IAMGOLD Corporation

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

    Toronto (ots/PRNewswire) -

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                                                    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
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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)

@@start.t2@@                                                        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@@end@@

    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

@@start.t3@@        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@@end@@

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.

ots Originaltext: IAMGOLD Corporation
Im Internet recherchierbar: http://www.newsaktuell.ch

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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