IAMGOLD Corporation
TSX : IMG
NYSE : IAG
ASX : IGD
BOTSWANA : IAMGOLD

IAMGOLD Corporation

February 08, 2006 09:40 ET

IAMGOLD 2005 Operating Results Update and Mali Year-End Reserves and Resources



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TSX Trading Symbol: IMG
AMEX Trading Symbol: IAG
Fully Diluted: 152.6M
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TORONTO, ONTARIO--(February 8,2006) - IAMGOLD Corporation ("IAMGOLD" or "the Company")
announced today that the Company produced a total of 447,000 ounces of gold in
2005 at a weighted average cash cost of US$276 per ounce. While the Company's
total share of gold reserves at the four mines in which it has interests, as
at June 30, 2005 (Tarkwa and Damang) and December 31, 2005 (Sadiola and
Yatela), decreased modestly, resources increased substantially.

Joe Conway, President and CEO of IAMGOLD commented on the Company's 2005
production results and share of gold reserves and resources, stating: "While
2006 production will increase over 2005, rising costs continue to have an
impact and we are evaluating numerous options to mitigate these increasing
costs. IAMGOLD's overall resources increased significantly in the last 12
months primarily due to the addition of resources at Quimsacocha. Sadiola
continues its track record of replacing production through the conversion of
resources into reserves. Another increase to the Company's reserves and
resources will occur at the close of the Gallery Gold acquisition."



2005 Production and Cash Costs
------------------------------

The table below summarizes production and Gold Institute cash costs at
each of the four operations in which IAMGOLD holds interests.

-------------------------------------------------------------------------
Production
(000's oz) IMG
------------------------ GI Cash Cost(i)
Mine 100% IMG Share (US$/oz)
-------------------------------------------------------------------------
Sadiola 442 168 $270
Yatela 246 98.5 $269
Tarkwa 725 137 $268
Damang 230 43.5 $347
-------------------------------------------------------------------------
Total/Weighted Average 447 $276
-------------------------------------------------------------------------
(i) Gold Institute cash cost is a non-GAAP measure, calculated in
accordance with the Gold Institute Standard wherein cash cost equals
the sum of cash operating costs inclusive of production-based taxes
and management fees and may include certain cash costs incurred in
prior periods such as stockpiling and stripping costs and may exclude
certain cash costs incurred in the current period that relate to
future production.


Total forecast 2006 production from the four mines in which IAMGOLD holds
interests is 480,000 ounces at a cash cost of US$295 per ounce.

Discussion on Reserves

IAMGOLD's share of combined total reserves from its mines is 3.9 million
ounces (refer to Table 1) using a gold price of US$375 per ounce for the
Tarkwa and Damang mines and US$400 per ounce for the Sadiola and Yatela mines
and based on pit optimizations run at US$375 per ounce of gold and US$400 per
ounce.



Table 1

Summary Table of IAMGOLD's Reserves and Resources


Proven Measured
and Probable and Indicated Inferred
Mine Reserves Resources(1) Resources
100% IMG's Share 100% IMG's Share 100% IMG's Share
---- ----------- ---- ----------- ---- -----------
(000's oz) (000's oz) (000's oz) (000's oz) (000's oz) (000's oz)
Sadiola
(2)(4) 2,273 864 5,716 2,172 5,324 2,023
Yatela
(2)(4) 542 217 980 392 149 57
Tarkwa
(3)(5) 13,406 2,534 16,915 3,196 2,626 496
Damang
(3)(5) 1,344 256 1,933 365 154 29
Quimsacocha
(6) 2,797 2,797 168 168
Total 17,565 3,871 28,341 8,922 8,421 2,773

(1) Measured and indicated resources include proven and probable
reserves.
(2) Reserves calculated at a US$400/oz gold price on pits optimized at a
US$400/oz gold price.
(3) Reserves taken from a US$375/oz gold price sensitivity analysis on
pits modeled at US$400/oz gold and US$420/oz gold.
(4) Mineral Resources calculated at a gold price of $475/oz.
(5) Mineral Resources are at a gold price of US$450/oz.
(6) Mineral Resources at a cut off grade of 1.0 g/t gold


For more detail on Tarkwa and Damang reserves and resources please refer
to the press release of October 5, 2005.

