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IAMGOLD Corporation

IAMGOLD Corporation - Objection to Shareholder Rights Plan is Withdrawn

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
IAMGOLD Corporation announced today that Golden Star Resources
Ltd.  ("GSR") has withdrawn its application to the Ontario Securities
Commission  to set aside the short-term shareholder rights plan (the
"Plan") adopted  by the Board of Directors of IAMGOLD on July 12th.
The value maximisation process undertaken by the Special Committee
of independent directors and the Committee's financial advisor, RBC
Capital Markets will go forward. GSR has signed a Confidentiality
Agreement and will receive disclosure of confidential information on
the same basis as agreed to by all other interested parties. GSR has
also agreed that its bid will be extended to August 15th, the time
provided for in the Plan, which will allow the value maximising
process to proceed to its conclusion.
The Special Committee has determined that it is in the best
interests of IAMGOLD shareholders to complete the process of
receiving and assessing alternative proposals in a timely and
equitable manner. Ensuring that all qualified parties receive the
same level of disclosure and the same time period to submit their
bids is a necessary part of the process that has been undertaken.
In addition to Golden Star, there are several interested parties
that have signed confidentiality agreements and are currently
conducting due diligence on IAMGOLD.
The IAMGOLD Board of Directors has recommended that IAMGOLD
shareholders reject the unsolicited, non-negotiated take-over bid by
GSR, based on the recommendations of the Special Committee and the
fairness opinion of RBC, which concluded that the GSR bid is
inadequate, from a financial point of view, to the IAMGOLD
shareholders. Nevertheless, IAMGOLD has consistently maintained that
GSR would be welcome to participate in the process, along  with other
parties, provided that GSR executed an appropriate Confidentiality
Agreement, and agreed to proceed on a time-line that was consistent
with the time-line set out for other interested parties.
Joseph Conway, President and CEO said, "We are pleased that the
process, which we feel is in the best interests of IAMGOLD
shareholders, can now proceed to a conclusion. The Special Committee
believes that it is essential to maintain a level playing field for
all bidders and that now all interested parties, including Golden
Star, will have the same information upon which to base their
proposals. We expect that proposals will be received and reviewed by
the Special Committee and RBC prior to August 15th and a further
recommendation by the Board of Directors to shareholders will be made
at that time."
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.
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: IAMGOLD Corporation: Joseph F. Conway,
President & Chief Executive Officer; or Tom Atkins, Vice President,
Investor Relations, Tel: +1(416)-360-4710, Fax: +1(416)-360-4750,
Toll-free: +1-888-IMG-9999

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