IAMGOLD Corporation
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NYSE : IAG
ASX : IGD
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IAMGOLD Corporation

March 03, 2006 01:20 ET

Gallery Shareholders Vote in Favour of IAMGOLD Acquisition




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TSX Trading Symbol: IMG
NYSE Trading Symbol: IAG
Fully Diluted Shares Outstanding: 152.6 MM
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TORONTO, ONTARIO--(March 3, 2006) - IAMGOLD Corporation ("IAMGOLD" or "the Company")
is pleased to announce that the meeting of shareholders of Gallery Gold
Limited today approved the Scheme of Arrangement. Gallery shareholders voted
overwhelmingly in favour of the Scheme.

"We are very pleased with the outcome of the Gallery shareholder vote.
Once the Australian courts have formally approved the shareholder decision on
March 13, 2006, the acquisition is complete. This acquisition represents an
important strategic step forward for IAMGOLD," commented Joe Conway, President
and CEO, IAMGOLD. "We will have achieved an important corporate goal of
becoming operators. We expect a smooth integration of the Gallery assets and
their people into IAMGOLD. On a combined basis, the Buckreef and Quimsacocha
development projects will add significant value for all shareholders."

Approval of the Scheme required votes in favour of the Resolution:

- by a majority in number of shareholders who voted on the Resolution
(whether in person or by proxy); and

- by shareholders representing at least 75% of the total number of votes
cast on the Resolution.

Details of the total votes cast (including by proxy) in relation to the
Resolution are as follows:



-------------------------------------------------------------------------
For Against Total Abstain
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Number %(i) Number %(i) Number %(i) Number
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343,859,911 99.99%(i) 45,000 0.01%(i) 343,904,911 100%(i) 9,835
votes votes votes votes
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(i) This percentage represents the percentage of the total votes cast
(in person and by proxy)

Details of the numbers of shareholders voting in person or by proxy on
the Resolution are as follows:

-------------------------------------------------------------------------
For Against Total Abstain
-------------------------------------------------------------------------
311 99.36%(i) 2 0.64%(i) 313 100%(i) 3
shareholders shareholders shareholders shareholders
-------------------------------------------------------------------------
(i) This percentage represents the percentage of the number of
Shareholders voting in the Resolution (in person and by proxy)


Details of the proxy votes exercisable by all proxies validly appointed
in relation to the Resolution are as follows:



------------------------------------------------------------
For Against Proxy's discretion
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343,082,313 99.8%(i) 45,000 0.01%(i) 647,658 0.19%(i)
votes votes votes
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Total Abstain
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343,774,971 100%(i) 9,835
votes votes
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(i) This percentage represents the percentage of the total votes cast by
proxy


Final approval for the Scheme will be sought from the Federal Court on
13 March 2006 at 2:15pm (12:15am EST). If that approval is obtained, Gallery
intends to lodge copies of the Court orders with the Australian Securities and
Investments Commission on the following business day.

Please note:
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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 Conway
    President and CEO
    Tel: (416) 360-4710

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