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IAMGOLD Corporation

IAMGOLD Cuts High-Grade Intersection at its Quimsacocha Project, Ecuador

Toronto (ots/PRNewswire)

                                 TSX Trading Symbol:        IMG
                                 AMEX Trading Symbol:       IAG
                                 Total Shares Outstanding:  145.5MM
                                 Fully Diluted:             151.5MM
                                 52-Week Trading Range:     Cdn$5.75 - $10.99
TORONTO, August 11 /PRNewswire/ --
IAMGOLD is pleased to announce drill results from two of its
exploration programs, both of which have given encouraging
intersections, including one hole at Quimsacocha which had an
outstanding assay.
Quimsacocha Project, Ecuador
At the company's 100%-owned, 10,000 hectare Quimsacocha property
in southern Ecuador, some 40 kilometers southwest of the city of
Cuenca, hole 122 intersected 101 metres averaging 9.5 g/t gold, 46.7
g/t silver and 0.4% copper. This hole was part of a 7,500 metre
diamond drill program (of which 6,400 metres have been completed)
presently being carried out to follow-up on earlier encouraging drill
results (see press release of March 8, 2004, available at
www.iamgold.com).
The Quimsacocha property is considered to offer considerable
potential for the discovery of an epithermal gold deposit with
economically significant amounts of silver and copper. The targets
being drill-tested lie in an intensely altered volcanic sequence
which has been cut by a 4 kilometer diameter intrusive pipe complex.
Previous drilling by IAMGOLD has mainly been carried out on the D1
zone (Figure 1) where a number of high grade veins have been
intersected. Several of the best values in earlier drilling were from
vein 11 as follows:
  • 8m averaging 24.4 g/t gold and 113.2 g/t silver
  • 2.1m averaging 34.8 g/t gold, 260.9 g/t silver and 4.4% copper
  • 1.8m averaging 8.2 g/t gold, 57.7 g/t silver and 5.3% copper
A more complete list of intersections from earlier drilling of
vein 11 and other veins was given in Table 1 in the press release of
March 8th.
The main objective of the current drill program was to follow-up
on the earlier results, in particular by testing vein 11 along strike
and at depth. Additional encouraging results were obtained from vein
11, as well as other veins, but the most exciting and possibly the
most economically significant results were obtained from vein 103 and
from newly discovered vein 112, interpreted to be a splay of vein
103. A summary of the significant drill results is given in Table 1.
Vein 103 strikes approximately north-south and had been cut by
earlier drill holes but hole 122 has cut an outstanding 101
metre-long intersection on this vein, averaging 9.5 g/t gold, 46.7
g/t silver and 0.4% copper. Now that a better understanding of the
orientation of vein 103 has been gained, it is recognised that hole
122 has intersected the vein obliquely, which will have the effect of
making the down-hole intersection longer than the true thickness of
the vein (Figure 2). (To view figure 2 please visit:
http://files.newswire.ca/282/aug10figures.pdf). However, it is
believed that the true thickness of the vein will be considerable, at
least some tens of metres thick. The true thickness will be
established as more holes are drilled through the vein.
Table 1 Significant drill results from Quimsacocha (refer to
Figure 1 for hole locations)
(To view figure 1 please visit:
http://files.newswire.ca/282/aug10figures.pdf)
                                   Table 1
                 Significant drill results from Quimsacocha
                   (refer to Figure 1 for hole locations)
                       (To view figure 1 please visit:
               http://files.newswire.ca/282/aug10figures.pdf)
                    From       To       Length    Gold      Silver    Copper
    Vein   Hole      (m)       (m)       (m)       g/t       g/t        %
    ----   ----   --------- --------- --------- --------- --------- ---------
    103    103       150.1     185.7      35.6       4.0      36.3       0.3
           122       134.9     236.3     101.4       9.5      46.7       0.4
        including    134.9     142.0       7.1      17.0      77.7       0.6
        including    149.9     160.9      11.0      17.0      64.9       0.3
        including    166.9     172.5       5.6      15.9      56.8       2.0
        including    175.8     201.0      25.2      14.4      47.1       0.3
            89       394.9     399.9       5.0       3.4      33.4       2.3
           111       240.0     273.8      33.8       3.2      38.5       0.6
    111    109       219.2     225.0       5.8      13.9     181.0       3.6
           113        80.7     115.4      34.7       0.9       4.6       0.3
           116         7.7      39.5      31.8       1.1       9.9       0.2
           117        83.8     260.6      77.2       0.6       3.2       0.1
    112    112       374.6     412.1      37.5       7.8      14.9       0.8
        including    374.6     383.7       9.1      24.7      52.9       2.4
        including    383.7     412.1      28.4       2.3       2.6       0.2
           115       207.0     222.0      15.0       2.1       5.7       0.1
        including    212.8     217.0       4.2       3.3       4.0       0.1
           118       347.5     359.5      12.0       2.0       2.2       0.2
     89    110       194.4     196.6       2.2       0.9       5.3         0
           111       188.0     191.6       3.6       1.1       3.8         0
           121       206.0     207.5       1.5      19.3      74.1       0.3
   Silica
    Bar    109       243.0     274.2      31.2       1.8      28.6       0.2
           112       298.1     330.7      32.6       2.0       2.2       0.1
           115       256.0     267.0      11.0       1.3       3.7       0.2
    D-veins
           109       270.5     301.9      31.4       1.4       7.1       0.1
           109       310.7     341.0      30.3       2.1       1.9       0.2
