exploration and testing
information gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes that are
spaced closely enough for geological and grade continuity to be
reasonably assumed. An inferred mineral resource is that part of a
mineral resource for which quantity and grade or quality can be
estimated on the basis of geological evidence and limited sampling
and reasonably assumed, but not verified, geological and grade
continuity. The estimate is based on limited information and
sampling gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes. Mineral
resources which are not mineral reserves do not have demonstrated
economic viability.
Investors are cautioned not to assume that part or all of an
inferred resource exists, or is economically or legally
mineable.
A feasibility study is a comprehensive technical and economic
study of the selected development option for a mineral project that
includes appropriately detailed assessments of realistically
assumed mining, processing, metallurgical, economic, marketing,
legal, environmental, social and governmental considerations
together with any other relevant operational factors and detailed
financial analysis, that are necessary to demonstrate at the
time of reporting that extraction is reasonably justified
(economically mineable). The results of the study may
reasonably serve as the basis for a final decision by a proponent
or financial institution to proceed with, or finance, the
development of the project. The confidence level of the study
will be higher than that of a Pre-Feasibility Study.
A Pre-Feasibility Study is a comprehensive study of a range
of options for the technical and economic viability of a mineral
project that has advanced to a stage where a preferred mining
method, in the case of underground mining, or the pit
configuration, in the case of an open pit, is established and an
effective method of mineral processing is determined. It includes a
financial analysis based on reasonable assumptions on mining,
processing, metallurgical, economic, marketing, legal,
environmental, social and governmental considerations and the
evaluation of any other relevant factors which are sufficient for a
qualified person, acting reasonably, to determine if all or part of
the Mineral Resource may be classified as a Mineral
Reserve.
Gold 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"). The
"Qualified Person" responsible for the supervision of the
preparation and review of all resource and reserve estimates for
IAMGOLD is Lise Chenard, Eng., Director, Mining Geology. Lise has
worked in the mining industry for more than 30 years, mainly in
operations, project development and consulting. She joined
IAMGOLD in April 2013 and acquired
her knowledge of the Company's operations and projects through site
visits, information reviews and ongoing communication and oversight
of mine site technical service teams or consultants responsible for
resource and reserve modeling and estimation.
She is considered a "Qualified Person" for the purposes of NI
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 Person. The Qualified
person has verified the data disclosed, and data underlying the
information or opinions contained herein.
Forward Looking Statement
This news 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 expected, estimated or planned gold production, cash
costs, margin expansion, capital expenditures and exploration
expenditures and 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
generally identifiable by use of the words "may", "will", "should",
"continue", "expect", "anticipate", "estimate", "believe",
"intend", "plan" or "project" or the negative of these words or
other variations on these words or comparable terminology.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond the Company's ability to
control or predict, 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, without limitation, failure to
meet expected, estimated or planned gold production, cash costs,
margin expansion, capital expenditures and exploration expenditures
and 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 United States 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.
About IAMGOLD
IAMGOLD (www.iamgold.com) is a mid-tier
mining company with four operating gold mines (including current
joint ventures) on three continents. A solid base of strategic
assets in Canada, South America and Africa is complemented by development and
exploration projects and continued assessment of accretive
acquisition opportunities. IAMGOLD is in a strong financial
position with extensive management and operational
expertise.
Please note:
This entire news release may be accessed via fax, e-mail, IAMGOLD's
website at www.iamgold.com and through CNW Group's website at
www.newswire.ca. All material information on IAMGOLD can be found
at www.sedar.com or at www.sec.gov.
