Attributable Reserves of 16.7 Million Ounces and Attributable Measu Red and Indicated Resources of 27. 2 Million Ounces
NEWS RELEASE
TSX:
IMG
NYSE:
IAG
IAMGOLD
REPORTS
201
9
ATTRIBUTABLE
RESERVES
OF
16.7
MILLION OUNCES
AND
ATTRIBUTABLE
MEASU
RED AND INDICATED RESOURCES OF
27.
2
MILLION OUNCES
All dollar amounts are in U.S. dollars unless otherwise indicated.
Measured and Indicated
Resource
Estimate
s are quoted Inclusive of Mineral Reserves for all sites and projects
Toronto, Ontario, February
1
8
, 20
20
–
IAMGOLD Corporation
(“IAMGOLD” or the
“
Company”) today
announced its 201
9
year
-
end mineral reserve and resource statement.
(See attached table
for more
details
.)
T
otal
attributable
Proven
and
Probable
Reserves
decreased
by
6
%
to
16.7
m
illion ounces at the end of
201
9
from
17.9
million ounces of
gold at
the end of
201
8
.
The
decrease
was primarily
due to mine
depletion during the year given the Company's attributable gold production of
762
,000 ounces
.
There was
no change in the $1,200 per ounce gold price assumption for
estimating
Mineral Reserves
at the
Company’s owned and operated mines
and development projects
.
Total attributable
Measured
and
Indicated Resources
(inclusive of
Reserves
)
decreased
overall by
2
% or
0.7 m
illion
ounces to
2
7.
2
million ounces of gold at the end of 201
9
.
T
otal attributable
Inferred Resources
increased by 38% or 3.
3
million ounces
to 12.0 million ounces
of gold
at the end of 2019
, primarily due to
the declaratio
n of
a Mineral
Resource
estimate
at the Nelligan Gold Project in Quebec
and the completion
of an updated Mineral Resource estimate at the
Côté
Gold
P
roject in Ontario
.
There
were
no change
s
in
the
gold price
assumption
s
for estimating mineral resources at Essakane
,
Rosebel
, and resource
-
stage
projects
($1,500 per ounce) or at Westwood ($1,200 per ounce
).
Gord
on
Stothart
, President and
COO
of IAMGOLD, commented, “
In 2019, we
made further progress in
advancing
the
resource stage projects
in
our pipeline.
At
the
Nelligan
Gold Project
in Quebec, we
declared a
n initial
mineral
resource
and
continued to identify additional resources at the
Côté
Gold
P
roject.
We also announced an updated mineral
resource estimate at Pitangui in
Brazil,
successfully
convert
ing
52%
of
its
resources
to
the
indicated category.
In Ontario,
we discovered
Gosselin
ju
st 1.5
k
ilometres
from the proposed Côté pit
,
and
reported positive drill results
from this
zone
. In Quebec, we
continued to explore the Rouyn Gold Project,
located
approximately 45 kilometres southwest of
Westwood,
and
reported
encouraging
drill results. In Guinea,
situated
between
our
Boto Gold
Pro
j
ect in
Senegal
and
our
Diakha
-
Siribaya
Project in Mali, we
announced
a
n
exciting
new discovery with high
grade intersections
on
the Karita Gold Project
.
In
addition to the ongoing resource development programs
at our existing operations, the potential for delineation of additional resources from our planned 2020
exploration program is strong.
We look forward to providing updates from the drill bit as the year
progresses.
”
Forward Looking Statement
This news release contains forward
-
looking statements. All statements, other than of historical fact, that address
activities, events or developments that the Company believes, expects or anticipates will or may oc
cur in the future
(including, without limitation, statements
regarding expected, estimated or planned gold production, cash costs,
margin expansion, capital expenditures and exploration expenditures and statements
regarding the estimation of
mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are
forward
-
looking statements. Forward
-
looking statements are generally identifiable by use of the words “may”,
“will”,
“should”, “continue”, “expect”, “expected”, “anticipate”, “estimate”, “believe”, “intend”, “plan” or “project” or the
negative of these words or other variations on these words or comparable terminology. Forward
-
looking statements
are subject to a
number of risks and uncertainties, many of which are beyond the Company’s ability to control or
predict, that may cause the actual results of the Company to differ materially from those discussed in the forward
-
looking statements.