Tables 2 through 4 illustrate proven and probable reserves for both
Sadiola and Yatela at December 31, 2004 and at December 31, 2005 at a
US$350 per ounce and a US$400 per ounce gold price, respectively.

At the Sadiola mine, IAMGOLD's portion of the proven and probable
reserves from December 31, 2004 to December 31, 2005 increased by 32,000
ounces after mining 184,000 ounces during 2005. This was due to an increased
gold price for the reserve calculation, and the addition of material from
satellite pits. At Yatela, IAMGOLD's portion of the proven and probable
reserves decreased by 137,000 ounces, mainly due to mining depletion.



Table 2

Proven and Probable Reserves - Sadiola and Yatela Mines

December 31, 2005(1)(2) December 31, 2004(7)(8)
Contained Gold Contained Gold
IMG IMG
Tonnes Grade 100% Share Tonnes Grade 100% Share
------ ----- ---- ----- ------ ----- ---- -----
(000's (000's (000's (000's
(Mt) (g/t) oz) oz) (Mt) (g/t) oz) oz)

Sadiola
(3)(5)(6)
Proven 7.3 2.0 455 173 6.6 1.8 379 144
Probable 13.8 4.1 1,818 691 15.8 3.5 1,811 688
---- --- ----- --- ---- --- ----- ---
Total 21.1 3.4 2,273 864 22.4 3.0 2,190 832
Yatela
(4)
Proven 1.3 1.3 55 22 2 1.9 119 48
Probable 3.8 4.0 487 195 5.7 4.2 766 306
--- --- --- --- --- --- --- ---
Total 5.1 3.3 542 217 7.7 3.6 886 354

(1) Using the J.O.R.C. Code. Pit optimized and designed at US$400/oz
gold price cut-off with pit content on US$400/oz cut-off grade.
(2) 2005 plant recovery is assumed to be 93% for oxides and 75% for
sulphides.
(3) All the reserves in the "Proven" category are stockpile material.
All the reserves classified as "Probable" are in-pit.
(4) Recovery for Yatela is assumed to be 85% for oxides and 75% for
sulphides.
(5) Cut-off grades calculated for plant grade ore (1.42g/t (oxide),
2.45g/t(sulphide)), upper marginal ore (1.16g/t (oxide), 2.12g/t
(sulphide)) and lower marginal ore (0.79/t (oxide), 1.66 g/t
(sulphide)).
(6) A grade control reconciliation factor of +5% has been applied to the
2005 reserves and a +3% factor was applied for the purpose of
Life-of-Mine planning.
(7) 2004 plant recovery for Sadiola was assumed to be 95% for oxides and
79% for sulphides.
(8) Using the J.O.R.C. Code. Pit optimized and designed at US$350/oz
gold price cut-off with pit content on US$350/oz cut-off grade.


Table 3 illustrates the change in reserves at the Sadiola and Yatela
mines as a result of 2005 production plus contributions attributed to the
change in the gold price, pit design and geological models during the 12 month
period to December 31, 2005.



Table 3

Reconciliation of Proven and Probable Reserves - Sadiola and Yatela Mines

Sadiola Yatela
Contained Gold Contained Gold
IMG IMG
100% Share 100% Share
---- ----- ---- -----
(000's (000's (000's (000's
oz) oz) oz) oz)
Reserves at Dec. 31/04
(at US$350 per ounce) 2,190 832 886 354
Depletion due to mining (Dec./04 -
Dec./05) (1) (483) (184) (295) (118)
Additions(2) 249 95 13 5
Other(3) 317 120 (62) (25)
--- --- ---- ----
Reserves at Dec. 31/05 (at US$400 per
ounce) 2,273 864 542 217

(1) Depletion due to mining during the 12 month period to December 31,
2005 does not necessarily total actual reported production as the
amounts calculated to have been processed are from the reserve model
versus actual production.
(2) Addition due to model changes and infill drilling.
(3) Changes in cut-off grade, pit design, grade control gains and mine
call factor.


