Positive Preliminary Assessment Study on Westwood Project

TORONTO, ON - IAMGOLD Corporation reported positive results from the updated Preliminary Assessment Study (the "Study") on its 100% owned Westwood Gold Project located in Quebec, two kilometres east of IAMGOLD's producing Doyon Mine. The Study was completed by IAMGOLD's Project Development Group. The results of the Study provide confidence for Westwood to move forward with a target for production in early 2013, and with an $86 million budget approved for 2009.
Joseph Conway, President & CEO of IAMGOLD said, "Westwood is an important part of IAMGOLD's growth strategy. The Study shows that Westwood has the potential to produce 200,000 ounces of gold per year at a cash cost of $290 per ounce, well under industry average and in one of the lowest political risk jurisdictions for mining in the world. We have a strong and experienced team in this area of Quebec to move the project forward into production. The proximity to our producing Doyon and Mouska Mines is of great advantage from the standpoint of operating experience, manpower and infrastructure."
In June 2008, the Westwood environmental and construction permits were granted, and surface site preparation and infrastructure construction began immediately, including work on the exploration shaft and collar foundation. An exploration ramp, west of the Bousquet Fault commenced in October and by year end had been extended 340 metres. The ramp will provide better drilling access to the upper levels of the deposit above the "14 level" exploration drift.
The company's address is 401 Bay street, Suite 3200, PO Box 153, Toronto, ON M5H 2Y4, (416) 360-4710, fax: (416) 360-4750, email: [email protected].