Factors that could caus
e actual results or events to differ materially from current expectations
include, among other things, without limitation,
failure to meet expected, estimated or planned gold production, cash
costs, margin expansion, capital expenditures and exploration ex
penditures and
failure to establish estimated mineral
resources, the possibility that future exploration results will not be consistent with the Company's expectations,
changes in world gold markets and other risks disclosed in IAMGOLD’s most recent Form 4
0
-
F/Annual Information
page
2
of
6
Form on file with the United States Securities and Exchange Commission and Canadian provincial securities
regulatory authorities. Any forward
-
looking statement speaks only as of the date on which it is made and, except as
may be requ
ired by applicable securities laws, the Company disclaims any intent or obligation to update any forward
-
looking statement.
Technical Information and Qualified Person/Quality Control Notes
The mineral resource estimates contained in this news release have
been prepared in accordance with National
Instrument 43
-
101 Standards of Disclosure for Mineral Projects (“NI 43
-
101”). The “Qualified Person” responsible for
the review
and approval
of all
mineral
resource and reserve estimates for IAMGOLD
contained here
in
is Lise
Chénard
, Eng., Director, Mining Geology. Lise has worked in the mining industry for more than 35 years, mainly in
operations, project development and consulting.
She joined IAMGOLD in April 2013 and acquired her knowledge of
the Company’s operat
ions and projects through site visits, information reviews and ongoing communication and
oversight of mine site technical service teams or consultants responsible for resource and reserve modeling and
estimation.
She is considered a “Qualified Person” for
the purposes of NI 43
-
101 with respect to the mineralization being reported
on. The technical information has been included herein with the consent and prior review of the above noted Qualified
Person. The Qualified person has verified the data disclosed,
and data underlying the information or opinions
contained herein.
The information in this news release was reviewed and approved by Craig MacDougall, P.Geo., Senior Vice
President, Exploration
for IAMGOLD. Mr. MacDougall is a Qualified Person as defined by National Instrument 43
-
101.
Notes to
Investors Regarding the Use of Resources
Cautionary Note to Investors Concerning Estimates of Measured and Indicated Resources
This news release uses th
e terms "measured resources" and "indicated resources". We advise investors that while
those terms are recognized and required by Canadian regulations, the
United States Securities and Exchange
Commission (the “
SEC
”)
does not recognize them.
Investors are cautioned not to assume that any part or all of
mineral deposits in these categories will ever be converted into reserves
.
Cautionary Note to Investors Concerning Estimates of Inferred
Resources
This news release also uses the term "inferred resources". We advise investors that while this term is recognized and
required by Canadian regulations, the SEC does not recognize it.
"Inferred resources" have a great amount of
uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher cat
egory. Under
Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre
-
feasibility studies,
except in rare cases.
Investors are cautioned not to assume that part or all of an inferred resource exists, or is
econom
ically or legally mineable.
Scientific and Technical Disclosure
IAMGOLD is reporting mineral resource and reserve estimates in accordance with the CIM guidelines for the
estimation, classification and reporting of resources and reserves.
Note: Mineral reserves and mineral resources for IAMGOLD’s gold mines for the
201
9
year
-
end statement were
estimated using a $1,
2
00
per ounce gold price (unless otherwise indicated in the notes in Table 1) for mineral
reserves and a $1,500 per ounce price
for mineral resources (unless otherwise indicated in the notes in Table 1).
For open pit operations, gold resources are constrained within an economic pit shell.
Cautionary Note to U.S. Investors
The
SEC
limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and
legally extract or produce. IAMGOLD uses certain terms in this
news release
, such as "measured," "indicated," or
"inferred," which may not be consistent
with the reserve definitions established by the SEC. U.S. investors are urged
to consider closely the disclosure in the IAMGOLD Annual Reports on Forms 40
-
F. You can review and obtain copies
of these filings from the SEC's website at http://www.sec.gov/e
dgar.shtml or by contacting the Investor Relations
department.
The Canadian Securities Administrators' National Instrument 43
-
101 ("NI 43
-
101") requires mining companies to
disclose reserves and resources using the subcategories of "proven" reserves, "prob
able" reserves, "measured"
resources, "indicated" resources and "inferred" resources. Mineral resources that are not mineral reserves do not
demonstrate
economic viability.
A mineral reserve is the economically mineable part of a measured or indicated min
eral resource demonstrated by at
least a preliminary feasibility study. This study must include adequate information on mining, processing,
metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extract
ion
can be justified. A mineral reserve includes diluting materials and allows for losses that may occur when the material
page
3
of
6
is mined. A proven mineral reserve is the economically mineable part of a measured mineral resource demonstrated
by at least a prelim
inary feasibility study. A probable mineral reserve is the economically mineable part of an
indicated, and in some circumstances, a measured mineral resource demonstrated by at least a preliminary feasibility
study.
