Positive Results Expected in Ecuador's Constitutional Referendum

TORONTO, ON - IAMGOLD Corporation ("IAMGOLD" or "the Company")(Toronto:IMG.TO - News)(IAG - News)(BOTSWANA: IAMGOLD) is pleased to provide an update on Ecuador's constitutional referendum which includes the mandate to form a new policy for mining development. The referendum was September 28, 2008 and based on media reports and on communications from IAMGOLD's management team in Ecuador, the results are expected to be favourable.
The Company continues to progress its 100% owned, 3.5 million ounce Quimsacocha Gold Project, located in Ecuador and will complete a final Feasibility Study by the second half of 2009. IAMGOLD has been active in the region since 1995 and has invested approximately $US 30 million dollars in Ecuador through exploration, employment, community and environmental programs. Furthering its commitment to Ecuador, IAMGOLD, along with other industry participants, developed the Council for Responsible Mining (CONMIN) in April 2008 to promote mining development in the country.
"The constitutional referendum is an important step in fulfilling President Correa's commitment to develop a modern, responsible mining industry which will provide an equitable sharing of benefits amongst all stakeholders. IAMGOLD will continue to work proactively with the Government of Ecuador to support their stated intention to complete a new mining law and related legislation by year end," commented Joseph Conway, President and CEO of IAMGOLD.
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].