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IAMGOLD reports 2013 reserves of 10.1 million ounces and measured and indicated resources of 23.4 million ounces; Average grade of mineral reserves increases to 1.2 g/t Au

February 19, 2014

TSX: IMG NYSE: IAG

All dollar amounts are in U.S. dollars unless otherwise indicated.

TORONTO, Feb. 19, 2014 /PRNewswire/ – IAMGOLD Corporation (“IAMGOLD” or “the Company”) today announced its 2013 year-end mineral
reserve and resource statement. Highlights include:

        --  Total attributable proven and probable gold reserves decreased
            by 11% or 1.2 million ounces (after depletion) to 10.1 million
            ounces of gold at the end of 2013 mainly impacted by Rosebel
            (-1.4 million ounces) as a result of mining parameter changes
            reflecting higher costs associated to hard rock mining and
            Sadiola (-0.7 million ounces) due to change in gold price
            assumptions used, partially offset by an increase at Essakane
            (+0.8 million ounces) due to positive drilling results.  The
            weighted average grade of the proven and probable mineral
            reserves has increased from 1.1 g/t Au to 1.2 g/t Au.

        --  Total attributable measured and indicated gold resources
            (inclusive of reserves) increased by 4% or 0.8 million ounces
            at 23.4 million ounces of gold at the end of 2013 mainly due to
            the addition of Boto (+1.1 million ounces) and Essakane (+0.6
            million ounces) as a result of positive drilling results,
            partially offset by Rosebel (-0.3 million ounces) due to mining
            parameter changes in pits, reflecting the higher costs
            associated with harder rock mining and Sadiola (-0.5 million
            ounces) due to change in gold price assumptions used.  The
            weighted average grade of the proven and probable mineral
            resources remained at 1.1 g/t Au.

        --  The niobium probable mineral reserves have decreased by 3% to
            1,707 million kilograms of contained Nb2O5based on the block
            caving scenario.

        --  Niobium measured and indicated resources have increased by 3%
            to 2.7 billion kilograms of contained Nb2O5 compared to the
            prior year.

Steve Letwin, President and CEO of IAMGOLD, said, “Amidst a $125 million
company-wide cost reduction program that included a $41 million cut to
the exploration plan for the year, the exploration and mine site
geology teams made remarkable progress on a number of fronts. The
attributable probable mineral reserves at Essakane increased by 25%
after depletion from 3.3 to 4.1 million ounces, as additional resources
were found at depth and laterally in the mine pit and the model
reflected more continuity in some zones. In addition, the average
grade of the mineral reserves at Essakane increased from 1.00 to 1.12
g/t Au. The Westwood mineral reserves increased by over 40% from
348,000 to 510,000 ounces from a positive conversion of mineral
resources, which also saw a net increase as a result of a successful
2013 drilling campaign.

“On the greenfield front, a maiden resource was declared on July 29,
2013 at the Boto project in Senegal, in close proximity to some of our
exploration interests in Mali. We are also excited about the progress
to date and the work underway at the Pitangui Project in Brazil with a
delineation drilling program advancing the project towards an initial
mineral resource estimate. Several new option agreements have also
been reached with exploration companies with promising projects in
regions such as Colombia and in Canada. Although early stage, these
projects present drill ready targets with potentially short time lines
to discovery and reflect the hard work of our exploration team to
continue to identify and build a pipeline of growth opportunities.”

On January 22, 2013, the Company announced an updated NI 43-101
compliant resource estimate for the Côté Gold deposit in Ontario
comprising indicated resources of 269 million tonnes, averaging 0.88
g/t Au for 7.61 million ounces and inferred resources of 44 million
tonnes, averaging 0.74 g/t Au for 1.04 million ounces. The updated
resource estimate, based on a cut-off grade of 0.30 g/t Au, represents
a 114% increase in indicated resources in comparison to the previous
estimate announced October 4, 2012.

