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IAMGOLD Corporation

TICKER: TSX:IMG, NYSE:IAG

DESCRIPTION: IAMGOLD is a leading mid-tier gold mining company producing almost one million ounces annually from 8 mines on three continents. The company is focused on growth with a target to reach 1.8 million ounces gold production by 2012. IAMGOLD is uniquely positioned with a strong financial base, together with the management and operations expertise to execute our aggressive growth objectives. It is focused in West Africa, the Guiana Shield of South America and Québec where it has a pipeline of development and exploration projects, while it continues to assess accretive acquisition opportunities with a strategic fit.

View IAMGOLD's most recent Fact Sheet.

IAMGOLD featured on Reuters Reuters

WEBSITE: http://www.IAMGold.com
Corporate Presentation (12/1/09)

The information below is based on the most recent information we have received from analysts and the companies participating in The Gold Report. We encourage you to visit the company's web site for updates.

"IAMGOLD yesterday reported that it had increased its overall proven and probable gold reserves by 17%, to 14.5 million ounces. The increase in gold reserves is mainly attributable to a 37% (1.3 million ounces) increase in gold reserves at its flagship Rosebel operation, as well as a 38% (1.1 million ounces) increase in reserves at its Essakane project. The company also reported a decline in resources in the measured and indicated category to 19.9 million ounces, from 22.2 million ounces last year (excluding resources from Essakane), as a result of using a 'constrained mineral resource model within Whittle shells for Rosebel and Mupane Gold Mines.' Also, the removal of 4.6 million ounces in the M & I category was reported as ounces from the Buckreef, Camp Caiman and La Arena projects were removed.

. . .We continue to value the shares of IAMGOLD using a 1.9x multiple to mining assets and add back non-mining assets at face value to arrive at our new 12-month target price of Cdn$19.75 per share, up from Cdn$17.40 per share previously. It should be noted that of the Cdn$2.35 per share increase in our target price, Rosebel and Essakane combined contributed just over 75% of the change, with the next largest contributor being the incorporation of the Sadiola Deeps project at 20% of the change. The remainder is made up of positive changes at Tarkwa, slightly offset by the depletion of reserves at some of the company's other maturing mines. Given a potential return of more than 30% from current levels and our continued strong outlook on the price of gold in 2010, we reiterate our BUY recommendation."
-HAYTHAM HODALY, SALMAN PARTNERS INC. (01/26/10)

"Gold's up, IAMGOLD's reserves are up, too, but its shares were down after it announced that 2009 year-end gold reserves rose by 2.1Moz, or 17%, to 14.5Moz and niobium reserves increased by 32% to 181.3Mkg. The increase in gold reserves stemmed primarily from the addition of over 1.3Moz from its flagship mine—Rosebel gold mine (37% increase). Essakane also had a significant rise with gold reserves increasing 1.1Moz (38% increase), since its acquisition in 2008. IMG also recorded a 1.8Moz (40% increase) in mineral resources stemming from an update of the main EMZ deposit, adding the Falagountou deposit, and by using a higher gold price. In 2010, the company is planning 50,000m of drilling at Essakane to upgrade inferred mineral resources below the pit (1.9Moz) to mineral reserves.

Finally, at the joint venture Sadiola gold mine in Mali, mineral resources rose by 11% from 2.3Moz to 2.6Moz. Inferred mineral resources also rose, up 47%, mainly due to the SEMOS Deep sulphide preliminary feasibility study. Development of the Deep Sulphide is anticipated to extend the mine life at Sadiola by seven years.

Last week, the company reported Q4/09 production largely in line with expectations and provided 2010 production guidance of ahead of expectations. The company expects to produce 940,000–1,000,000oz compared to Canaccord Adams estimate of 931,000oz and consensus estimate of 934,000oz. Canaccord Adams Precious Metals Analyst Steven Butler commented that guidance indicates that IAMGOLD's strong operational performance in 2009 is expected to continue into 2010.

In particular, 2010 is expected to be another good year for the flagship Rosebel mine, which is expected to produce 380,000–400,000oz in 2010 (vs. his previous estimate of 363,000oz). Butler continues to be bullish on the stock based on relative valuation and superior leverage to higher gold prices. The next catalyst is expected to be the Sadiola and Essakane mine tours (January 26–28, 2010)."
- Morning Coffee, Canaccord Capital (01/26/10)

"IAMGOLD 2010 production guidance ahead of expectations Last week, IAMGOLD reported Q4/09 production largely in line with our expectations. The company also provided 2010 production guidance of 940,000–1,000,000 oz compared to our estimate of 931,000 oz and consensus of 934,000 oz. Cash costs in 2010 are expected to average $490-$510/oz vs. our estimate of $500/oz ($484/oz using the company’s gold price assumption of $1,000/oz).

Guidance indicates that IAMGOLD's strong operational performance in 2009 is expected to continue into 2010. In particular, 2010 is expected to be another good year for the flagship Rosebel mine, which is expected to produce 380,000-400,000oz in 2010 (vs. our previous estimate of 363,000 oz).

Our target remains unchanged at US$24.50 based on approximately 1.40x our 5%/peak NAVPS estimate of US$17.35 (previously US$17.45). We maintain our BUY rating based on relative valuation and superior leverage to higher gold prices."
- Precious Metals Weekly (01/25/10)

"If my scenario of a rising real gold price continues to unfold, big companies like IAMGOLD Corporation (TSX:IMG), which are producers and have a strategy of acquiring companies that look marginal or are in some sort of financial stress, will become very aggressive in expanding their resource bases through mergers and acquisition activity."
- The Gold Report Interview with John Kaiser (01/12/10)

"Best-Performing Canadian Stocks Year-to-Date as of 12/27/2009. . . 28 IAMGOLD Corporation (TSE:IMG) 119.3%." View Entire Article
- NASD100.com (12/27/09)

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