All dollar amounts are in U.S. dollars unless
otherwise indicated.
Measured and Indicated Resource
Estimates are quoted Inclusive of Mineral Reserves for all
sites and projects
TORONTO, Feb. 12, 2018 /PRNewswire/ - IAMGOLD
Corporation ("IAMGOLD" or "the Company") today announced its
2017 year-end mineral reserve and resource statement. (See attached
table for more details.)
Total attributable Proven and Probable gold Reserves increased
by 86.0% to 14.5 million ounces at the end of 2017 from
7.8 million ounces of gold at the end of 2016. The
addition of 6.7 million ounces was primarily due to conversion
of Resources to Reserves at the Côté Gold Project in Ontario, Canada and at the Boto Gold Project
in eastern Senegal, West Africa following positive results from
the Pre-feasibility Studies, coupled with the previously announced
Reserve increase at the Rosebel Gold Mine. These increases
were partially offset by depletion during the year given the
Company's attributable gold production of 882,000 ounces.
There was no change in the $1,200 per ounce gold price assumption for
estimating Mineral Reserves at the Company's owned and operated
mines.
Total attributable Measured and Indicated gold Resources
(inclusive of Reserves) increased overall by 6% or 1.4 million
ounces to 24.7 million ounces of gold at the end of 2017.
Additionally, total attributable Inferred gold Resources increased
overall by 44% or 2.7 million ounces to 8.8 million ounces of gold
at the end of 2017. There were also no changes in the valuation
assumptions for estimating mineral resources at Essakane and
Rosebel ($1,500 per ounce of gold) or
at Westwood ($1,200 per ounce of gold
using a 6.0 g/t Au cut-off over a minimum width of 2
metres).
Steve Letwin, President and CEO
of IAMGOLD, commented, "In 2017, we were able to crystallize
significant gains in reserve ounces within the company, carrying on
from our great work in 2016 to advance our high potential targets
through both exploration successes and improved cost
performance. All of our owner-operated mines reported
year-on-year increases in reserves after depletion, demonstrating
the strength of our core operations. Additionally, the
completion of Prefeasibility Studies at Côté and Boto has allowed
us to declare initial reserves for both projects, setting up
IAMGOLD with a growing, long-life production profile at a time when
many are struggling with reserve life. Even taking into account the
sale of 30% of the large resource at Côté Gold to Sumitomo Metal
Mining last June, we have demonstrated net gains in both Measured
& Indicated Resources and Inferred Resources. The maiden
Resource declaration for Saramacca is a strong start for Rosebel's
transformation."
Mr. Letwin continued, "We are very excited about 2018 as it is
setting up to be another year for significant growth in our reserve
and resource base. Drilling to expand Saramacca continues and we
are working to incorporate the existing and new resources into a
consolidated Life-of-Mine plan for Rosebel and Saramacca which will
allow us to declare an initial reserve estimate for Saramacca in
the second half of this year. Drilling being carried out
as part of the Côté Gold Feasibility Study will not only improve
our confidence in the existing reserves, but is also expected to
permit the upgrade of inferred material to a higher resource
category and ultimately support conversion into reserves. The
completion of the Heap Leach Prefeasibility Study for Essakane in
the second quarter is expected to catalyze the declaration of new
Heap Leach reserves as well as increases in our CIL reserves and
resources through the justification of a further pit
pushback. Essakane is also working on declaring a maiden
resource estimate for the Gossey satellite deposit later this
year. We will be drilling another 110 kilometres at Westwood
with the ongoing objective to expand our planning reserves through
conversion of inferred resources. An updated resource
estimate is planned for Diakha-Siribaya in Mali, West
Africa, and maiden resource estimates are being initiated in
2018 for Monster Lake and Nelligan in Quebec, Canada, and Eastern Borosi in
Nicaragua."
Summaries of the changes in the Reserves and Resources estimate
and 2018 development plans for each of the key assets are provided
below.
Rosebel Gold Mine, Suriname: As announced on
July 26, 2017, Rosebel was able
declare significant increases in both Reserves and Resources, even
before including the Saramacca satellite
deposit. Incorporating those additions and mine depletion
since that declaration date, Rosebel has realized a net,
year-on-year increase in attributable Reserves of 1.4 million
ounces or 69% to 3.3 million ounces, which was the result of:
(i) new resource models for most of the Rosebel orebodies;
(ii) positive impact of changes in the cost model for
Rosebel, based on major cost improvements; (iii) a revised mine
planning approach based on a detailed pit phasing scheme
complemented by an optimized mine sequencing algorithm; and (iv)
improved confidence in the pit slope design angles. Attributable
Measured and Indicated Resources increased year-on-year by 2.9
million ounces or 51% to 8.6 million ounces due to those same
factors. Inferred Resources increased from 0.6 million ounces
to 2.6 million ounces year-on-year. Little definition
drilling and exploration work is planned for 2018 on the Rosebel
Mine concessions as the mine geology team focusses on
Saramacca. Drilling done later in 2017, including in the
Saddle Zones, will be incorporated into the resource models and
mine designs during 2018.
