IAMGOLD Corporation

IAMGOLD Corporation

October 28, 2005 22:35 ET

IAMGOLD Announces an Indicated Resource of 2.8 Million Ounces of Gold at Quimsacocha

TSX Trading Symbol: IMG
AMEX Trading Symbol: IAG
Fully Diluted Shares Outstanding 151.6MM

TORONTO, ONTARIO--(Oct. 28, 2005) - IAMGOLD Corporation ("IAMGOLD" or "the Company")
is pleased to announce that an independent resource estimate at its 100% owned
Quimsacocha gold deposit in southern Ecuador shows a total indicated mineral
resource of 22.5 million tonnes at 3.9 g/t gold, 25 g/t silver and 0.16%
copper at a 1.0 g/t gold cut-off giving a total of 2.8 million ounces of gold.
There is also an inferred mineral resource of 2.5 million tonnes at 2.1 g/t
gold, 15 g/t silver and 0.12% copper giving an additional 0.2 million ounces
of gold.

"We are very excited about the release of these results", commented
Joseph Conway, President and CEO of IAMGOLD. "The estimate is based on 147
holes but drilling continues and we are still finding mineralization. We have
not yet closed off the deposit to the south and it is clear that this resource
number will grow. It is particularly gratifying that such a large proportion,
over 90%, of the resource can be classified in an indicated category. The
impact on IAMGOLD's total resource is significant as it represents an increase
of 38% to our current resource base of 7.9 million ounces. This exploration
success has the potential to substantially increase our future gold production

The resource estimate was carried out by Roscoe Postle Associates Inc.
(RPA). It includes assays from 147 diamond drills holes totaling 37,423
metres. RPA has reported a resource estimate based on various cut-off grades
as shown in the tables below.

Indicated Resource at Quimsacocha:

Cut-off Contained Contained
grade Tonnage Gold Silver Copper Gold Silver
(g/t gold) (M tonnes) (g/t) (g/t) (%) (000 ozs) (000 ozs)
3.0 9.1 6.6 40 0.23 1,945 11,830
2.0 14.9 5.0 32 0.18 2,381 15,177
1.0 22.5 3.9 25 0.16 2,797 18,233

Inferred Resource at Quimsacocha:

Cut-off Contained Contained
grade Tonnage Gold Silver Copper Gold Silver
(g/t gold) (M tonnes) (g/t) (g/t) (%) (000 ozs) (000 ozs)
3.0 0.4 4.0 29 0.19 45 331
2.0 0.9 3.0 23 0.17 90 693
1.0 2.5 2.1 15 0.12 168 1,227
Notes: High gold values are cut to 90 g/t in the high grade zone and to
50 g/t in other zones
Silver and copper values are uncut
Gold grade is estimated by ordinary kriging; silver and copper by
inverse distance squared

A high grade zone within the Quimsacocha deposit contains over half of
the gold. At the 1.0 g/t Au cut-off, the high grade zone totals 8.5 million
tonnes averaging 6.8 g/t gold (cut), 42 g/t silver and 0.24% copper, all in
the indicated mineral resource category, giving 1.85 million ounces of gold.

Exploration spending at Quimsacocha has been increased from $3.9M to
$5.3M for 2005. Drill results continue to show mineralization to the southeast
and other targets exist on the property. Optimization of a treatment process
based on previous metallurgical results continues and an additional 17 samples
are being tested in Canada by SGS Lakefield Research Limited.

Qualified Person/Quality Control Notes

The "Qualified Person" reviewing the work at Quimsacocha is Dennis Jones,
P. Geo, Vice-President Exploration at IAMGOLD, who as a result of his
education, affiliation with a professional association and past relevant work
experience, fulfills the requirements to be a "Qualified Person" for the
purposes of NI43-101. The "Qualified Person" responsible for RPA's independent
resource estimate was Wayne Valliant, P. Geo.

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:
    Dennis Jones
    Vice President Exploration

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