IAMGOLD Corporation
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IAMGOLD Corporation

May 16, 2005 15:18 ET

IAMGOLD Links Mineralized Zones at Quimsacocha




TSX Trading Symbol: IMG
AMEX Trading Symbol: IAG
Total Shares Outstanding: 146.5MM
Fully Diluted: 151.6MM
52-Week Trading Range: Cdn$5.75 - $10.77


TORONTO, ONTARIO--(May 16, 2005) - IAMGOLD Corporation ("IAMGOLD" or "the Company")
is pleased to announce the results of an additional 16 diamond drill holes on
its Quimsacocha project in Ecuador. Assay results from these holes include
some very good intersections in the D1 zone but more significantly results
from the area between the D1 and Loma Larga zones now indicate the presence of
mineralization consistent with that seen at D1 and Loma Larga. Hole 183, which
lies some 50 metres south of the southernmost hole in D1 ( see Figure 1
http://files.newswire.ca/282/figure1.jpg ), intersected 22.3 metres averaging
31.4 grams per tonne (g/t) gold (silver and copper results are pending).

Nine samples have been collected for metallurgical testing from the D1
and Loma Larga zones and these samples have been received at SGS Lakefield
Research in Canada where a battery of tests will be carried out over the next
six to eight weeks.

Joseph Conway, President and CEO of IAMGOLD, stated: "Investors have
cautiously been waiting for proof that mineralization is continuous between D1
and Loma Larga and with the results that we have from Hole 183, as well as
from other holes in the area, it is becoming clear that the D1 and Loma Larga
mineralized zones are parts of the same mineral deposit. We now have strong
indications that the mineralization will stretch over a north-south length of
at least 850 metres and that it is at least 150 metres wide in places."

Of the 16 holes reported in this press release, 9 were drilled in the D1
zone and 7 in the Loma Larga zone or between the Loma Larga and D1 zones. The
significant results are shown in Table 1 and the collar locations of the
inclined drill holes are shown in Figure 1. Cross sections are shown in
Figures 2, 3, and 4.

http://files.newswire.ca/282/figure2.jpg

http://files.newswire.ca/282/figure3.jpg

http://files.newswire.ca/282/figure4.jpg

Besides the exceptional result from hole 183, several other holes in the
Loma Larga zone have given results which indicate the potential of this area:



Loma Larga Zone
---------------
-----------------------------------------
Hole 169 80.2m @ 2.9 g/t gold
-----------------------------------------
Hole 174 50.7m @ 3.4 g/t gold
-----------------------------------------
and 14.0m @ 24.0 g/t gold
-----------------------------------------
Hole 177 83.0m @ 5.0 g/t gold
-----------------------------------------
including 25.0m @ 10.6 g/t gold
-----------------------------------------
Hole 179 81.1m @ 4.1 g/t gold
-----------------------------------------
Hole 181 118.1m @ 3.0 g/t gold
-----------------------------------------
Hole 183 22.3m @ 31.4 g/t gold
-----------------------------------------


Hole 172 in Loma Larga was drilled to the east in order to check for
possible extensions to mineralization. This hole encountered only trace
amounts of mineralization and, together with the results from hole 158 (9.2m
averaging 1.0 g/t gold), suggests that significant mineralization does not
extend to the east of this part of Loma Larga.

A third diamond drill rig was recently brought onto the property and this
is testing the Rio Falso alteration zone and geo-chemical anomaly which lies
about a kilometer to the southwest of Loma Larga ( Figure 5
http://files.newswire.ca/282/figure5.jpg ). Shallow drill holes in this area
put down by earlier workers did intersect mineralization (best hole was
20.4 metres averaging 2.7 g/t gold) but the holes were shallow (generally less
than 100 metres deep) and they are believed to have intersected only the upper
zone of silicification which our experience at D1 and Loma Larga has shown is
generally not well mineralized. The object at Rio Falso is to drill deeper
holes to test for thick, well mineralized sections similar to those
encountered in D1 and Loma Larga.

