IAMGOLD provides exploration update for the Boto Gold Project, Senegal, West Africa

TSX: IMG    NYSE: IAG

TORONTO, Nov. 5, 2012 /PRNewswire/ - IAMGOLD Corporation ("IAMGOLD" or the "Company") announced today an exploration update for its 100% owned Boto Gold Project in eastern Senegal, West Africa.  The Company is reporting assay results for 44 drill holes completed from December 2011 to July 2012.

Results from the 44 drill holes are provided in Tables 1 to 3, and include the following:

Boto 2 prospect;

• Drill-hole DBDD-2078 : 58 metres grading 2.58 g/t gold
• Drill-hole DBDD-2086 : 33 metres grading 3.04 g/t gold
• Drill-hole DBDD-2116 : 49 metres grading 2.63 g/t gold
• Drill-hole DBDD-2119 : 74 metres grading 1.80 g/t gold

Boto 4 prospect;

• Drill-hole DBDD-2087 : 35 metres grading 2.65 g/t gold
• Drill-hole DBDD-2090 : 41 metres grading 2.29 g/t gold

Boto 6 prospect;

• Drill-hole DBDD-2098 : 17 metres grading 3.17 g/t gold
• Drill-hole DBDD-2099 : 67 metres grading 1.18 g/t gold

Craig MacDougall, Senior Vice President, Exploration, stated, "We are very encouraged with the results of the 2012 drill program. They demonstrate good grades and confirm continuity at several of the zones discovered in previous exploration campaigns.  Geological modeling is in progress to assess the resource potential of the zones drilled. We will also evaluate the exploration potential for further extensions."

The drilling program has focused on the delineation of the Boto 2, 4 and 6 prospects which define a mineralized trend over a 4 kilometre strike length.  Drilling has intersected wide intervals of hydrothermal alteration and sulphide mineralization in variably brecciated metasedimentary host rocks.

Next Steps

Drilling was suspended in late July due to the annual rainy season and will resume in mid-November. The objective of further drilling is to: 1) infill the current drill spacing to confirm continuity of the geological model in advance of a resource estimate, and 2) expand existing mineralized zones with step out drill holes along strike and at depth.

Table 1

Table 2

Table 3

• Significant drill hole intercepts are calculated using a minimum down-hole length of 2 meters, a cut-off grade of 0.5 g/t Au, up to 5 metres of internal dilution and are uncapped.
• *Higher grade sub-intervals are calculated using the same parameters but at a cut-off grade of 8.0 g/t Au.
• The true widths of intersections are unknown at this time, but are interpreted to approximate the reported down-hole lengths.

To view "Figure 1: Drill Hole Plan Map", please click on http://files.newswire.ca/396/BotoDrillHoleMap.pdf

The Boto project comprises 236 square kilometres of exploration licenses located in eastern Senegal along the Senegal-Mali border.  The geological setting of the project area is similar to the world class Sadiola and Loulo gold districts in adjacent Mali, being underlain by highly prospective, Birimian-aged metasedimentary, volcanic and intrusive rocks -along a seven kilometre strike length of the Senegal-Mali Shear Zone.

Technical Information and Quality Control Notes

The drilling results 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 sampling of, and assay data from, drill core is monitored through the implementation of a quality assurance - quality control (QA-QC) program designed to follow industry best practice. Drill core (HQ and NQ size) samples are selected by the IAMGOLD geologists and sawn in half with a diamond saw at the project site. Half of the core is retained at the site for reference purposes. Sample intervals are generally 1 metre in length. Samples are analyzed at the ALS Chemex Analytical Laboratory in Bamako, Mali, using a standard fire assay with a 50 gram charge with an Atomic Absorption (AA) finish.

Qualified Persons:
The information in this release was prepared under the supervision of Craig MacDougall, P.Geo., Senior Vice President, Exploration for IAMGOLD.  Mr. MacDougall is a Qualified Person as defined by National Instrument 43-101.

Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission 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 presentation, 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.

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", "outlook", "guidance", "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: changes in the global prices for gold, niobium, copper, silver or certain other commodities (such as diesel, aluminum and electricity); changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; risks arising from holding derivative instruments; the level of liquidity and capital resources; access to capital markets, financing and interest rates; mining tax regimes; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; laws and regulations governing the protection of the environment; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; adverse changes in the Company's credit rating; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business.  With respect to development projects, IAMGOLD's ability to sustain or increase its present levels of gold production is dependent in part on the success of its projects.  Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals.  Development projects have no operating history upon which to base estimates of future cash flows.  The capital expenditures and time required to develop new mines or other projects are considerable, and changes in costs or construction schedules can affect project economics.  Actual costs and economic returns may differ materially from IAMGOLD's estimates or IAMGOLD could fail to obtain the governmental approvals necessary for the operation of a project; in either case, the project may not proceed, either on its original timing or at all.

About IAMGOLD

IAMGOLD (www.iamgold.com) is a leading mid-tier gold mining company producing approximately one million ounces annually from five gold mines (including current joint ventures) on three continents. In the Canadian province of Québec, the Company also operates Niobec Inc., which produces more than 4.5 million kilograms of niobium annually, and owns a rare earth element resource close to its niobium mine. IAMGOLD is uniquely positioned with a strong financial position and extensive management and operational expertise.  To grow from this strong base, IAMGOLD has a pipeline of development and exploration projects and continues to assess accretive acquisition opportunities.  IAMGOLD's growth plans are strategically focused in certain regions in Canada, select countries in South America and Africa.

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. 

SOURCE IAMGOLD Corporation

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