Essakane Gold Mine: Essakane attributable Reserves for
2017 increased by 2%, net of depletion, to 3.1 million ounces
versus the year prior, due to conversion of resource ounces at the
Essakane Main Zone (EMZ) and Falagountou. Attributable Measured and
Indicated Resources declined by 313,000 ounces or 7.5% to 3.8
million ounces mainly due to depletion. Attributable Inferred
Resources declined by 91,000 ounces to 348,000 ounces. In the
second quarter 2018, Essakane expects to complete a Prefeasibility
Study on Heap Leach processing of EMZ marginal grade material. Once
completed, the operation is expecting to declare additional Heap
Leach Reserves, as well as to potentially add to the existing CIL
Reserves for EMZ through justification of an additional
pushback. Essakane also conducted exploration drilling of the
Gossey satellite zone, 15 kilometers to the northwest of the
Essakane processing plant, during 2016 and 2017. A maiden
Resource estimate for Gossey should be completed in 2018.
Exploration is ongoing on a number of other regional targets at
Essakane.
Westwood Gold Mine,
Canada: A net increase in
Reserves of 130,000 ounces or 12% to 1.18 million ounces converted
from resources, after depletion. Measured and Indicated
Resources increased by 227,000 ounces or 19% to 1.4 million ounces
as the 2017 delineation and valuation drilling (112 km) triggered a
significant conversion from Inferred Resources, which also drove
the conversion of Resources to Reserves. Inferred Resources
declined by 0.4 million ounces to 1.8 million ounces as a result of
the same conversion exercise. Westwood is planning a further
110 kilometres of drilling during 2018 to continue building the
planning reserves through conversion of resources.
Sadiola Gold Mine, Mali:
At Sadiola, there was a net decrease year-on-year in attributable
Reserves of 100,000 ounces or 6% to 1.7 million ounces due to
depletion. Attributable Measured and Indicated Resources were
effectively unchanged at 2.9 million ounces as depletion was offset
by newly identified resources and conversion of Inferred material.
Inferred Resources declined by 33,000 ounces to 0.4 million ounces.
No significant exploration activity is planned for Sadiola in 2018
as we continue to work to reach an agreement with the Government of
Mali for the path forward for the
Sadiola Sulphide Project.
Côté Gold Project, Canada: An initial Reserve of
3.84 million attributable ounces, converted from resources as
an outcome of positive results from a Prefeasibility Study, was
announced on June 5, 2017.
Attributable Indicated and Inferred Resources at Côté are now 5.2
million ounces and 0.8 million ounces respectively. Resources
are lower than the resources announced last year, primarily as a
result of the sale of 30% of the IAMGOLD interest in Côté to
Sumitomo Metal Mining as announced concurrently with the
Prefeasibility Study results. A Feasibility Study is
currently underway for the Côté Gold Project, with expected
completion in the first half of 2019, at which time a construction
decision will be taken. As part of the feasibility work, a
drilling program has been undertaken to: (i) improve the confidence
classification of the existing Reserves and Resources; (ii) convert
Inferred Resources from the Prefeasibility Study for inclusion in
the Feasibility Study Reserves and mine plan; (iii) further
geotechnical investigation of the pit and infrastructure areas; and
(iv) condemnation of infrastructure, tailings storage and mine rock
dump areas. An updated Reserve and Resource declaration,
incorporating the new drilling and refined cost models, will be
produced as an outcome of this feasibility work.
Boto Gold Project, Senegal: The addition of 1.42 million
attributable ounces of Reserves, converted from Resources as an
outcome of positive results from a Prefeasibility Study, which was
announced on February 12, 2018.
IAMGOLD is continuing exploration of the Boto concession during
2018 with the goal of identifying additional resources to enhance
the Boto project economics and mine life.