NIOBIUM

In 2013, more than 14,800 metres of underground diamond drilling were
completed as part of the expansion program with the objective to
increase the confidence of the resources and support a five-year
transition strategy towards the planned expansion of the operation.
Results were as expected. In addition, over 6,900 metres of surface
exploration and condemnation drilling were completed to acquire further
geological and geotechnical information to assist in the design of
planned mine development and surface infrastructure. The drilling
programs ended in late August. Metallurgical test work was carried out
continuously during the year to confirm estimated recoveries as part of
the resource estimation process.

As of December 31, 2013, based on the block caving scenario, the niobium
probable mineral reserves were 1.7 billion kilograms of contained Nb(2)O(5 )and the measured and indicated resources increased from 2.56 to 2.65
billion kilograms.

RARE EARTH ELEMENTS

As amended on September 19, 2013, IAMGOLD announced an indicated
resource or 531.4 million tonnes at an average grade of 1.64% Total
Rare Earth Oxides (“TREO”) and inferred resource of 527.2 million
tonnes at an average grade of 1.83% TREO estimated on the rare earth
elements (“REE”) zone located adjacent to and one kilometre north of
its Niobec niobium mine. There were no changes made in 2013 to the
estimated mineral resources previously announced.

Notes to Investors Regarding the Use of Resources

Cautionary Note to Investors Concerning Estimates of Measured and
Indicated Resources


This news release uses the terms “measured resources” and “indicated
resources”. We advise investors that while those terms are recognized
and required by Canadian regulations, the United States Securities and
Exchange Commission (the “SEC”) does not recognize them. Investors are
cautioned not to assume that any part or all of mineral deposits in
these categories will ever be converted into reserves.

Cautionary Note to Investors Concerning Estimates of Inferred Resources

This news release also uses the term “inferred resources”. We advise
investors that while this term is recognized and required by Canadian
regulations, the SEC does not recognize it. “Inferred resources” have a
great amount of uncertainty as to their existence, and great
uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any part of an inferred mineral resource will ever
be upgraded to a higher category. Under Canadian rules, estimates of
inferred mineral resources may not form the basis of feasibility or
pre-feasibility studies, except in rare cases. Investors are cautioned
not to assume that part or all of an inferred resource exists, or is
economically or legally mineable.

Scientific and Technical Disclosure

IAMGOLD is reporting mineral resource and reserve estimates in
accordance with the CIM guidelines for the estimation, classification
and reporting of resources and reserves.

Note: Mineral reserves and mineral resources for IAMGOLD’s gold mines
for the 2013 year-end statement were estimated using a $1,400 per ounce
gold price (unless otherwise indicated in the notes in Table 1) for
mineral reserves and a $1,500 per ounce price for mineral resources
(unless otherwise indicated in the notes in Table 1). For open pit
operations, gold resources are constrained within an economic pit
shell.

Note: Mineral reserves have been estimated as at December 31, 2013 using
the block caving scenario using $45 per kg of Niobium and include
dilution material. Mineral resources have been estimated using a cutoff
of 0.20% Nb(2)O(5) per tonne (before recovery) under the block caving scenario.

Cautionary Note to U.S. Investors

The SEC limits disclosure for U.S. reporting purposes to mineral
deposits that a company can economically and legally extract or
produce. IAMGOLD uses certain terms in this news release, such as
“measured,” “indicated,” or “inferred,” which may not be consistent
with the reserve definitions established by the SEC. U.S. investors
are urged to consider closely the disclosure in the IAMGOLD Annual
Reports on Forms 40-F. You can review and obtain copies of these
filings from the SEC’s website at http://www.sec.gov/edgar.shtml or by contacting the Investor Relations department.

The Canadian Securities Administrators’ National Instrument 43-101 (“NI
43-101″) requires mining companies to disclose reserves and resources
using the subcategories of “proven” reserves, “probable” reserves,
“measured” resources, “indicated” resources and “inferred” resources.
Mineral resources that are not mineral reserves do not demonstrate
economic viability.