The sensitivity on proven and probable reserves for Sadiola and Yatela at
various gold price assumptions is shown in Table 4. The sensitivity in ounces
of gold at varying gold prices is minimal. At Sadiola this is primarily due to
below pit resources that are part of the resource material currently
undergoing a prefeasibility study as part of the Sadiola Deeps project. Only
material existing lateral to the pit at various gold prices is included in
this sensitivity analysis and these are limited. At Yatela it is a function of
the mine life. Mining is almost complete and is taking place at the bottom of
the pit. A large cut-back would be required to add additional ore tonnes at
Yatela.



Table 4

Proven and Probable Reserve Sensitivity - Sadiola and Yatela Mines


Sadiola Gold Mine Yatela Gold Mine
Contained Gold Contained Gold
IMG IMG
Gold Price Tonnes Grade 100% Share Tonnes Grade 100% Share
------ ----- ---- ----- ------ ----- ---- -----
(000's (000's (000's (000's
(Mt) (g/t) oz) oz) (millions)(g/t) oz) oz)
US$ 375/oz 19.7 3.4 2,168 824 5.0 3.3 535 214
US$ 450/oz 23.7 3.2 2,413 917 5.4 3.2 557 223
US$ 500/oz 26.2 3.0 2,534 963 5.8 3.1 573 229


Discussion on Resources

As at December 31, 2005, IAMGOLD's share of measured and indicated
resources (which include reserves) at Sadiola totaled 2.2 million ounces of
gold and at Yatela, including the Alamoutala and KW18 deposit, totaled 392,000
ounces. This represents a total increase of 756,000 ounces at Sadiola and
Yatela, or 42% when compared to measured and indicated resources reported at
December 31, 2004. At the Yatela mine, measured and indicated resources
decreased by 104,000 ounces, mainly due to mining depletion. At the Sadiola
mine, measured and indicated resources increased by 860,000 ounces due to the
upgrading of inferred resources to indicated resources in the FE3, FE4 and
Deep Sulphides. As at December 31, 2005, IAMGOLD's share of inferred resources
at Sadiola and Yatela were 2.1 million ounces, an increase of 90,000 ounces
from December 31, 2004.



Table 5

Measured, Indicated and Inferred Resources - Sadiola and Yatela Mines(1)


December 31, 2005 December 31, 2004
Contained Gold Contained Gold
IMG IMG
Tonnes Grade 100% Share Tonnes Grade 100% Share
------ ----- ---- ----- ------ ----- ---- -----
(000's (000's (000's (000's
(Mt) (g/t) oz) oz) (Mt) (g/t) oz) oz)
Sadiola(2)
----------
Open Pit(3)
Measured 16.7 1.4 734 279 6.4 2.5 509 193
Indicated 25.8 2.4 1,959 745 18.7 2.8 1,705 648
---- --- ----- --- ---- --- ----- ---
Total
M & I 42.5 2.0 2,693 1,024 25.2 2.7 2,214 841
Inferred 2.5 1.5 119 45 0.7 2.1 46 17
Deep
Sulphide
Measured 1.5 2.8 133 50 1.3 2.7 109 41
Indicated 29.8 2.4 2,313 879 7.3 2.7 645 245
---- --- ----- --- ---- --- --- ---
Total
M & I 31.3 2.4 2,446 929 8.6 2.7 753 286
Inferred 81.6 1.9 4,880 1,854 54.2 2.5 4,354 1,655
Satellites
Measured 0.3 1.9 17 6 - - - -
Indicated 6.9 2.5 560 213 5.2 2.9 487 185
--- --- --- --- --- --- --- ---
Total
M & I 7.2 2.5 577 219 5.2 2.9 487 185
Inferred(6) 4.8 2.1 326 124 9.8 1.9 582 221
Yatela(4)
---------
Main Pit
Measured(5) 5.0 1.2 187 75 5.7 1.4 261 104
Indicated 6.1 3.6 705 282 8.7 3.2 898 359
--- --- --- --- --- --- --- ---
Total
M & I 11.1 4.8 892 357 14.4 2.5 1,159 463
Inferred 1.4 3.3 142 57 1.9 3.8 229 92
Satellites
(4)
Measured 0.3 1.5 15 6 0.4 2.3 26 10
Indicated 0.8 2.7 73 29 0.8 2.2 58 23
--- --- -- -- --- --- -- --
Total
M & I 1.1 2.4 88 35 1.2 2.2 83 33
Inferred 0.1 2.5 7 3 0.3 2.3 20 8