Qualified Person/Quality Control Notes

Analyses of drill core samples were carried out by fire assay at the
laboratory of British Standards Institute in Lima, Peru.

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.

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.ccnmatthews.com. All material information on IAMGOLD can be found at
www.sedar.com or at www.sec.gov.

/T/

Table 1
Significant Intersections from 2005 Drilling
At Quimsacocha as Reported on May 16, 2005
(Intersections where gold values are greater than 5 g/t are highlighted)
-------------------------------------------------------------------------
Hole From To Length Gold Silver Copper Zone
(m) (m) (m) (g/t) (g/t) (%)
-------------------------------------------------------------------------
169 150.0 230.2 80.2 2.9 13.4 0.2 Loma Larga
including 162.7 178.7 16.0 6.8 29.9 0.2
including 224.3 228.3 4.0 5.7 29.8 0.4
-------------------------------------------------------------------------
170 59.8 83.8 24.0 4.2 8.9 0.2 D1
-------------------------------------------------------------------------
171 147.0 164.8 17.8 17.7 30.9 0.5 D1
-------------------------------------------------------------------------
172 194.0 198.0 4.0 0.4 Loma Larga
-------------------------------------------------------------------------
173 55.8 64.0 8.2 9.0 60.8 0.8 D1
154.0 173.0 19.0 7.0 54.9 0.4
-------------------------------------------------------------------------
174 149.4 200.0 50.7 3.4 15.2 0.1 Loma Larga
including 163.0 170.0 7.0 6.0 20.7 0.1
224.5 246.0 21.6 2.6 11.1 0.2
including 224.5 227.0 2.5 6.8 14.1 0.1
267.0 281.0 14.0 24.0 212.3 8.5
-------------------------------------------------------------------------
175 166.1 187.0 20.9 4.2 22.1 0.1 D1
including 166.1 168.5 2.4 16.7 64.8 0.2
including 182.6 185.5 2.9 7.6 19.5 0.4
-------------------------------------------------------------------------
176 152.3 175.3 23.0 2.4 57.1 0.5 D1
including 166.2 170.4 4.3 4.2 175.1 1.5
-------------------------------------------------------------------------
177 120.4 203.4 83.0 5.0 20.4 0.4 Loma Larga
including 136.0 161.0 25.0 10.6 38.8 0.9
including 136.0 143.0 7.0 22.1 83.8 2.4
-------------------------------------------------------------------------
178 179.0 201.3 22.4 20.2 76.6 1.6 D1
including 189.6 196.9 7.3 37.8 149.3 4.0
-------------------------------------------------------------------------
179 155.4 236.5 81.1 4.1 14.0 0.1 Loma Larga
including 159.0 161.8 2.8 7.9 22.8 0.1
including 194.3 215.0 20.7 6.4 20.3 0.2
including 227.0 228.5 1.5 12.8 31.5 0.9
-------------------------------------------------------------------------
180 157.9 172.6 14.7 2.8 28.7 0.3 D1
-------------------------------------------------------------------------
181 94.9 212.9 118.1 3.0 (i) (i) Loma Larga
including 129.0 143.4 14.4 8.5 (i) (i)
-------------------------------------------------------------------------
182 47.0 61.0 14.0 8.5 (i) (i) D1
159.0 165.4 6.4 7.5 (i) (i)
-------------------------------------------------------------------------
183 138.7 161.0 22.3 31.4 (i) (i) Loma Larga
including 146.0 161.0 15.0 45.1 (i) (i)
-------------------------------------------------------------------------
184 161.5 184.0 22.4 4.1 (i) (i) D1
including 176.9 182.9 6.0 9.0 (i) (i)
-------------------------------------------------------------------------

(i) Results Pending

Contact Information

  • AMGOLD Corporation:
    Dennis Jones
    Vice President Exploration
    Tel: (416) 360-4710
    Fax: (416) 360-4750
    Toll-free: 1-888-IMG-9999