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07.07.2004 – 07:26

IAMGOLD Corporation

IAMGOLD Shareholders Fail to Approve the Wheaton Merger

    TORONTO, July 7 (ots/PRNewswire)

      - IAMGOLD Board Continues to Recommend That IAMGOLD Shareholders
Reject Golden Star Bid

      TSX Trading Symbol: IMG
      AMEX Trading Symbol: IAG
      Total Shares Outstanding: 145.5MM
      Fully Diluted: 151.5MM
      52-Week Trading Range: CDN$5.75 - CDN$10.99

      IAMGOLD Corporation announced today that, at the annual and
special meeting of IAMGOLD shareholders held today in Toronto, the
shareholders of IAMGOLD failed to approve the issuance of IAMGOLD
common shares in connection with the business combination of IAMGOLD
and Wheaton River Minerals Ltd. by the required majority.
Consequently, the merger of IAMGOLD and Wheaton will not proceed.

      Joseph Conway, President and CEO of IAMGOLD commented on the
outcome of the shareholder meeting stating: "It's apparent from the
outcome of the vote that we have a significantly split shareholder
base regarding the Axiom transaction, IAMGOLD status quo or the
Golden Star alternative. Clearly, a vote against the Axiom
transaction is not a vote in favour of the Golden Star bid. In the
near term we will consider our shareholders objectives and review our
position accordingly."

      Golden Star Resources Ltd. recently varied the terms of its
unsolicited, non-negotiated take-over bid for the common shares of
IAMGOLD. As previously announced, the Board of Directors of IAMGOLD
unanimously recommends that IAMGOLD shareholders reject the revised
Golden Star bid. The Board's recommendations, which are based in part
on the report and recommendations of a Special Committee of
independent directors of IAMGOLD, will be set out in a notice of
amendment to the previously issued IAMGOLD directors' circular that
IAMGOLD expects to mail to its shareholders in the near future.

      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 or Wheaton 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

      Please note:

      This entire press release may be accessed via fax, e-mail,
IAMGOLD's website at and through Canada Newswire's
website at All material information on IAMGOLD can
be found at or at

ots Originaltext: IAMGOLD Corporation
Im Internet recherchierbar:

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