IAMGOLD Corporation
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IAMGOLD Corporation

August 08, 2006 13:30 ET

IAMGOLD Announces Quimsacocha Drill Results

TORONTO, ONTARIO--(CCNMatthews - Aug. 8, 2006) - IAMGOLD Corporation ("IAMGOLD" or "the Company") (TSX:IMG)(NYSE:IAG)(ASX:IGD)(BSE:IAMGOLD) is pleased to announce the results of an additional 39 diamond drill holes on its 100% owned Quimsacocha Project in Ecuador, including an intersection of 108 meters averaging 16.2 grams per tonne (g/t) gold, 83.6 g/t silver and 1.3% copper (Hole 333). Quimsacocha is located 40 kilometers southwest of the city of Cuenca in southern Ecuador.

"The drill results continue to be very encouraging," commented Joseph Conway, President and CEO of IAMGOLD, "and importantly, Holes 333 and 337, located in the southern portion of the deposit, are among the best intersections to date. They indicate the potential for a structurally controlled high grade zone within the resource. Further drilling will be targeting this structure, the delineation of which has important implications for any future mining operations."

The ongoing drill programme for 2006 has continued to upgrade and confirm the known resource and has established the continuation of the high grade zone between the northern and southern parts of the deposit. The results of the 2006 programme will be included in an updated resource model for the deposit expected by the fourth quarter.

Recent interpretations of geophysical data have also indicated that the Quimsacocha mineralized system is much larger than previously thought and a number of new targets showing similar responses to the main orebody have been identified and will be tested by drilling as part of the ongoing 2006 exploration programme.

The intersections from the recent drilling are presented in Table 1. The collar locations of the drill holes can be found in Figure 1. Additional figures can be found at: www.iamgold.com.



Table 1
Significant Intersections from 2006 Infill Drilling
At Quimsacocha as Reported on July 31, 2006 (Intersections
where gold values are greater than 5g/t are highlighted)

