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Tackler

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Tuesday, 04/03/2007 7:47:45 PM

Tuesday, April 03, 2007 7:47:45 PM

Post# of 29
Iamgold completes bauxite asset sale

2007-03-21 08:52 MT - News Release

Mr. Joseph Conway reports

IAMGOLD COMPLETES BAUXITE SALE

Iamgold Corp. has closed the sale of Iamgold's interest in Omai Bauxite Mining Inc. and Omai Services Inc. to Bosai Minerals Group Co. Ltd., pursuant to a share purchase agreement originally reported in Stockwatch on Dec. 19, 2006. Cash proceeds of $28.5-million have been paid to Iamgold. In addition, the transaction results in a reduction of the company's third party debt by $17.7-million.

"We are pleased that the sale of the Bauxite assets has been completed. This transaction supports Iamgold's focus and commitment to maximize shareholder value," stated Joseph Conway, president and chief executive officer of Iamgold. "We will continue to optimize our portfolio to unlock the potential of our asset base."

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