Iamgold reserves jump by 92,000 ounces at Tarkwa-Damang
2005-10-06 07:23 ET - News Release
Mr. Joe Conway reports
IAMGOLD ANNOUNCES UPDATED RESERVES AT THE TARKWA-DAMANG MINE COMPLEX, GHANA
Iamgold Corp. is releasing an update on gold reserves and resources at the Tarkwa-Damang gold mine complex in Ghana, in which the company has an 18.9-per-cent ownership interest. Gold Fields Ltd. and the government of Ghana hold a 71.1-per-cent interest and a 10-per-cent interest in both the Tarkwa and Damang mines.
Joe Conway, president and chief executive officer of Iamgold, commented on the gold reserves and resources, stating: "During the 12-month period to June, 2005, assuming a $375-(U.S.)-per-ounce gold price, a total of 488,000 ounces of proved and probable gold reserves were added at the Damang mine, of which 92,000 ounces were added to Iamgold's account. Damang has demonstrated its potential to extend the mine life through exploration and optimization. Tarkwa's proved and probable reserves decreased by 1.3 million ounces, a 9-per-cent decrease in the Iamgold account. The modest decline in the Tarkwa reserve portion is due to the increasing costs of consumables as well as mine depletion. If reserves at Tarkwa were calculated at $413 (U.S.), the reserves would actually have increased by 9 per cent. However, even at a $375 (U.S.) gold price, the impact on the mine life at Tarkwa is minimal."
Qualified person/quality control notes
The competent person responsible for the generation of the mineral resource and reserve statements is Gary Chapman, manager mine planning and resource management, Tarkwa and Damang mines. Mr. Chapman has bachelor of science (honours) geology from the University of Natal, is a professional natural scientist of the South Council for Natural Scientific Professions (SACNASP), and has worked as a geologist for 28 years. As a result of his education, affiliation with a professional association and past relevant work experience, Mr. Chapman fulfills the requirements to be a qualified person for the purposes of National Instrument 43-101. Mr. Chapman authored a report, "A Technical Report of the Tarkwa Gold Mine, Ghana, May 2003," wherein numerous quality-control procedures regarding the calculation of reserves and resources at Tarkwa and Damang were described.
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