IAMGOLD reports increase in Mupane’s mineral reserves

IAMGOLD Corporation, a 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, provides an update on the increase in mineable mineral reserves at its Mupane Mine, located in Botswana.

The company’s efforts to convert the operation to owner mining has increased the mineral reserves at Mupane Mine. The impact of the conversion to owner mining was expected to be 30-70 koz of additional production and would result in a 4-6 month extension of the mine life.

Joseph Conway, President & CEO of the company, said the increase in reserves is a direct result of IAMGOLD’s aggressive cost and production initiatives.

Our lower operating costs due to the switch to owner mining at Mupane will allow for profitable mining of satellite pits that had been previously excluded from the original mine plan, he added.

We will continue to evaluate our mining costs to determine if there are further opportunities to develop additional resources that could extend the mine life beyond 2012, concluded Mr. Conway.