IAMGOLD Corporation
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IAMGOLD Corporation

April 18, 2005 16:38 ET

IAMGOLD Reports Excellent Results at Quimsacocha




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TSX Trading Symbol: IMG
AMEX Trading Symbol: IAG
Total Shares Outstanding: 146.1MM
Fully Diluted: 151.6MM
52-Week Trading Range: Cdn$5.75 - $10.99
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TORONTO, ONTARIO--(April 18, 2005) - IAMGOLD Corporation ("IAMGOLD" or "the
Company") is pleased to announce the results of an additional 13 diamond drill
holes on its Quimsacocha project in Ecuador, including an exceptional
intersection of 28 metres averaging 61.9 grams per tonne (g/t) gold, 69.5g/t
silver and 1.8 % copper in hole 168.

Joe Conway, President and CEO of IAMGOLD, commented on the continued good
results from the project, stating: "We are naturally delighted that this
year's drilling at Quimsacocha is confirming the excellent results that we
obtained last year. We are particularly excited by the very high grade
intersection in hole 168 and that we are beginning to demonstrate that
mineralization exists between the D1 and Loma Larga zones. It confirms our
belief that Quimsacocha has the potential to develop into an exciting new gold
mine."

The 100%-owned Quimsacocha property, which is located 40 kilometres
southwest of the city of Cuenca in southern Ecuador, offers a number of
epithermal gold targets, along with silver and copper mineralization. These
targets lie within a very large alteration footprint (40 square kilometers) in
a volcanic sequence which has been cut by an intrusive pipe complex four
kilometers in diameter.

Of the 13 holes reported in this press release, 10 were drilled in the D1
zone, and 3 in the Loma Larga zone or between Loma Larga and D1. The
significant results are shown in Table 1 and the collar locations of the
inclined drill holes are shown in Figure 1.
http://files.newswire.ca/396/IAMGOLDplanview.pdf

Of the holes recently drilled in D1, the most notable result is from hole
168 which had an intersection of 28 metres averaging 61.9 g/t gold, 69.5 g/t
silver and 1.8 % copper. A cross section drawn between drill holes 165, 163
and 168 is shown as Figure 2.
http://files.newswire.ca/396/IAMGOLDplanview2.pdf. Within hole 168, there were
some exceptional intersections including the following six values above 100
g/t gold:



- 0.8m @ 424 g/t
- 0.5m @ 230 g/t
- 0.8m @ 246 g/t
- 1.0m @ 212 g/t
- 3.7m @ 113 g/t
- 1.9m @ 101 g/t


Hole 168 is situated 75 metres to the north of hole 122 which recorded a
101 metre intersection grading 9.5 g/t gold, 46.7 g/t silver and 0.4% copper.
(See press release of August 10, 2004).

The 2005 results from the D1 zone generally confirm the mineralization
intersected last year but hole 168 is of particular importance because it
demonstrates the presence at Quimsacocha of thick, high-grade zones which can
have a substantial positive impact on the economics of the deposit.

The highlights of the reported drilling in this release are:



D1 Zone
-------

- Hole 154 intersecting 34.3 metres averaging 4.8 g/t gold, 124.0 g/t
silver and 0.8 % copper
- Hole 155 intersecting 73.7 metres averaging 5.7g/t gold, 47.4 g/t
silver and 0.3 % copper
- Hole 156 intersecting 38.6 metres averaging 3.2 g/t gold, 124.3 g/t
silver and 0.2 % copper
- Hole 157 intersecting 58.4 metres averaging 6.0 g/t gold, 80.7 g/t
silver and 0.6 % copper
- Hole 159 intersecting 27.2 metres averaging 4.2 g/t gold, 49.5 g/t
silver and 0.6 % copper
- Hole 160 intersecting 30.2 metres averaging 5.9 g/t gold, 55.3 g/t
silver and 0.6 % copper
- Hole 161 intersecting 34.3 metres averaging 3.1 g/t gold, 24.2 g/t
silver and 0.2 % copper
- Hole 163 intersecting 20.2 metres averaging 10.2 g/t gold, 44.6 g/t
silver and 0.4 % copper
- Hole 165 intersecting 21.6 metres averaging 7.3 g/t gold, 58.8 g/t
silver and 0.7 % copper
- Hole 168 intersecting 28.0 metres averaging 61.9 g/t gold, 69.5 g/t
silver and 1.8 % copper

