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IAMGOLD Corporation

IAMGOLD Special Committee Continues to Pursue Alternatives to Maximize Shareholder Value

Toronto, Canada (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 - CDN$10.99
IAMGOLD Corporation announced today that its Special Committee of
independent directors and the Committee's financial adviser, RBC
Capital  Markets ("RBC"), are continuing the process of pursuing
alternatives to  maximize value for IAMGOLD's shareholders.
IAMGOLD recently adopted a short-term shareholder rights plan (the
" Plan") on July 12th to provide adequate time for the Special
Committee and  RBC to conduct the value maximizing process. The Plan
will expire  automatically on August 15, 2004, which is only two
weeks after the  unsolicited, non-negotiated take-over bid (the "GSR
Bid") made by Golden  Star Resources Ltd. ("GSR") is currently set to
expire.
Late last week, GSR announced that it has asked the Ontario
Securities  Commission (the "OSC") to set aside the Plan. IAMGOLD
will vigorously  defend the Plan at any OSC hearing that may be
called to hear GSR's  application.
Prior to the defeat of the shareholder vote on the Wheaton
transaction,  IAMGOLD could not solicit other strategic alternatives
as the agreement  with Wheaton prohibited such activity. Shortly
after the shareholder  meeting, the Special Committee was convened to
discuss the best method to  ensure the interests of shareholders were
protected and their value  maximized. Accordingly, IAMGOLD had very
little time to ensure shareholders  best interests were served.
Sufficient time is required to ensure it is the  best alternative
available to shareholders.
RBC has issued fairness opinions to the effect that the
consideration  offered under the GSR Bid is inadequate, from a
financial point of view, to  IAMGOLD's shareholders. IAMGOLD's Board
of Directors, based on the RBC  opinions and the recommendations of
the Special Committee, has recommended  that IAMGOLD shareholders
reject the GSR Bid and not tender their shares.
IAMGOLD has advised Golden Star it will provide confidential
information under terms to be agreed upon. GSR already has
significant  confidential information and had ample time to review
such information. The  other parties who have recently come forward
as a result of the  announcement of the value maximization process
are just now getting a  similar level of information as Golden Star.
Golden Star has stated on  numerous occasions that only two days are
required to complete their due  diligence. If this is, in effect,
true, IAMGOLD believes there is more than  sufficient time between
now and August 15 for GSR to complete their due  diligence on a
"timely basis".
Based on the closing prices of IAMGOLD's common shares and GSR's
common  shares on the Toronto Stock Exchange on Friday, July 16,
2004, the GSR Bid  was valued at no more than CDN$7.63 for each
IAMGOLD share, representing a  discount of CDN$0.85 per share from
the CDN$8.48 closing price of the IAMGOLD  shares.
GSR has recently reduced its minimum tender condition under the
GSR Bid  from 66 2/3% to 50.1% of the outstanding common shares of
IAMGOLD. If less  than 66 2/3% of the IAMGOLD common shares are
tendered to the GSR Bid, GSR  will no longer be able to guarantee
that a combination of the two companies  will be completed. As a
result, it may not be possible for GSR to use  IAMGOLD's cash to fund
its development plans, or to realize its anticipated  synergies.
Additionally, the previously expected tax treatment for US
shareholders may not be available.
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: 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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  • 07.07.2004 – 07:26

    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 ...