A mineral resource is a concentration o
r occurrence of natural, solid, inorganic material, or natural, solid fossilized
organic material including base and precious metals in or on the Earth's crust in such form and quantity and of such a
grade or quality that it has reasonable prospects for ec
onomic extraction. The location, quantity, grade, geological
characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological
evidence and knowledge. A measured mineral resource is that part of a mineral res
ource for which quantity, grade or
quality, densities, shape and physical characteristics are so well established that they can be estimated with
confidence sufficient to allow the appropriate application of technical and economic parameters, to support pr
oduction
planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable
exploration, sampling and testing information gathered through appropriate techniques from locations such as
outcrops, trenches, pits,
workings and drill holes that are spaced closely enough to confirm both geological and grade
continuity. An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality,
densities, shape and physical characteristics c
an be estimated with a level of confidence sufficient to allow the
appropriate application of technical and economic parameters, to support mine planning and evaluation of the
economic viability of the deposit. The estimate is based on detailed and reliabl
e exploration and testing information
gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that
are spaced closely enough for geological and grade continuity to be reasonably assumed. An inferred
mineral
resource is that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of
geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity.
The estimate i
s based on limited information and sampling gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes. Mineral resources which are not mineral reserves do not
have demonstrated economic viability.
Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or
legally mineable.
A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral
project tha
t includes appropriately detailed assessments of realistically assumed mining, processing, metallurgical,
economic, marketing, legal, environmental, social and governmental considerations together with any other relevant
operational factors and detailed fi
nancial analysis,
that are necessary to demonstrate at the time of reporting that
extraction is reasonably justified (economically mineable).
The results of the study may reasonably serve as the
basis for a final decision by a proponent or financial inst
itution to proceed with, or finance, the development of the
project.
The confidence level of the study will be higher than that of a Pre
-
Feasibility Study.
A Pre
-
Feasibility Study is a comprehensive study of a range of options for the technical and econo
mic viability of a
mineral project that has advanced to a stage where a preferred mining method, in the case of underground mining, or
the pit configuration, in the case of an open pit, is established and an effective method of mineral processing is
determ
ined. It includes a financial analysis based on reasonable assumptions on mining, processing, metallurgical,
economic, marketing, legal, environmental, social and governmental considerations and the evaluation of any other
relevant factors which are suffic
ient for a qualified person, acting reasonably, to determine if all or part of the Mineral
Resource may be classified as a Mineral Reserve.
About IAMGOLD
IAMGOLD (
www.iamgold.com
) is a mid
-
tier mining company with
three
operating gold mines on three
continents.
A solid base of strategic assets in North and South America and West Africa is complemented
by development and exploration projects and continued assessment of accretive ac
quisition
opportunities. IAMGOLD is in a strong financial position with extensive management and operational
expertise.
For further information please contact
:
Indi Gopinathan,
VP,
Investor Relations
& Corporate Communications
, IAMGOLD
Corporation
Tel: (416) 360
-
4743 Mobile:
(416) 388
-
6883
Martin Dumont
,
S
enior Analyst
Investor Relations, IAMGOLD Corporation
Tel: (416) 933
-
5783
Mobile:
(647) 967
-
9942
IAMGOLD Corporation
Toll
-
free: 1 888
464
-
9999
Please note:
This entire
news
release may be accessed via fax, e
-
mail, IAMGOLD's website at www.iamgold.com and through
Newsfile’s
website
at
www.newsfilecorp.com
. All material information on IAMGOLD can be found at
www.sedar.com
or at
www.sec.gov
.
page
4
of
6
Si vous désirez obtenir la version française de ce communiqué, veuillez consulter le
www.iamgold.com/French
/accueil/default.aspx
.
Mineral Reserves and Resources of Gold Operations as of
December 31, 201
9
(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(11)
Measured and
I
ndicated
R
esources are inclusive of
P
roven and
P
robable
R
eserves.
