IAMGOLD's Pre-Feasibility Study for Côté Gold Project Demonstrates Low Operating Costs and Attractive Returns

IAMGOLD Corporation (TSX:IMG) (“IAMGOLD” or the “Company”) today announced positive results from a Prefeasibility Study (“PFS”) for its Côté Gold Project (Project) in Northern Ontario. The results, which outline an economically viable project and confirm the development concept previously set out in the Preliminary Economic Assessment, clear the way for the Company to initiate a feasibility study and to support the permitting process. Coinciding with this news release the Company also announced a partnership with Sumitomo Metal Mining in which they will acquire a 30% participating interest in the Côté Gold Project.
As quoted in the press release:

Steve Letwin, President and CEO of IAMGOLD, said “The robust project economics generated from the PFS further validates our view that Côté Gold is an exceptional organic growth project, particularly when our industry faces a shortage of undeveloped gold deposits in attractive mining jurisdictions with surrounding infrastructure. This is a project with low operating costs and an attractive rate of return, that’s expected to deliver 320,000 ounces a year for 17 years. The conversion of nearly six million ounces from resources to reserves on a project basis and over 3.8 million ounces attributable to IAMGOLD, representing an overall increase in our attributable consolidated reserves by 49%1, stands out in an industry challenged with reserve replacement.  Additionally, Côté has significant exploration upside potential with more than 500-square kilometres of exploration rights-held property surrounding the deposit. We are looking forward to working with Sumitomo to advance the Côté Gold Project towards development.”

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