The strike length of vein 103 is 500m and it remains open along
strike to the south and at depth. It is anticipated that a second
diamond drill rig will soon start work on the property in order to
continue defining the vein.
The second vein to record good results in this round of drilling
at Quimsacocha is vein 112. Hole 112 intersected a 9.1m zone of this
vein which averaged 24.7 g/t gold, 52.9 g/t silver and 2.4% copper.
This intersection included three exceptionally high grade gold zones
averaging 214.0 g/t over 0.5m, 79.0 g/t over 0.3m and 42.2 g/t over
1.0m. Some 28m below the main mineralised intersection in hole 112
there is weaker mineralisation averaging 2.3 g/t gold, 2.6 g/t silver
and 0.2% copper. This feature of broad zones of lower grade
mineralisation is fairly common at Quimsacocha. The significance of
this is not yet determined but it is suggestive of there being
another style of mineralisation associated with the epithermal gold
veins and, in fact, evidence of porphyry-type mineralisation has been
seen at surface and in drill core.
Canadon del Moro
IAMGOLD has also received good drill results from Canadon del Moro
in Argentina, another of its 100%-owned projects. Canadon del Moro is
located in Rio Negro province in northern Patagonia. The target is an
epithermal gold vein system in volcanic rocks and the potential of
the area was recognised only a few months ago through the use of
satellite imagery.
A mixed reverse circulation and diamond drilling campaign (1,600m
RC and 1700 DD in a total of 26 holes) was completed on the property
in July. Two of the veins were tested and several holes recorded gold
values with accompanying high silver values. A summary of significant
results is given in Table 2.
Plans are being formulated for the next round of drilling at
Canadon del Moro and this is likely to be focused on delineating the
high-grade silver shoots and on drill-testing some of the other veins
which trenching has shown to be mineralised.
Table 2 Summary of significant drill results from Canadon del Moro
     Table 2 Summary of significant drill results from Canadon del Moro
                     From       To       Length    Gold     Silver
    Hole              (m)       (m)       (m)      (g/t)     (g/t)
    ----           --------- --------- --------- --------- ---------
    MORC02              41        44         3       0.9     151.3
      &                 47        50         3       0.8     203.8
    MORD04           129.6     132.6         3       2.0     441.8
      &              139.1     142.1         3       1.0     452.3
    MORC05            54.5      57.5         3       0.6      45.1
    MORD06           125.3     128.5       3.2       0.3      95.0
    MORC08              23        27         4       1.8     156.4
    MORC09              36        41         5       2.4      61.9
    MODD10            29.1      33.5       4.4       1.5      36.5
      &               30.8      33.5       2.7       2.2      31.3
    MORC11              37        50        13       1.7      64.4
     Incl               38        44         6       2.9      91.8
     Incl               48        50         2       1.3      59.7
    MORC13              32        36         4       0.5     150.3
    MORC14              33        35         2       0.3     226.7
    MORD16           178.7     179.8       1.1       0.7      81.5
    MORD17             144       145       1.0       0.3      72.9
    MORD18             103       104       1.0       0.2      75.6
    MORC19              39        42         3       1.5       400
    MORD20           107.7     110.7         3       0.5     611.3
    MORD21           140.6     141.6         1       1.5       472
    MORD22              64        66         2       0.6      69.6
    MORD24            84.2      86.4       2.2       0.6      70.3
    MORD25            45.4      48.4         3       1.0        58
    MORD26             104       106         2       1.4       726
TORONTO, August 11 /PRNewswire/ --
Cautionary Statements
Safe Harbor Statement under the United States Private Securities
Litigation Reform Act of 1995: Except for the statements of
historical fact contained herein, the information presented
constitutes "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements, including but not limited to those with
respect to the price of gold, silver and copper, the timing and
amount of estimated future production, costs of production, reserve
determination and reserve conversion rates involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievement of IAMGOLD to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors
include, among others, risks related to the integration of
acquisitions, risks related to international operations, risks
related to joint venture operations, the actual results of current
exploration activities, actual results of current reclamation
activities, conclusions of economic evaluations, changes in project
parameters as plans continue to be refined, future prices of gold,
silver and copper, as well as those factors discussed in the section
entitled "Risk Factors" in the Form 40- F for each company as on file
with the Securities and Exchange Commission in Washington, D.C.
Although IAMGOLD has attempted to identify important factors that
could cause actual results to differ materially, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward- looking
statements.
Please note: This entire press release may be accessed via fax,
e-mail, IAMGOLD's website at www.iamgold.com and through Canada
Newswire's website at www.newswire.ca. All material information on
IAMGOLD can be found at www.sedar.com or at www.sec.gov.

Contact:

For further information: please contact IAMGOLD Corporation: Dennis
Jones, Vice President, Exploration; or Tom Atkins, Vice President,
Investor Relations, Tel: +1-416-360-4721, Fax: +1-416-360-4750,
Toll-free: +1-888-IMG-9999

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