EX-99.1 2 ex99_1.htm IAMGOLD INCREASES RESOURCES BY 5% ex99_1.htm
Exhibit 99.1
 
 
 
Graphic
No. 08/08

 
 
IAMGOLD INCREASES RESOURCES BY 5%

 
Toronto, Ontario, March 28, 2008 – IAMGOLD Corporation (“IAMGOLD” or “the Company”) announces the Company’s 2007 year end mineral reserves and resources.  Results are summarized in Table 1.  Complete details are provided in Figures 1, 2, and 3.
 

TABLE 1: Consolidated Mineral Reserves and Resources
As at December 31, 2007

 
Ounces Contained
(000)
Total Proven Reserves
3,226
Total Probable Reserves
4,748
Total Reserves
7,975
   
Total Measured Resources
7,624
Total Indicated Resources
15,045
Total Measured & Indicated Resources
22,669
Total Inferred Resources
7,087



At the end of 2007, total proven and probable reserves total 8.0 million ounces, relative to the 9.7 million ounces stated at the end of 2006. The slight decline, when considered net of production, is primarily a result of a combined net decrease in attributable reserves of 0.5 million ounces at Sadiola and Tarkwa.  Rosebel reserves decreased, net of production depletion, by 109,900 ounces which was mostly offset by gains from the Company’s remaining mines.  However, this decline can largely be attributed to the inclusion of a royalty which was previously treated as a corporate charge and not included in the calculation of reserves.

 
 
 

Measured and Indicated Resources increased by 5% over 2006 to 22.7 million ounces, at the end of 2007.  The increase is a result of the conversion of inferred resources to measured and indicated resources and an increase in the gold price assumption.  The effect of the gold price increase was partially offset by general increases in cost assumptions at all mines, as well as pit design changes at Sadiola and Mupane. The measured and indicated resources were also impacted by production depletion and the lack of resource replacement at a number of the mature or short life mines such as Doyon, Mouska  and Sleeping Giant.
 
 At Rosebel, the measured and indicated resource base increased by 38% despite the loss of reserves.  A further contribution to the change in the total resource base at Rosebel is the adoption of a more conservative evaluation approach relating to inferred resources. The Company has elected to apply more stringent economic constraints when calculating all resource determinations.
 
Proven and probable reserves of niobium were 101,600 tonnes of niobium oxide, a decrease compared to the end of 2006, mainly due to the 10,500 tonnes of production during the year. The 2007 measured and indicated resource base at Niobec is 117,000 tonnes of niobium oxide compared to 131,000 tonnes at year end 2006. The measured and indicated resource decrease is related to production depletion and a change in the understanding of pillar recovery. A technical study on the possible use of paste backfill at Niobec, to be completed during 2008, is expected to have a positive impact on the mining recovery of all resources (measured, indicated and inferred) and therefore on future reserves.
 

 
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 is Elzear Belzile, Manager, Mining Geology, a geologist, and Francis Clouston, Director, 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.

For more information, please refer to http://www.iamgold.com.

 

 
Cautionary Note
 
Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
 


 
 
 
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 2007 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 includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of IAMGOLD, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from IAMGOLD's expectations are disclosed under the heading "Risk Factors" and elsewhere in IAMGOLD documents filed from time-to-time with the Toronto Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities.
 
 
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 désirez obtenir la version française de ce communiqué, veuillez consulter le http://www.iamgold.com/fr/accueil.html.
 
 
 
