IAMGOLD REACHES AGREEMENT ON ENVIRONMENTAL PROTECTION IN ECUADOR
Toronto, Ontario, November 15, 2007 - IAMGOLD Corporation ("IAMGOLD" or "the Company") announces that it has reached an agreement with the Government of Ecuador in which the Government recognizes that IAMGOLD has adhered to and met all of its legal, social and environmental obligations thus far at the Company's Quimsacocha project in Ecuador and will therefore get full support from the Government for the project going forward. As part of the agreement and as a show of environmental commitment, the Company has agreed to relinquish a portion of its concession to ensure the safety of the water supply to the surrounding areas. This land package is approximately 3,000 hectares, 23% of IAMGOLD's total 12,967 hectare holding and contains no resources, no mineralization or exploration targets. (Click here to see figure 1). It will have no impact o
n the development of the Quimsacocha project.
"Giving back the small portion of our concessions was done to send a clear message - IAMGOLD is committed to preserve and protect the environment. The land in question surrounds a water shed, some small lakes and a wetland. It was the right thing to do," stated Joseph Conway, President and CEO. "The land contains no prospects and will in no way affect the eventual operation there. Now we can move ahead and help to formulate a mining code that will be beneficial for all stakeholders. We look forward to working closely with the Government and appreciate their support of Quimsacocha."
The Quimsacocha project is located in the Azuay Province, 35 kilometres southwest of Cuenca in southern Ecuador. This development project contains an indicated resource of 32.6 million tonnes with 3.2 g/t gold, representing 3.35 million ounces of gold. There are currently two drill rigs on site drilling at Loma Tasqui, southwest of the known resource. It is expected that 8,000 metres will be drilled on Loma Tasqui and Rio Falso Sur as part of the $2.7 million second half 2007 exploration program. Work also continues on the prefeasibility study which will be completed in the first quarter of 2008.
For further information please contact:
IAMGOLD Corporation:
Lisa Doddridge
Director, Investor Relations
Tel: (416) 360-4710
Toll-free: 1 888 IMG-9999
Renmark Financial Communications Inc.
John Boidman: jboidman@renmarkfinancial.com
Henri Perron: hperron@renmarkfinancial.com
T: (514) 939-3989
F: (514) 939-3717
www.renmarkfinancial.com
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 D�SIREZ OBTENIR LA VERSION FRAN�AISE DE CE COMMUNIQU�, VEUILLEZ CONSULTER LE HTTP://WWW.IAMGOLD.COM/FR/ACCUEIL.HTML.
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IAMGOLD Corporation
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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 CA$ 2.4 billions as of today (US$ 1.7 billions, € 1.6 billions). Its stock quote reached its highest recent level on April 28, 2006 at CA$ 9.98, and its lowest recent point on September 30, 2022 at CA$ 1.27. IAMGOLD has 464 620 000 shares outstanding. |