Saramacca Gold Project, Suriname. On September 5, 2017, a maiden resource was declared
for the Saramacca deposit, 25 km south of the Rosebel Gold
Mine. Attributable Indicated Resources were estimated to be
680,000 ounces and attributable Inferred Resources were estimated
to be 344,000 ounces. Exploration and resource definition
drilling continues at Saramacca, and an initial Reserve declaration
is expected in the second half of 2018 upon completing development
studies and an integrated Rosebel plus Saramacca mine plan and
incorporating any new drilling results that are available at that
time. On January 24, 2018
IAMGOLD announced that it had been granted rights to the Brokolonko
exploration concession, on trend to the northwest of Saramacca and
the previously optioned Sarafina exploration concession creating a
new gold district. Airborne geophysics, exploration field
work, and drilling will be undertaken in earnest throughout this
new gold district during 2018.
Advance Exploration Projects: The Inferred Resources at
the Pitangui Project in Minas Gerais, Brazil increased year-on-year by 21% to
819,000 ounces as the result of orebody extensions identified
through step out drilling. Exploration at Pitangui will
continue for 2018. Both Indicated and Inferred Resources at
the Diakha-Siribaya Project in Mali doubled versus the prior year (to 0.1
million ounces and 1.1 million ounces respectively) with the
acquisition of the 50% joint partner Merrex Gold as announced
February 28, 2017. An updated
resource estimate is planned later in 2018 to incorporate
significant additional drilling on strike from the originally
identified resource, including drilling from 2017 and 2018 on an
expanded exploration concession. In past periods, IAMGOLD has
announced ongoing drill results from the Monster Lake and
Nelligan joint venture projects in northeastern Quebec, Canada and the Eastern Borosi
joint venture project in Nicaragua. Work is underway to
produce maiden resource estimates for all of these projects during
2018.
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 2017 year-end statement were estimated using a
$1,200 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 35 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.
The information in this news release was reviewed and
approved by Craig MacDougall,
P.Geo., Senior Vice President, Exploration for IAMGOLD. Mr.
MacDougall is a Qualified Person as defined by National Instrument
43-101.
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", "expected", "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 on three continents.
A solid base of strategic assets in North and South America and West 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.
For further information please contact:
Ken Chernin, VP Investor
Relations
Tel: (416) 360-4743 Mobile: (416) 388-6883
Laura Young, Director
Investor Relations
Tel: (416) 933-4952 Mobile: (416) 670-3815
Martin Dumont, Investor
Relations Associate
Tel: (416) 933-5783 Mobile: (647) 967-9942
IAMGOLD Corporation Toll-free: 1 888 464-9999
info@iamgold.com
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/accueil/default.aspx
Mineral Reserves and Resources of Gold Operations as
of December 31,
2017(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(11)(12)
|
MINERAL RESERVES
AND RESOURCES
|
GOLD
OPERATIONS
|
Tonnes
(000s)
|
Grade
(g/t)
|
Ounces
Contained
(000s)
|
Attributable
Contained Ounces
(000s)
|
Rosebel(4),
Suriname
|
|
|
|
(95%)
|
|
Proven
Reserves
|
23,122
|
0.6
|
479
|
455
|
|
Probable
Reserves
|
84,358
|
1.1
|
3,034
|
2,882
|
Subtotal
|
107,480
|
1.0
|
3,513
|
3,337
|
|
Measured
Resources
|
45,561
|
0.7
|
1,059
|
1,006
|
|
Indicated
Resources
|
254,010
|
1.0
|
8,036
|
7,634
|
|
Inferred
Resources
|
86,471
|
1.0
|
2,704
|
2,569
|
Essakane(5), Burkina
Faso
|
|
|
|
(90%)
|
|
Probable
Reserves
|
93,126
|
1.1
|
3,390
|
3,051
|
Subtotal
|
93,126
|
1.1
|
3,390
|
3,051
|
|
Indicated
Resources
|
113,809
|
1.2
|
4,269
|
3,842
|
|
Inferred
Resources
|
9,720
|
1.2
|
386
|
348
|
Westwood(6),
Canada
|
|
|
|
(100%)
|
|
Proven
Reserves
|
998
|
7.9
|
252
|
252
|
|
Probable
Reserves
|
3,770
|
7.6
|
924
|
924
|
Subtotal
|
4,768
|
7.7
|
1,176
|
1,176
|
|