 
Figure 1: Mineral Reserves and Resources for Tarkwa and Damang
 

MINERAL RESERVES AND RESOURCES (1) (2) (3) (4)
GOLD OPERATIONS
Tonnes
(000)
Grade
(g Au/t)
Ounces
Contained (oz)
Attributable
Contained
Ounces
Tarkwa
Proven Reserves
Probable Reserves
Subtotal
Measured Resources
Indicated Resources
Inferred Resources
147,400
152,200
299,600
138,500
191,000
51,100
1.3
1.2
1.3
1.5
1.3
2.4
6,154,000
6,054,000
12,208,000
6,440,000
8,122,000
3,879,000
(18.9%)
1,163,000
1,144,200
2,307,300
1,217,200
1,535,100
733,100
Damang
Proven Reserves
Probable Reserves
Subtotal
Measured Resources
Indicated Resources
Inferred Resources
6,488
23,249
29,737
11,029
41,452
14,328
2.0
1.4
1.5
1.9
1.4
3.1
414,000
1,038,000
1,452,000
668,000
1, 806,000
1,408,000
(18.9%)
78,200
196,200
274,400
126,300
341,300
266,100
TOTAL (Tarkwa & Damang)
Proven & Probable Reserves
Measured & Indicated Resources
Inferred Resources
      
 
2,581,700
3,219,900
999,200
 
 
(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 and are considered uneconomic at the price used for reserves calculations.
 
(3)
Mineral Reserves have been estimated as at Dec. 31, 2007 using a US $550/oz Au and Mineral Resources have been estimated as at Dec. 31, 2007 using a US $715/oz Au.
 
(4)
Mineral Resources have been estimated in accordance with SAMREC.
 
 
 
 
Figure 2: Mineral Reserves and Resources of Gold Operations
 

MINERAL RESERVES AND RESOURCES (1) (2) (3)
 
December 31, 2007
GOLD OPERATIONS
Tonnes
(000)
Grade
(g Au/t)
Ounces
Contained (oz)
Attributable
Contained
Ounces
Rosebel (4) (9)
Proven Reserves
Probable Reserves
Subtotal
Measured Resources
Indicated Resources
Inferred Resources
34,878
49,683
84,562
113,465
144,005
1,789
1.2
1.3
1.3
1.1
1.0
1.5
1,384,000
2,019,000
3,403,000
4,166,000
4,553,000
83,000
(95%)
1,314,800
1,918,000
3,232,800
3,958,000
4,325,000
79,000
Mupane (9)
Proven Reserves
Probable Reserves
Subtotal
Measured Resources
Indicated Resources
Inferred Resources
2,982
200
3,182
7,037
3,424
104
2.4
3.2
2.4
2.2
2.2
2.3
226,000
21,000
324,100
493,000
246,000
8,000
(85-100%)
226,000
21,000
247,000
489,000
239,000
7,000
Sadiola (11)
Proven Reserves
Probable Reserves
Subtotal
Measured Resources
Indicated Resources
Inferred Resources
4,715
6,159
10,874
17,950
35,706
12,306
2.8
3.1
3.0
1.4
3.0
2.2
417,600
618,800
1,036,400
786,000
3,448,000
855,000
(38%)
158,700
235,100
393,800
298,700
1,310,200
324,900
Doyon Division (5) (9)
Proven Reserves
Probable Reserves
Subtotal
Measured Resources
Indicated Resources
Inferred Resources
 
426
78
504
1,164
2,451
3,515
9.6
8.0
9.3
6.4
4.7
5.1
131,000
20,000
151,000
239,000
368,000
576,000
(100%)
131,000
20,000
151,000
239,000
368,000
576,000
Sleeping Giant (6) (9)
Proven Reserves
Probable Reserves
Subtotal
Measured Resources
Indicated Resources
Inferred Resources
 
116
7
123
116
7
0
14.0
11.9
13.9
14.0
11.9
0.0
52,100
2,700
54,800
52,100
2,700
0
(100%)
52,100
2,700
54,800
52,100
2,700
0
 

MINERAL RESERVES AND RESOURCES (1) (2) (3)
 
December 31, 2007
GOLD OPERATIONS
Tonnes
(000)
Grade
(g Au/t)
Ounces
Contained (oz)
Attributable
Contained
Ounces
Yatela (11)
Proven Reserves
Probable Reserves
Subtotal
Measured Resources
Indicated Resources
Inferred Resources
4,984
2,060
7,044
5,359
2,509
2,635
1.6
3.7
2.2
1.8
3.5
3.0
256,000
243,000
499,000
302,000
283,000
258,000
(40%)
102,400
97,200
199,600
120,800
113,200
103,200
Tanzania (17)
Measured Resources
Indicated Resources
Inferred Resources
---
7,657
16,135
---
2.2
1.6
---
534,200
827,000
(30-100%)
---
181,600
427,100
Camp Caiman (7) (10)
Probable Reserves
Measured Resources
Indicated Resources
Inferred Resources
12,285
5,371
15,071
3,767
2.8
2.7
2.4
2.1
1,114,000
467,000
1,148,000
249,000
(100%)
1,114,000
467,000
1,148,000
249,000
La Arena (8)
Measured Resources
Indicated Resources
Inferred Resources
 