Loma Larga Zone
---------------

- Hole 158 intersecting 9.2 metres averaging 1.0 g/t gold, 7.9 g/t
silver and 0.1% copper
- Hole 162 intersecting 29.1 metres averaging 4.1 g/t gold, 18.7 g/t
silver and 0.1% copper
- Hole 164 intersecting 21.6 metres averaging 5.8 g/t gold, 18.6 g/t
silver and 0.3% copper


The first hole drilled at Loma Larga this year, hole 158, was put down to
the east of and below the well-mineralized hole 149 which was drilled towards
the end of last year. Hole 158 did not intersect significant mineralization
and it is thought that the mineralization to the east of hole 149 has been cut
by a fault. However, drill holes 162 and 164 to the south west and north west
of hole 149 have shown that the Loma Larga mineralization continues.

Drilling will continue at D1 and Loma Larga as part of the US$3.9 million
exploration program at Quimsacocha in 2005. A total of 21,000 metres of
drilling is planned.

There are three objectives of the 2005 drilling:



- To complete sufficient in-fill drilling in the D1 zone to enable a
resource calculation in the second half of the year.
- To demonstrate that there is mineralization in the previously untested
250 metre gap between the D1 and Loma Larga zones.
- To test other zones of strong alteration on the property.


Two drill rigs are presently working on the property. A third one is
available for a short period of time and this will be employed to test the Rio
Falso alteration zone and geochemical anomaly southwest of Loma Larga.

SGS Lakefield Research and MinnovEX have been contracted to carry out
metallurgical tests and samples of drill core are now being collected in the
field. The metallurgical results are expected in July.



Table 1
Significant Intersections from 2005 Drilling
At Quimsacocha as Reported on April 18, 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) (%)
-------------------------------------------------------------------------
154 133.6 167.9 34.3 4.8 124.0 0.8 D1
including 147.9 161.9 14.0 6.5 117.3 1.4
155 133.9 207.7 73.8 5.7 47.4 0.3 D1
including 146.5 155.4 8.9 8.2 50.9 0.5
including 161.0 167.1 6.1 7.9 61.0 0.5
including 180.3 188.0 7.7 11.2 125.6 1.0
including 202.5 207.7 5.2 10.3 67.2 0.1
156 119.6 158.1 38.5 3.2 124.3 0.2 D1
including 121.5 128.2 6.7 7.9 659.5 0.3
including 137.2 141.1 3.9 7.9 23.1 0.7
157 164.6 223.0 58.4 6.0 80.7 0.6 D1
including 199.0 207.4 8.4 17.1 237.0 2.1
158 212.8 222.0 9.2 1.0 7.9 0.1 Loma Larga
159 153.0 180.2 27.2 4.2 49.5 0.6 D1
and 232.1 236.0 3.9 4.7 58.0 -
160 52.7 61.1 8.4 7.6 6.5 - D1
including 54.0 57.2 3.2 16.2 5.3
and 130.9 161.1 30.2 5.9 55.3 0.6
including 132.2 137.3 5.1 9.9 36.8 0.4
161 151.0 185.3 34.3 3.1 24.2 0.2 D1
including 153.5 158.8 5.3 5.6 24 0.2
including 173.3 177.9 4.6 6.5 56.3 0.5
162 161.2 190.3 29.1 4.1 18.7 0.1 Loma Larga
including 181.5 190.3 8.8 5.7 35.7 0.1
163 156.9 177.1 20.2 10.2 44.6 0.4 D1
Including 162.1 169.7 7.6 15.9 59.5 0.7
164 110.0 204.5 94.5 2.6 7.5 0.1 Loma Larga
Including 165.4 187.0 21.6 5.8 18.6 0.3
165 169.1 190.7 21.6 7.3 58.8 0.7 D1
Including 185.6 190.2 4.6 9.3 95.4 0.8
-------------------------------------------------------------------------
166 & 167 Holes abandoned due to technical problems
-------------------------------------------------------------------------
168 141.2 169.2 28.0 61.9 69.5 1.8 D1
Including 141.7 156.9 15.2 109.8 87.3 2.7
-------------------------------------------------------------------------


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. One hundred and seven
duplicate samples were sent to ALS Chemex in Vancouver for check analyses.
These duplicate samples included 38 samples from the high-grade zone in hole
168. These check analyses confirm the original results.

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.

Contact Information

  • IAMGOLD Corporation:
    Dennis Jones
    Vice President Exploration

    Grant Edey
    Chief Financial Officer
    Tel: (416) 360-4710
    Fax: (416) 360-4750
    Toll-free: 1-888-IMG-9999