IAMGOLDs Boto Project, Senegal Exploration Updateadmin
IAMGOLD Corporation is pleased to announce the discovery of multiple zones of significant gold mineralization at its wholly-owned Boto Property in Senegal, West Africa. The Company controls an extensive land package of 630 square kilometres in southeast Senegal covering an important segment of the Birimian Kedougou-Kenieba greenstone belt. The concessions also cover a significant strike extent of the prolific Senegalo-Malian Shear System that is spatially associated with several important gold mines including Loulo and the world class Sadiola gold deposit in adjacent Mali. Results from IAMGOLD’s drilling campaigns at Boto completed chiefly during the 2007 and 2008 exploration seasons have identified several new and important mineralized zones at Boto, including the six kilometre-long Guemedji Trend and the parallel Koulou Trend.
“The drill results at Boto underscore the importance of grassroots exploration to IAMGOLD, providing us with the potential to add low-cost ounces on wholly-owned assets,” stated Joseph Conway, President & CEO. “West Africa is a key jurisdiction for our long-term strategic direction at IAMGOLD and grassroots exploration is one of several ways we are growing our project pipeline.”
2008 Exploration Program
IAMGOLD currently expects to spend US$1.7 million on the 2008 Boto exploration program. Terratec Geophysical Services is currently carrying out a 33-line kilometre High Resolution Dipole-Dipole IP geophysical survey (“HIRIP”) to help delineate the underlying geology, structure and mineralization of the identified trends. This geophysical work is scheduled for completion in October-November following the annual rainy season. Additional QA/QC validation work is also planned for select drill holes to ensure that analytical results conform to the Company’s QA/QC protocols and standards of care. A drilling program is also scheduled to start in the fourth quarter.
IAMGOLD implements standard operating and quality assurance procedures to ensure that all sampling techniques and sample results meet international reporting standards. At Boto, trench and drill samples were dispatched to Chimitec (Val D’Or; 2000-2002) or Abilab/ALS Chemex (Bamako; 2002-2008) with inclusion of certified standards (excepting 2007 RC holes and six 2007/08 diamond holes), blanks and field duplicates. At the laboratory, samples are jaw crushed and bulk pulverised to a 75ã¯Â¿1/2m particle size (85%) with a 50g aliquot subsequently analyzed for gold by lead collection fire assay with AAS finish. Samples returning grades above 10g/t Au are re-submitted for metallic sieve gold analysis. ALS Chemex inserts standards and blanks into each sample batch and completes random duplicate gold analyses as part of its own quality management reporting system. All ALS Chemex internal standards have been interrogated with no reported failures.
IAMGOLD is the top mid-tier gold producer, with annual production of close to 1 million ounces from eight different gold operations located in North America, South America and Africa. IAMGOLD also owns non-gold assets that provide significant cash flow and development projects that provide a strong platform for continued growth. IAMGOLD has delivered seven consecutive years of annual dividends to its shareholders and the Company’s Gold Money Policy demonstrates IAMGOLD’s commitment and confidence in the gold market.
This entire press release may be accessed via fax, e-mail, IAMGOLD’s website at www.iamgold.com