A mineral reserve is the economically mineable part of a measured or
indicated mineral resource demonstrated by at least a preliminary
feasibility study. This study must include adequate information on
mining, processing, metallurgical, economic and other relevant factors
that demonstrate, at the time of reporting, that economic extraction
can be justified. A mineral reserve includes diluting materials and
allows for losses that may occur when the material is mined. A proven
mineral reserve is the economically mineable part of a measured mineral
resource demonstrated by at least a preliminary feasibility study. A
probable mineral reserve is the economically mineable part of an
indicated, and in some circumstances, a measured mineral resource
demonstrated by at least a preliminary feasibility study.

A mineral resource is a concentration or occurrence of natural, solid,
inorganic material, or natural, solid fossilized organic material
including base and precious metals in or on the Earth’s crust in such
form and quantity and of such a grade or quality that it has reasonable
prospects for economic extraction. The location, quantity, grade,
geological characteristics and continuity of a mineral resource are
known, estimated or interpreted from specific geological evidence and
knowledge. A measured mineral resource is that part of a mineral
resource for which quantity, grade or quality, densities, shape and
physical characteristics are so well established that they can be
estimated with confidence sufficient to allow the appropriate
application of technical and economic parameters, to support production
planning and evaluation of the economic viability of the deposit. The
estimate is based on detailed and reliable exploration, sampling and
testing information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill holes
that are spaced closely enough to confirm both geological and grade
continuity. An indicated mineral resource is that part of a mineral
resource for which quantity, grade or quality, densities, shape and
physical characteristics can be estimated with a level of confidence
sufficient to allow the appropriate application of technical and
economic parameters, to support mine planning and evaluation of the
economic viability of the deposit. The estimate is based on detailed
and reliable exploration and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits,
workings and drill holes that are spaced closely enough for geological
and grade continuity to be reasonably assumed. An inferred mineral
resource is that part of a mineral resource for which quantity and
grade or quality can be estimated on the basis of geological evidence
and limited sampling and reasonably assumed, but not verified,
geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill holes.
Mineral resources which are not mineral reserves do not have
demonstrated economic viability.

Investors are cautioned not to assume that part or all of an inferred
resource exists, or is economically or legally mineable.


A feasibility study is a comprehensive technical and economic study of
the selected development option for a mineral project that includes
appropriately detailed assessments of realistically assumed mining,
processing, metallurgical, economic, marketing, legal, environmental,
social and governmental considerations together with any other relevant
operational factors and detailed financial analysis, that are
necessary to demonstrate at the time of reporting that extraction is
reasonably justified (economically mineable). The results of the study
may reasonably serve as the basis for a final decision by a proponent
or financial institution to proceed with, or finance, the development
of the project. The confidence level of the study will be higher than
that of a Pre-Feasibility Study.

A Pre-Feasibility Study is a comprehensive study of a range of options
for the technical and economic viability of a mineral project that has
advanced to a stage where a preferred mining method, in the case of
underground mining, or the pit configuration, in the case of an open
pit, is established and an effective method of mineral processing is
determined. It includes a financial analysis based on reasonable
assumptions on mining, processing, metallurgical, economic, marketing,
legal, environmental, social and governmental considerations and the
evaluation of any other relevant factors which are sufficient for a
qualified person, acting reasonably, to determine if all or part of the
Mineral Resource may be classified as a Mineral Reserve.

Gold, Niobium and TREO Technical Information and Qualified
Person/Quality Control Notes


The mineral resource estimates contained in this news release have been
prepared in accordance with National Instrument 43-101 Standards of
Disclosure for Mineral Projects (“NI 43-101″). The “Qualified Person”
responsible for the supervision of the preparation and review of all
resource and reserve estimates for IAMGOLD is Lise Chenard, Eng.,
Director, Mining Geology. Lise has worked in the mining industry for
more than 30 years, mainly in operations, project development and
consulting. She joined IAMGOLD in April 2013 and acquired her knowledge
of the Company’s operations and projects through site visits,
information reviews and ongoing communication and oversight of mine
site technical service teams or consultants responsible for resource
and reserve modeling and estimation.

