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09.07.2004 – 07:42

IAMGOLD Corporation

IAMGOLD Mandates Special Committee to Actively Pursue Alternatives to Maximise Shareholder Value

    TORONTO, July 9 (ots/PRNewswire)

      - IAMGOLD Board Issues Directors' Circular Recommending Rejection
of Golden Star Offer

      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 its Board of Directors
has expanded the mandate of the Special Committee of independent
directors to include actively pursuing alternatives to maximise value
for IAMGOLD's shareholders. The Special Committee has engaged RBC
Capital Markets ("RBC") as its financial adviser to assist it in
identifying and pursuing such alternatives.

      The Special Committee was initially mandated to make
recommendations to the IAMGOLD Board concerning the unsolicited,
non-negotiated take-over bid for the common shares of IAMGOLD made by
Golden Star Resources Ltd. (the "GSR Bid"). Earlier today, the
Special Committee received the formal opinion of RBC to the effect
that the consideration offered under the recently revised GSR Bid is
inadequate, from a financial point of view, to IAMGOLD's
shareholders. Based on the opinion of RBC and the report of the
Special Committee, the Board recommends that IAMGOLD's shareholders
reject the GSR Bid and that they not tender their IAMGOLD shares to
the GSR Bid. The Board's recommendation is contained in an updated
directors' circular that is being mailed to IAMGOLD's shareholders.

      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

      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