IAMGOLD Completes Sale of the Sleeping Giant Mine and Confirms Equity Position in Cadiscor Resources Inc.
TORONTO, ONTARIO -- Dec. 15, 2008 - 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.
CONTACT INFORMATION:
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
or
Renmark Financial Communications Inc.
John Boidman : jboidman@renmarkfinancial.com
Henri Perron : hperron@renmarkfinancial.com
Montreal: Tel.: (514) 939-3989 Fax: (514) 939-3717 www.renmarkfinancial.com |
Toronto: Tel.: (416) 644-2020 Fax: (416) 644-2021
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VanEck Vectors Global Alternative Energy ETF
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PRODUCER |
CODE : IMG.TO |
ISIN : CA4509131088 |
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IAMGOLD is a gold producing company based in Canada. IAMGOLD produces gold, diamonds, lead, niobium, rare earth, silver and zinc in Botswana, in Canada, in Ecuador, in Ghana, in Guyana, in Indonesia, in Mali, in Peru, in South Africa, in Suriname and in Tanzania, develops gold in Burkina Faso, in Ecuador and in French Guyana, and holds various exploration projects in Canada, in Ecuador, in Honduras, in Peru and in South Africa. Its main assets in production are OMAI MINE in Guyana, MOUSKA MINE, PORCUPINE, SLEEPING GIANT, DOYON, NIOBEC and GRAND DUC in Canada, YATELA and SADIOLA in Mali, MUPANE in Botswana, DAMANG PROJECT, TARKWA and TEBEREBIE in Ghana, ROSEBEL in Suriname, ZARUMA in Ecuador, ARDO MINE in South Africa, BUCKREEF in Tanzania, RAWAS GOLD PROJECT in Indonesia and TAMBORAQUE in Peru, its main assets in development are ESSAKANE in Burkina Faso, CAMP CAIMAN in French Guyana and QUIMSACOCHA PROJECT in Ecuador and its main exploration properties are BAMBADJI in Senegal, TEX-SOL, LESPERANCE, CREVIER and WESTWOOD in Canada, ALAMOUTALA (SADIOLA II) and SIRIBAYA in Mali, GILT EDGE MINE & ANCHOR HILL in Ecuador, PODEROSA MINE in Peru and VUELTAS DEL RIO / EL ZAPOTAL in Honduras. IAMGOLD is listed in Australia, in Canada, in Germany and in United States of America. Its market capitalisation is 342.1 millions as of today (US$ 251.3 millions, € 225.9 millions). Its stock quote reached its highest recent level on April 28, 2006 at 9.98, and its lowest recent point on September 30, 2022 at 1.27. IAMGOLD has 47 442 200 shares outstanding. |