She is considered a “Qualified Person” for the purposes of NI 43-101
with respect to the mineralization being reported on. The technical
information has been included herein with the consent and prior review
of the above noted Qualified Person. The Qualified person has verified
the data disclosed, and data underlying the information or opinions
contained herein.

Forward Looking Statement

This news release contains forward-looking statements. All statements,
other than of historical fact, that address activities, events or
developments that the Company believes, expects or anticipates will or
may occur in the future (including, without limitation, statements
regarding expected, estimated or planned gold and niobium production,
cash costs, margin expansion, capital expenditures and exploration
expenditures and statements regarding the estimation of mineral
resources, exploration results, potential mineralization, potential
mineral resources and mineral reserves) are forward-looking statements.
Forward-looking statements are generally identifiable by use of the
words “may”, “will”, “should”, “continue”, “expect”, “anticipate”,
“estimate”, “believe”, “intend”, “plan” or “project” or the negative of
these words or other variations on these words or comparable
terminology. Forward-looking statements are subject to a number of
risks and uncertainties, many of which are beyond the Company’s ability
to control or predict, that may cause the actual results of the Company
to differ materially from those discussed in the forward-looking
statements. Factors that could cause actual results or events to
differ materially from current expectations include, among other
things, without limitation, failure to meet expected, estimated or
planned gold and niobium production, cash costs, margin expansion,
capital expenditures and exploration expenditures and failure to
establish estimated mineral resources, the possibility that future
exploration results will not be consistent with the Company’s
expectations, changes in world gold markets and other risks disclosed
in IAMGOLD’s most recent Form 40-F/Annual Information Form on file with
the United States Securities and Exchange Commission and Canadian
provincial securities regulatory authorities. Any forward-looking
statement speaks only as of the date on which it is made and, except as
may be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement.

About IAMGOLD

IAMGOLD (www.iamgold.com) is a mid-tier mining company with six operating gold mines (including
current joint ventures) on three continents and one of the world’s top
three niobium mines. A solid base of strategic assets in Canada, South
America and Africa is complemented by development and exploration
projects and continued assessment of accretive acquisition
opportunities. IAMGOLD is in a strong financial position with
extensive management and operational expertise.

Please note:

This entire news release may be accessed via fax, e-mail, IAMGOLD’s
website at www.iamgold.com and through CNW Group’s website at www.newswire.ca. All material information on IAMGOLD can be found at www.sedar.com or at www.sec.gov.

Si vous désirez obtenir la version française de ce communiqué, veuillez
consulter le http://www.iamgold.com/French/Home/default.aspx

Table 1: Mineral Reserves and Resources of Gold Operations


    As at December
    31, 2013               MINERAL RESERVES AND RESOURCES (1) (2) (3) (4)

                                                              Attributable
                                                  Ounces        Contained
                     Tonnes         Grade       Contained        Ounces
    GOLD OPERATIONS  (000s)         (g/t)         (000s)         (000s)

    Rosebel (5),
    Suriname                                                          (95%)

      Proven
      Reserves        94,095             1.0          3,124           2,968

      Probable
      Reserves        39,195             0.9          1,149           1,092

    Subtotal         133,290             1.0          4,273           4,060

      Measured
      Resources      152,858             1.0          4,939           4,692

      Indicated
      Resources       79,441             1.0          2,538           2,411

      Inferred
      Resources       14,433             0.7            346             329

    Essakane (6),
    Burkina Faso                                                      (90%)

      Probable
      Reserves       126,806             1.1          4,573           4,116

    Subtotal         126,806             1.1          4,573           4,116

      Indicated
      Resources      144,115             1.1          5,270           4,743

      Inferred
      Resources       20,227             1.1            704             634

    Sadiola (7),
    Mali                                                              (41%)

      Probable
      Reserves        56,406             1.9          3,492           1,432

    Subtotal          56,406             1.9          3,492           1,432

      Measured
      Resources       16,260             0.8            433             178

      Indicated
      Resources       94,868             2.0          6,171           2,530

      Inferred
      Resources       14,949             2.0            953             391