26,000
113,700
9,890
 
0.5
0.4
0.3
 
443,400
1,554,000
89,900
(100%)
443,400
1,554,000
89,900
Buckreef (13)
Measured Resources
Indicated Resources
Inferred Resources
3,066
12,887
10,872
2.7
1.8
2.4
265,000
734,000
833,000
(75-80%)
212,000
573,000
662,000
Westwood (12) (14)
Inferred Resources
14,097
7.3
3,313,000
(100%)
3,313,000
Quimsacocha (16)
Indicated Resources
Inferred Resources
32,977
4,033
3.2
1.9
3,346,900
245,000
(100%)
3,346,900
245,000
Grand Duc (15)
Indicated Resources
Inferred Resources
150
249
1.3
1.4
6,300
11,500
(100%)
6,300
11,500
TOTAL (excl. Tarkwa & Damang)
Proven & Probable Reserves
Meas. & Indicated Resources
Inferred Resources
      
 
 
5,393,000
19,447,900
6,087,600
 
 
(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 reserves calculations 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. Includes Mineral Reserves and Resources from the Doyon and Mouska Gold Mines.
 
(6)    
Effective November 8, 2006, the Company indirectly owned 100% of the Sleeping Giant Gold Mine.
 
(7)    
Effective November 8, 2006, the Company indirectly owned a 100% interest in the Camp Caiman Project.
 
(8)    
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.
 
(9)    
Mineral Reserves have been estimated as at Dec. 31, 2007 using a US $600/oz Au and Mineral Resources have been estimated as at Dec. 31, 2007 using a US $700/oz Au and have been estimated in accordance with NI 43-101.
  (10) 
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.
  (11) 
Mineral Reserves have been estimated as at Dec. 31, 2007 using a US $600/oz Au and Mineral Resources have been estimated as at Dec. 31, 2007 using a US $700/oz Au and have been estimated in accordance with JORC code.
  (12) 
Based on a 3 g/t cutoff.
  (13) 
Mineral Resources have been estimated as at July 2007 at a 1.0 g/t cutoff and have been estimated in accordance with JORC code.
  (14) 
Mineral Resources have been estimated as at Dec. 31, 2007 using a US $600/oz Au and have been estimated in accordance with NI 43-101.
  (15) 
Mineral Resources have been estimated at US $500/oz Au and have been estimated in accordance with NI 43-101.
  (16) 
Mineral Resources have been estimated as at Sept. 2006 using a US$500/oz Au and have been estimated in accordance with NI 43-101.
  (17) 
Mineral Resources have been estimated in accordance with JORC code. 
 
 
 
 
Figure 3: Mineral Reserves and Resources of Non-Gold Operations
 

MINERAL RESERVES AND RESOURCES
Non-Gold Operations
 
December 31, 2007
NIOBIUM OPERATION
Tonnes
Grade
Nb2O5
Contained tonnes
(000)
 
(000)
(%)
Nb2O5
Niobec (100%)
Proven Reserves
10,176
     0.62
     63.1
Probable Reserves
6,213
     0.62
     38.5
Measured Resources
Indicated Resources
Inferred resources
10,176
8,573
15,310
     0.62
     0.63
     0.63
     63.1
     54.0
     96.5
COPPER PROJECT
Tonnes
Grade
Cu
Contained tons (short)
(000)
 
(000)
(%)
(Cu)
La Arena (100%)
Measured Resources
Indicated Resources
Inferred Resources
26,000
113,700
9,890
     0.16
     0.39
     0.33
     45,849
     493,413
     35,534