---------------------------------------------------------------------
Hole From To Length Gold Silver Cu
m m m g/t g/t %
---------------------------------------------------------------------
308 107.1 159.1 52.0 2.5 14.3 0.1
including 151.8 158.0 6.2 7.4 51.2 0.3
---------------------------------------------------------------------
309 136.0 176.0 40.0 1.9 21.7 0.1
---------------------------------------------------------------------
310 154.0 174.9 20.9 4.7 25.7 0.2
including 155.7 167.0 11.3 6.0 25.5 0.3
---------------------------------------------------------------------
312 124.0 132.0 8.0 1.7 4.9 0.0
136.0 146.0 10.0 2.8 14.0 0.2
152.0 179.6 27.6 2.4 14.0 0.3
188.0 203.0 15.0 3.1 17.0 0.1
---------------------------------------------------------------------
313 113.4 180.2 66.8 3.0 28.0 0.2
---------------------------------------------------------------------
314 126.5 160.3 33.8 2.3 17.0 0.1
---------------------------------------------------------------------
315 143.6 174.0 30.4 1.9 19.0 0.3
203.5 221.9 18.5 1.4 12.0 0.1
---------------------------------------------------------------------
316 158.8 179.0 20.2 2.1 38.0 0.2
---------------------------------------------------------------------
317 141.0 162.0 21.0 3.2 31.4 0.2
164.5 180.0 15.5 2.3 38.0 0.0
---------------------------------------------------------------------
318 156.0 181.4 25.4 2.5 10.0 0.0
---------------------------------------------------------------------
319 132.6 142.1 9.6 2.1 7.5 0.2
148.9 180.1 30.2 3.1 34.0 0.2
---------------------------------------------------------------------
320 30.3 38.9 8.6 1.5 8.5 0.2
---------------------------------------------------------------------
321 178.0 198.3 20.3 3.7 7.6 0.1
including 184.0 190.0 6.0 5.8 9.1 0.1
228.9 237.7 8.8 1.9 14.0 0.2
---------------------------------------------------------------------
322 140.1 177.3 37.2 4.3 54.4 0.1
including 141.5 156.0 14.5 5.9 37.0 0.1
and 158.0 167.0 9.0 5.2 62.3 0.1
---------------------------------------------------------------------
323 92.0 128.0 36.0 7.1 15.3 0.6
including 113.0 126.1 13.1 17.9 27.9 1.6
including 123.4 126.1 2.7 76.7 88.9 7.2
---------------------------------------------------------------------
324 146.0 184.0 38.0 4.3 14.4 0.1
including 161.0 171.0 10.0 6.5 27.1 0.2
and 176.0 182.0 6.0 8.1 18.3 0.1
204.0 210.0 6.0 2.3 12.2 0.1
227.1 230.3 3.2 5.6 55.4 0.6
233.2 238.3 5.2 14.0 367.0 6.7
---------------------------------------------------------------------
325 111.0 144.5 33.5 1.6 16.7 0.0
148.9 173.0 24.1 2.8 30.9 0.2
---------------------------------------------------------------------
326 141.2 152.5 11.3 2.5 5.7 0.0
169.0 188.8 19.8 2.1 12.0 0.1
199.8 207.3 7.4 1.8 25.0 0.1
---------------------------------------------------------------------
327 109.0 154.6 45.6 2.9 20.0 0.1
---------------------------------------------------------------------
328 134.8 153.0 18.2 3.8 9.2 0.1
including 145.0 151.0 6.0 7.8 20.0 0.2
158.0 205.0 47.0 2.6 10.0 0.1
including 164.5 171.0 6.5 5.8 12.0 0.1
179.0 189.0 10.0 3.2 18.0 0.3
---------------------------------------------------------------------
329 114.9 166.6 51.8 2.4 14.0 0.1
---------------------------------------------------------------------
330 112.1 168.8 56.7 2.1 10.0 0.1
including 136.0 152.0 16.0 3.0 8.7 0.1
---------------------------------------------------------------------
331 125.6 187.4 61.8 2.5 14.0 0.1
---------------------------------------------------------------------
332 105.6 124.0 18.4 7.6 23.0 0.5
139.0 147.8 8.8 3.2 18.0 0.3
---------------------------------------------------------------------
333 101.0 209.0 108.0 16.2 83.6 1.3
including 147.7 184.0 36.3 44.1 229.0 3.6
---------------------------------------------------------------------
334 104.0 174.0 70.0 2.5 9.7 0.1
including 138.0 149.0 11.0 3.9 15.1 0.2
---------------------------------------------------------------------
335 136.9 179.0 42.1 3.6 32.0 0.1
including 144.0 149.9 5.9 9.5 29.0 0.1
---------------------------------------------------------------------
336 151.0 186.5 35.5 2.8 6.9 0.1
including 153.0 162.0 9.0 4.4 9.8 0.1
---------------------------------------------------------------------
337 108.2 176.9 68.7 10.0 25.2 0.7
including 110.7 150.6 39.9 14.9 32.9 0.9
---------------------------------------------------------------------
338 137.5 175.9 38.4 2.9 22.0 0.1
including 165.0 175.9 10.9 4.1 49.0 0.2
---------------------------------------------------------------------
339 97.7 103.6 5.9 4.1 16.2 0.1
108.3 154.0 45.7 5.6 23.1 0.2
including 129.5 138.6 9.1 6.7 25.8 0.3
---------------------------------------------------------------------
340 110.0 164.6 54.6 1.2 2.8 0.0
---------------------------------------------------------------------
341 218.2 224.2 6.0 1.2 36.0 0.1
233.9 236.4 2.5 1.2 33.0 0.1
---------------------------------------------------------------------
342 171.6 185.0 13.5 1.8 34.0 0.1
---------------------------------------------------------------------
344 120.1 199.7 79.7 2.8 7.8 0.2
including 140.0 153.5 13.6 6.5 12.0 0.2
---------------------------------------------------------------------
345 84.6 95.0 10.5 2.4 29.0 0.1
---------------------------------------------------------------------
346 143.0 165.8 22.8 2.6 9.5 0.1
175.4 191.2 15.9 3.2 9.0 0.1
---------------------------------------------------------------------
347 66.0 151.3 85.3 3.1 12.0 0.1
Including 114.5 151.3 36.8 5.4 21.0 0.1
---------------------------------------------------------------------
348 120.5 163.7 43.2 2.2 15.0 0.1
including 120.5 129.4 8.9 5.8 24.0 0.1
---------------------------------------------------------------------
(a)Hole 343 showed no mineralization


Qualified Person/Quality Control Notes

Analyses of gold in drill core samples were carried out by fire assay at the laboratory of BSI in Lima, Peru and copper and silver analyses were carried out by the same laboratory. As part of the quality control program 10% of the total drilled samples were re-analyzed by ALS Chemex, also in Lima.

The "Qualified Person" reviewing the work at Quimsacocha is Marcus Tomkinson, Vice-President of Exploration at IAMGOLD, who as a result of his education, affiliation with a professional association and good background, fulfills the requirements to be a "Qualified Person" for the purposes of NI43-101.

Please note: Figures 1-5 are available on CCNMatthews' website at the following link:

http://www.ccnmatthews.com/docs/IMGFIG0808.pdf

Please note:

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

Contact Information

  • IAMGOLD Corporation
    Lisa Doddridge
    Manager, Investor Relations
    (416) 360-4710 or Toll-free: 1 (888) IMG-9999
    or
    IAMGOLD Corporation
    Marcus Tomkinson
    Vice President, Exploration
    (416) 360-4710 or Toll-free: 1 (888) IMG-9999
    (416) 360-4764 (FAX)