IAMGOLD Corporation

IAMGOLD Corporation

March 13, 2006 10:43 ET

Formal Approval Granted in IAMGOLD's Acquisition of Gallery

TSX Trading Symbol: IMG
NYSE Trading Symbol: IAG
Fully Diluted Shares Outstanding: 153.9MM

TORONTO, ONTARIO--(March 13, 2006) - IAMGOLD Corporation ("IAMGOLD" or "the
Company") is pleased to announce the Federal Court of Australia today made
orders approving the acquisition of Gallery Gold Limited (Gallery) by IAMGOLD
by scheme of arrangement between Gallery and its shareholders (Scheme).

"This formal court approval was the last step in the completion of this
acquisition," commented Joe Conway, President and CEO, IAMGOLD. "We thank the
Gallery management, Board of Directors and shareholders for their support of
this transaction, which not only provides value for shareholders but completes
an important strategic step in the evolution of IAMGOLD."

Gallery intends to lodge the Court's formal approval with the Australian
Securities and Investments Commission (ASIC) tomorrow, 14 March 2006, at which
time the Scheme will become effective.

Following lodgement of the Court orders with ASIC, an application to ASX
will be made to suspend trading in Gallery Shares.

Assuming that trading in Gallery Shares is suspended on 14 March 2006,
the timetable for completion of the Scheme is as follows:

Deferred settlement trading on ASX of
Chess Depositary Interest for IAMGOLD
Shares (CDIs) issued to Gallery shareholders
commences 15 March 2006

Date for determination of Gallery shareholder
entitlement to IAMGOLD Shares 21 March 2006

Allotment of IAMGOLD Shares or CDIs to Gallery
shareholders 22 March 2006

Despatch of holding statements for IAMGOLD Shares
or CDIs to Gallery shareholders 24 March 2006

Normal trading on ASX of CDIs issued to Gallery
shareholders commences 27 March 2006

Please note:

This entire press release may be accessed via fax, e-mail, IAMGOLD's website at www.iamgold.com and through CCNMatthews' website at www.ccnmmathews.com. All material information on IAMGOLD can be found at www.sedar.com or at www.sec.gov.

Contact Information

  • IAMGOLD Corporation
    Joseph F. Conway
    President & CEO

    Lisa Doddridge
    Manager, Investor Relations
    Tel: (416) 360-4710
    Fax: (416) 360-4764
    Toll-free: 1-888-IMG-9999