Measured
Resources
|
788
|
13.2
|
335
|
335
|
|
Indicated
Resources
|
2,808
|
11.9
|
1,078
|
1,078
|
|
Inferred
Resources
|
5,189
|
11.0
|
1,838
|
1,838
|
Sadiola(7), Mali
|
|
|
|
(41%)
|
|
Proven
Reserves
|
245
|
2.1
|
17
|
7
|
|
Probable
Reserves
|
69,106
|
1.9
|
4,124
|
1,691
|
Subtotal
|
69,352
|
1.9
|
4,140
|
1,698
|
|
Measured
Resources
|
245
|
2.1
|
17
|
7
|
|
Indicated
Resources
|
122,451
|
1.8
|
7,040
|
2,887
|
|
Inferred
Resources
|
17,661
|
1.7
|
956
|
392
|
Côté
Gold(8), Canada
|
|
|
|
(64.75%)
|
|
Probable
Reserves
|
196,079
|
0.9
|
5,926
|
3,837
|
Subtotal
|
196,079
|
0.9
|
5,926
|
3,837
|
|
Indicated
Resources
|
281,171
|
0.9
|
8,037
|
5,024
|
|
Inferred
Resources
|
76,471
|
0.5
|
1,231
|
797
|
Saramaca(12),
Suriname
|
|
|
|
(66.5%)
|
|
Indicated
Resources
|
14,444
|
2.2
|
1,022
|
680
|
|
Inferred
Resources
|
13,632
|
1.2
|
518
|
344
|
Boto
Gold(9), Senegal
|
|
|
|
(100%)
|
|
Probable
Reserves
|
26,841
|
1.6
|
1,415
|
1,415
|
Subtotal
|
26,841
|
1.6
|
1,415
|
1,415
|
|
Indicated
Resources
|
37,408
|
1.6
|
1,922
|
1,922
|
|
Inferred
Resources
|
10,981
|
1.7
|
594
|
594
|
Pitangui(10),
Brazil
|
|
|
|
(100%)
|
|
Inferred
Resources
|
5,365
|
4.7
|
819
|
819
|
Diakha-Siribaya(11),
Mali
|
|
|
|
(100%)
|
|
Indicated
Resources
|
2,102
|
1.9
|
129
|
129
|
|
Inferred
Resources
|
19,816
|
1.7
|
1,092
|
1,092
|
TOTAL
(13)
|
|
|
|
|
|
Proven & Probable
Reserves
|
497,646
|
1.2
|
19,560
|
14,514
|
|
Measured and
Indicated Resources
|
874,798
|
1.2
|
32,944
|
24,723
|
|
Inferred
Resources
|
245,306
|
1.3
|
10,138
|
8,793
|
|
|
|
|
|
Notes:
|
|
(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 Disclosure of Mineral
Reserve and Mineral Resource Estimates".
|
(4)
|
Rosebel mineral
reserves have been estimated as of December 31, 2017 using a
$1,200/oz gold price and mineral resources have been estimated as
of December 31, 2017 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, 2017 using a
$1,200/oz gold price and mineral resources have been estimated as
of December 31, 2017 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, 2017 using a
$1,200/oz gold price and mineral resources have been estimated as
of December 31, 2017 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, 2017 using an
average of $1,200/oz gold price and mineral resources have been
estimated as of December 31, 2017 using a $1,400/oz gold price and
have been estimated in accordance with the JORC code.
|
(8)
|
Côté Gold mineral
reserves have been estimated as of December 31, 2017 using a
$1,200/oz gold price and the mineral resources have been estimated
as of December 31, 2017 using a $1,500/oz gold price and have been
estimated in accordance with NI 43-101.
|
(9)
|
Boto Gold mineral
reserves has been estimated as of December 31, 2017 using a
$1,200/oz gold price and mineral resources have been estimated as
of December 31, 2017 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 December 31, 2017 using a
$1,500/oz gold price and have been estimated in accordance with NI
43-101.
|
(11)
|
Diakha-Siribaya
mineral resources have been estimated as of December 31, 2017 using
$1,500/oz gold price and have been estimated in accordance with NI
43-101.
|
(12)
|
Saramacca mineral
resources have been estimated as of December 31, 2017 using
$1,500/oz gold price and have been estimated in accordance with NI
43-101.
|
(13)
|
Due to rounding,
numbers presented throughout this document may not add up precisely
to the totals.
|
The Company's reserve estimate is comprised of in-place
material, i.e., contained ounces of gold and metallurgical recovery
factors must be taken into account in order to assess and quantify
the recoverable material.
There are numerous parameters inherent in estimating proven and
probable mineral reserves, including many factors beyond the
Company's control. The estimation of reserves is a subjective
process, and the accuracy of any reserve estimate is a function of
the quality of available data and of engineering and geological
interpretation and judgment. Results from drilling, testing and
production, as well as material changes in metal prices subsequent
to the date of an estimate, may justify a revision of such
estimates.
SOURCE IAMGOLD Corporation