Ecuador Votes in Favour of New Constitution

TORONTO, ON - IAMGOLD Corporation reported that the official results of the constitutional referendum were released on October 16 by the Supreme Electoral Tribunal of Ecuador. The results show strong support with 63.9% in favour of the new constitution, consistent with the initial results provided in a news release by IAMGOLD September 29, 2008. The new constitution legally took effect on October 20, 2008.
"We are very encouraged by the results of the referendum and are optimistic that Ecuador will proceed quickly towards a new mining law that will allow responsible mining to the benefit of all stakeholders," commented Joseph Conway, President & CEO.
IAMGOLD is advancing its 100% owned, 3.5 million ounce Quimsacocha Gold Project, located in Ecuador and is on schedule to complete a final Feasibility Study by the end of 2009. Currently negotiations with a drilling contractor are being finalized to ensure that groundwork can progress rapidly once the legislative process is complete and permits are granted. IAMGOLD has been an active contributor to the economic development of the region since 1995 with exploration, employment, community and environmental programs and is committed to responsible mining.
The Company considers the referendum results an important next 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. The referendum included the mandate to form a new policy for mining that has been made available in draft form. A newly appointed legislative body is expected to convene this week to consider the new policies that formed part of the referendum, and the government has stated its intention to get passage of a new mining law by the end of this year.
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].