Si vous désirez obtenir la version française de ce communiqué,
veuillez consulter le
http://www.iamgold.com/French/Home/default.aspx
Mineral Reserves and Resources of Gold Operations
|
|
As at December 31,
2014
|
MINERAL RESERVES
AND RESOURCES (1) (2) (3)
|
|
|
GOLD
OPERATIONS
|
Tonnes
(000s)
|
Grade
(g/t)
|
Ounces
Contained
(000s)
|
Attributable
Contained Ounces (000s)
|
Rosebel
(4), Suriname
|
|
|
|
(95%)
|
Proven
Reserves
|
76,371
|
1.1
|
2,603
|
2,473
|
Probable
Reserves
|
17,269
|
1.0
|
552
|
524
|
Subtotal
|
93,640
|
1.1
|
3,155
|
2,997
|
Measured
Resources
|
126,712
|
1.0
|
4,124
|
3,918
|
Indicated
Resources
|
50,993
|
1.0
|
1,678
|
1,594
|
Inferred
Resources
|
19,014
|
0.9
|
542
|
515
|
Essakane
(5), Burkina Faso
|
|
|
|
(90%)
|
Probable
Reserves
|
108,821
|
1.1
|
3,886
|
3,497
|
Subtotal
|
108,821
|
1.1
|
3,886
|
3,497
|
Indicated
Resources
|
124,432
|
1.2
|
4,702
|
4,232
|
Inferred
Resources
|
14,830
|
1.3
|
628
|
565
|
Westwood
(6), Canada
|
|
|
|
(100%)
|
Proven
Reserves
|
301
|
7.3
|
71
|
71
|
Probable
Reserves
|
2,070
|
7.0
|
468
|
468
|
Subtotal
|
2,371
|
7.0
|
539
|
539
|
Measured
Resources
|
199
|
11.7
|
75
|
75
|
Indicated
Resources
|
1,455
|
11.1
|
520
|
520
|
Inferred
Resources
|
9,729
|
10.9
|
3,397
|
3,397
|
Sadiola
(7), Mali
|
|
|
|
(41%)
|
Probable
Reserves
|
57,428
|
2.1
|
3,841
|
1,575
|
Subtotal
|
57,428
|
2.1
|
3,841
|
1,575
|
Measured
Resources
|
12,971
|
0.8
|
320
|
131
|
Indicated
Resources
|
102,146
|
1.9
|
6,275
|
2,573
|
Inferred
Resources
|
5,523
|
1.6
|
291
|
119
|
Côté Gold
(8), Canada
|
|
|
|
(92.5%)
|
Indicated
Resources
|
278,600
|
0.9
|
7,716
|
7,137
|
Inferred
Resources
|
52,300
|
0.7
|
1,241
|
1,148
|
Boto Gold
(9), Senegal
|
|
|
|
(100%)
|
Indicated
Resources
|
22,796
|
1.7
|
1,232
|
1,232
|
Inferred
Resources
|
10,957
|
1.8
|
635
|
635
|
Pitangui
(10), Brazil
|
|
|
|
(100%)
|
Inferred
Resources
|
4,070
|
4.9
|
638
|
638
|
TOTAL
|
|
|
|
|
Proven & Probable
Reserves
|
262,260
|
1.4
|
11,421
|
8,608
|
Measured and Indicated
Resources
|
720,304
|
1.2
|
26,642
|
21,412
|
Inferred
Resources
|
116,423
|
2.0
|
7,373
|
7,018
|
(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 reserve estimations but
are deemed to have a reasonable prospect of economic
extraction.
|
(3)
|
Although "measured
resources", "indicated resources" and "inferred resources" are
categories of mineralization that are recognized and required to be
disclosed under Canadian regulations, the SEC does not recognize
them. Disclosure of contained ounces is permitted under
Canadian regulations; however, the SEC generally permits resources
to be reported only as in place tonnage and grade. See
"Cautionary Note to U.S. Investors Regarding Mineral Reporting
Standards".
|
(4)
|
Rosebel mineral
reserves have been estimated as of December 31, 2014 using a
$1,300/oz gold price and mineral resources have been estimated as
of December 31, 2014 using a $1,500/oz gold price and have been
estimated in accordance with NI 43-101.
|
(5)
|
Essakane
mineral reserves have been estimated as of December 31, 2014 using
a $1,300/oz gold price and mineral resources have been estimated as
of December 31, 2014 using a $1,500/oz gold price and have been
estimated in accordance with NI 43-101.
|
(6)
|
Westwood
mineral reserves have been estimated as of December 31, 2014 using
a $1,300/oz gold price and mineral resources have been estimated as
of December 31, 2014 using a 6.0 g/t Au cut-off over a minimum
width of 2 metres and have been estimated in accordance with
NI 43-101.
|
(7)
|
Mineral
reserves at Sadiola have been estimated as of December 31, 2014
using an average of $1,100/oz gold price and mineral resources have
been estimated as of December 31, 2014 using a $1,600/oz gold price
and have been estimated in accordance with JORC code.
|
(8)
|
Côté Gold mineral
resources have been estimated as of December 31, 2014 using a
$1,500/oz gold price and have been estimated in accordance with NI
43-101.
|
(9)
|
Boto mineral
resources have been estimated as of December 31, 2014 using a
$1,500/oz gold price and have been estimated in accordance with NI
43-101.
|
(10)
|
Pitangui
mineral resources have been estimated as of January 9, 2014 using a
$1,500/oz gold price and have been estimated in accordance with NI
43-101.
|
|
|
SOURCE IAMGOLD Corporation