    Yatela (8), Mali                                                  (40%)

      Measured
      Resources          880             0.5             15               6

    Westwood (9),
    Canada                                                           (100%)

      Proven
      Reserves            47             9.3             14              14

      Probable
      Reserves         1,546            10.0            496             496

    Subtotal           1,593            10.0            510             510

      Measured
      Resources           45            10.1             15              15

      Indicated
      Resources        1,243            13.0            521             521

      Inferred
      Resources       10,162            10.9          3,548           3,548

    Mouska (10),
    Canada                                                           (100%)

      Proven
      Reserves            20            15.6             10              10

    Subtotal              20            15.6             10              10

      Measured
      Resources           29            14.7             14              14

      Inferred
      Resources          255            15.1            124             124

    Doyon (11),
    Canada                                                           (100%)

      Measured
      Resources          313             4.1             41              41

      Indicated
      Resources          686             3.6             79              79

      Inferred
      Resources        1,477             4.8            228             228

    Côté Gold(12),
    Canada                                                          (92.5%)

      Indicated
      Resources      269,300             0.9          7,606           7,036

      Inferred
      Resources       43,800             0.7          1,043             965

    Boto (13),
    Senegal                                                          (100%)

      Indicated
      Resources       21,960             1.6          1,142           1,142

      Indicated
      Resources        1,861             1.4             81              81

    TOTAL                                                                  

      Proven &
      Probable
      Reserves       318,115             1.3         12,858          10,127

      Meas. &
      Indicated
      Resources      781,999             1.1         28,785          23,408

      Inferred
      Resources      107,164             2.0          7,027           6,299

    (1)   Measured and indicated resources are inclusive of proven and
          probable reserves.

    (2)   In underground operations, mineral resources contain similar
          dilution and mining recovery as mineral reserves, except for
          Westwood where 35% dilution was applied to the reserves.

    (3)   In mining operations, measured and indicated resources that are
          not mineral reserves are considered uneconomic at the price used
          for reserve estimations but are deemed to have a reasonable
          prospect of economic extraction.

    (4)   Although "measured resources", "indicated resources" and
          "inferred resources" are categories of mineralization that are
          recognized and required to be disclosed under Canadian
          regulations, the SEC does not recognize them.  Disclosure of
          contained ounces is permitted under Canadian regulations;
          however, the SEC generally permits resources to be reported only
          as in place tonnage and grade.  See "Cautionary Note to U.S.
          Investors Regarding Mineral Reporting Standards".

    (5)   Rosebel mineral reserves have been estimated as of December 31,
          2013 using a $1,400/oz gold price and mineral resources have been
          estimated as of December 31, 2013 using a $1,500/oz gold price
          and have been estimated in accordance with NI 43-101.

    (6)   Essakane mineral reserves have been estimated as of December 31,
          2013 using a $1,400/oz gold price and mineral resources have been
          estimated as of December 31, 2013 using a $1,500/oz gold price
          and have been estimated in accordance with NI 43-101.

    (7)   Mineral reserves at Sadiola have been estimated as of December
          31, 2013 using an average of $1,100/oz gold price and mineral
          resources have been estimated as of December 31, 2013 using a
          $1,600/oz gold price and have been estimated in accordance with
          JORC code.

    (8)   Mineral resources at Yatela have been estimated as of December
          31, 2013 using a $1,600/oz gold price and have been estimated in
          accordance with JORC code.

    (9)   Westwood mineral reserves have been estimated as of December 31,
          2013 using a $1,400/oz gold price and mineral resources have been
          estimated as of December 31, 2013 using a $1,400/oz gold price,
          6.0 g/t Au cut-off over a minimum width of 2 metres and have been
          estimated in accordance with NI 43-101.

    (10)  Mineral reserves at Mouska have been estimated as of December 31,
          2013 using a $1,300/oz gold price and mineral resources have been
          estimated as of December 31,2013 using a $1,300/oz gold price and
          have been estimated in accordance with NI 43-101.