(1) Measured and indicated resources include proven and probable
reserves.
(2) A cut-off of 0.7 g/t gold was used within a US$475/oz pit shell,
unless otherwise noted.
(3) Resources include stockpiles (oxide), saprolite & oxide, silicious
oxide, soft sulphide, blast oxide, blast sulphide, sulphide
stockpile above a cut-off of 0.7 g/t gold.
(4) A US$475/oz pit and cut-off grades of 0.6 g/t were used for the
Yatela main pit and 1.0 g/t were used for the Alamoutala and KW18
pits.
(5) Measured resources include stockpiles at a cut-off of 0.4 and 0.7
g/t.
(6) The inferred resources for the satellite deposits are from FE-2,
FN-3, FE-3, FE-4, FE-3 South, Sekokoto and Tambali South and were
calculated at a cut-off grade of 0.7 g/t with no limiting shell.


Qualified Person / Quality Control Notes

The "Qualified Person" responsible for Roscoe Postle Associates
independent resource estimate for Quimsacocha was Wayne Valliant, P. Geo.

For 2004, the Competent Person responsible for the generation of the
mineral resource and reserve statements for the Sadiola and Yatela Mines
include Sadiola and Yatela mine geologists G. Cooper, T. Gell M.A. Thiel, E.J.
Smuts, R. van der Westhuizen and S. Bamforth. Reserves and resources
calculated by the mine staff underwent an audit by Competent Persons at
AngloGold Ashanti, including V. Chamberlain and D. Worrall. Mineral resource
and reserve statements for the Damang and Tarkwa mine were generated under the
supervision of Gary Chapman.

For 2005, the Competent Person responsible for the generation of the
mineral resource and reserve statements for the Sadiola and Yatela Mines
include Sadiola and Yatela mine staff S. Robbins, S. Bamforth, P. Berten, J.
Kirsten, G. Davis, B. de Oliveira C. Cronje, T. Mulpeter and R. van der
Westhuizen. Reserves and resources calculated by the mine staff underwent an
audit by Competent Persons at AngloGold Ashanti, including V. Chamberlain and
D. Worrall. Mineral resource and reserve statements for the Damang and Tarkwa
mine were generated under the supervision of Gary Chapman.

This press release includes certain "Forward-Looking Statements" within
the meaning of section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein, including without limitation, statements regarding potential
mineralization and reserves, exploration results and future plans and
objectives of IAMGOLD, are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could differ
materially from those anticipated in such statements. Important factors that
could cause actual results to differ materially from IAMGOLD's expectations
are disclosed under the heading "Risk Factors" and elsewhere in IAMGOLD
documents filed from time-to-time with the Toronto Stock Exchange, the United
States Securities and Exchange Commission and other regulatory authorities.

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
    John McCombe
    Vice President, Operations

    Lisa Doddridge
    Manager, Investor Relations
    Tel: (416) 360-4710
    Fax: (416) 360-4750
    Toll-free: 1 888 IMG-9999