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Market: TSX
Sector: Gold Mining
Epic: TSX:IMG
News: Latest news
Web Site: IAMGOLD
Other Articles: 21-01-201021-12-200905-11-2009

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Thursday September 02, 11:00Baobab Resources identifies distinct ore domain at Tete’s South Zone

Baobab MD Ben James said the latest drilling results from the Tete project's South Zone characterise a distinct, higher mass recovery, ore domain.

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Thursday September 02, 08:15Indonesia edges closer toward uranium mining and nuclear power

After nearly five decades of national debate on the issue, Indonesia's central government may finally be ready to develop a national nuclear policy, which may lead to domestic uranium mining.

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Wednesday September 01, 01:25Green Dragon Gas reports significant growth as China’s thirst for energy continues

China's thirst for energy resources has continued with an increased focus on domestic supplies of gas, Green Dragon Gas chairman Randeep Grewal said today. In the company's interim results, [...]

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IAMGOLD

IAMGOLD

IAMGOLD is the top mid-tier gold producer, with annual production of close to 1 million ounces from eight different operations located in North America, South America and Africa. 

The Company also owns two non-gold assets that provide significant cash flow and four development projects that provide a strong platform for continual growth.

Monday, December 21, 2009

IAMGOLD says Westwood study supports annual gold production of up to 200,000 ounces

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IAMGOLD Corporation (TSX: IMG, NYSE: IAG) has announced the results from an updated preliminary assessment study on its wholly owned Westwood development project in Quebec, confirming its capability to produce 180,000 to 200,000 oz of gold per year under industry average cash costs in what the company called one of the lowest political risk jurisdictions in the world.


The study estimated the capital costs at US$315 million to complete the development and put the annual gold production at 191,000 oz at an average grade of 7.3 g/t (grammes per tonne) during the first five years of production at an average cash cost of US$352/oz and total capex (capital expenditures) at US$230 million. The pre-tax internal rate of return (IRR) was calculated at 11.3% using a gold price of US$850/oz and a Canadian/US dollar exchange rate of 1.15.


Capital expenditures are expected to amount to US$86 million and US$102 million in 2009 and 2010 respectively, while exploration and development drilling will total 84,000 metres.


Main activities planned for 2010 include development work including 11,000 metres of lateral and vertical excavation, an additional 2,000 tonnes bulk sample to test mining methods, installation of production and service hoists and completion of surface facilities, exploration drilling at 30,000 metres and valuation and definition drilling at 41,000 metres.


The inferred mineral resource at Westwood stand at 9.4 Mt (million tonnes) grading at 11.4 g/t for 3.43 Moz (million ounces), while the indicated resource amounts to 313,000 tonnes at 6.9 g/t for 70,000 oz, making for a net recoverable gold resource of 2.97 Moz over a 16 year mine life.


IAMGOLD said it was on schedule and on budget for commercial production in early 2013.

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