    (11)  Mineral resources at Doyon have been estimated as of December 31,
          2013 using a $1,600/oz gold price and have been estimated in
          accordance with NI 43-101.

    (12)  Côté Gold mineral resources have been estimated as of December
          31, 2013 using a $1,600/oz gold price and have been estimated in
          accordance with NI 43-101.

    (13)  Boto mineral resources have been estimated as of December 31,
          2013 using a $1,500/oz gold price and have been estimated in
          accordance with NI 43-101.

Table 2: Mineral Reserves and Resources of Niobium Operation


                           MINERAL RESERVES AND RESOURCES (1) (2) (3) (4)
    As at December 31,2013                     (5) (6)

                           Tonnes  Grade Nb2O5         Contained Nb2O5
    NIOBIUM OPERATION      (000s)      (%)           (million kilograms)

    Niobec, Quebec                                                  (100%)

      Probable Reserves    416,420      0.41                         1,707

      Measured Resources   288,328      0.43                         1,251

      Indicated Resources  352,505      0.40                         1,402

      Inferred Resources    61,085      0.38                           229

    (1) Measured and indicated resources are inclusive of probable
        reserves.

    (2) In mining operations, measured and indicated resources that are not
        mineral reserves are considered uneconomic at the price used for
        reserves estimations but are deemed to have a reasonable prospect
        of economic extraction.

    (3) Mineral reserves have been estimated as at December 31, 2013 under
        the block caving scenario using $45 per kg of Niobium and include
        dilution material. Mineral resources have been estimated using a
        cutoff of 0.20% Nb2O5 per tonne (before recovery) under the block
        caving scenario.

    (4) There is a large volume of the material within the planned block
        caving that has a Measured Resource classification. However, due to
        the uncertainty associated with estimating material movement within
        the cave, a Probable classification has been applied to the reserve
        because of the uncertainty.

    (5) A small amount of Inferred and unclassified mineral resource
        material will be mined from the block caving scenario and
        segregation of the material is not possible. A conservative 0%
        Nb2O5 was applied to that material.

    (6) Mineral reserves and mineral resources have been estimated in
        accordance with NI 43-101.

Table 3: Mineral Resources of the Rare Earth Project


    As at December 31,2013

               REE ZONE MINERAL RESOURCE ESTIMATE (1) (2) (3) (4) (5)

                            Tonnes   Grade TREO   Contained TREO    HREO
                          (millions)    (%)     (million kilograms) (ppm)

    St-Honoré, Quebec                                        (100%)      

      Indicated Resources      531.4       1.64             8,730.3   312

      Inferred Resources       527.2       1.83             9,651.7   312

    As at December 31,2013

              BREAKDOWN OF INDIVIDUAL LIGHT ELEMENTS

                          Ce203 La203 Nd203  Pr203 Sm203
                          (ppm) (ppm) (ppm)  (ppm) (ppm)

    LIGHT REO                         (100%)           

      Indicated Resources 7887  4092   3034   870   338

      Inferred Resources  8046  4298   2968   869   314

    As at December 31,2013

                         BREAKDOWN OF INDIVIDUAL HEAVY ELEMENTS

                Gd203 Eu203 Dy203  Tb203 Er203 Ho203 Yb203 Tm203 Lu203
                (ppm) (ppm) (ppm)  (ppm) (ppm) (ppm) (ppm) (ppm) (ppm)

    HEAVY REO               (100%)                                   

      Indicated
      Resources  159    72     45    14    10     5     5     1     1

      Inferred
      Resources  141    67     37    12     8     5     5     1     1

    (1) CIM definitions were followed for Mineral Resources Classification

    (2) Mineral resources were estimated by Réjean Sirois, ing. Vice
        President, Geology and Resources, G Mining Services Inc.

    (3) Mineral resources are estimated at a cut-off grade of 0.5% TREO

    (4) Estimated resource is enclosed within the core of the carbonatite
        complex and are confined between the bedrock and 700 metres below
        surface

    (5) Numbers may not add due to rounding

SOURCE IAMGOLD Corporation


Source: PR Newswire



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