page
5
of
6
Tonnes (000s)
Grade (g/t)
Ounces Contained
(000s)
Attributable Contained
Ounces (000s)
Rosebel
(3)
, Suriname
(95%)
Proven Reserves
29,522
0.6
574
545
Probable Reserves
92,356
1.0
2,947
2,800
Subtotal
121,878
0.9
3,521
3,345
Measured Resources
35,276
0.6
698
663
Indicated Resources
247,210
0.9
7,397
7,027
Inferred Resources
64,191
0.9
1,785
1,696
Saramacca
(3)
, Suriname
(66.5%)
Proven Reserves
111
0.5
2
1
Probable Reserves
26,090
1.8
1,531
1,018
Subtotal
26,201
1.8
1,533
1,019
Measured Resources
111
0.5
2
1
Indicated Resources
27,509
2.0
1,752
1,165
Inferred Resources
11,689
0.7
270
180
Essakane
(3)
, Burkina Faso
(90%)
Probable Reserves
124,713
1.0
3,805
3,425
Subtotal
124,713
1.0
3,805
3,425
Indicated Resources
150,693
1.0
4,688
4,219
Inferred Resources
12,586
1.1
446
401
Gossey
(4)
, Burkina Faso
Indicated Resources
10,454
0.9
291
262
Inferred Resources
2,939
0.9
85
77
Westwood
(
7
)
, Canada
(100%)
Proven Reserves
1,196
8.1
313
313
Probable Reserves
4,073
6.7
871
871
Subtotal
5,269
7.0
1,184
1,184
Measured Resources
925
12.1
359
359
Indicated Resources
4,133
8.3
1,108
1,108
Inferred Resources
6,174
8.6
1,698
1,698
Sadiola
(
8
)
, Mali
(
41
%)
Probable Reserves
59,751
2.0
3,860
1,583
Subtotal
59,751
2.0
3,860
1,583
Indicated Resources
113,725
1.9
6,793
2,785
Inferred Resources
17,642
1.7
956
392
Côté Gold
(
9
)
, Canada
(64.75%)
Proven Reserves
139,253
1.0
4,640
3,004
Probable Reserves
93,747
0.9
2,644
1,712
Subtotal
233,000
1.0
7,284
4,716
Measured Resources
152,100
1.0
4,720
3,056
Indicated Resources
213,400
0.8
5,480
3,548
Inferred Resources
189,600
0.6
3,820
2,473
Boto Gold
(3)
, Senegal
(90%)
Probable Reserves
29,040
1.7
1,593
1,434
Subtotal
29,040
1.7
1,593
1,434
Indicated Resources
40,567
1.6
2,033
1,830
Inferred Resources
8,196
1.8
469
422
Monster Lake
(
5
)
, Canada
(75%)
Inferred Resources
1,110
12.1
433
325
Nelligan
(
6
)
, Canada
(
75
%)
Inferred Resources
96,990
1.0
3,194
2,396
Eastern Borosi
(
10
)
, Nicaragua
(
51
%)
Inferred Resources
4,418
5.7
812
414
Pitangui
(
6
)
, Brazil
(
100
%)
Indicated Resources
3,330
4.4
470
470
Inferred Resources
3,559
3.8
433
433
Diakha
-
Siribaya
(
5
)
, Mali
(90%)
Indicated Resources
18,031
1.3
744
669
Inferred Resources
23,179
1.6
1,176
1,058
TOTAL
(
1
1
)
Proven & Probable Reserves
599,852
1.2
22,780
16,706
Measured and Indicated Resources
1,017,464
1.1
36,535
27,164
Inferred Resources
442,273
1.
1
15,577
11,965
page
6
of
6
Notes:
(
1
)
In mining
operations, measured and indicated resources that are not mineral reserves are considered uneconomic at the price used for re
serve estimations but are
deemed to have a reasonable prospect of economic extraction.
(
2
)
Although “measured resources”, “indicate
d resources” and “inferred resources” are categories of mineralization that are recognized and required to be disclosed under
Canadian regulations, SEC Industry Guide 7 does not recognize them. Disclosure of contained ounces is permitted under Canadi
an re
gulations; however, SEC Industry
Guide 7 generally permits resources to be reported only as in place tonnage and grade. See “Cautionary Note to U.S. Investor
s Regarding Disclosure of Mineral Reserve
and Mineral Resource Estimates”.
(
3
)
Rosebel
, Saramacca,
Essakane,
and Boto Gold
mineral reserves have been estimated as of December 31, 201
9
using a $1,200/oz gold price and mineral resources
have been estimated as of December 31, 201
9
using a $1,500/oz gold price and have been estimated in accordance with NI
43
-
101.
(
4
)
Gossey
has
been es
timated as of December 31, 2018
using a $1,
2
00/oz gold price and have been estimated in accordance with NI 43
-
101.
(5)
Monster Lake
and Diakha
-
Siribaya
mineral resources have been es
timated as of December 31, 2018
using a $1,
5
00/oz gold price and have been estimated in
accordance with NI 43
-
101.
(6)
Nelligan
and
Pitangui mineral resources have been es
timated as of December 31, 2019
using a $1,
5
00/oz gold price and have been estimated
in accordance with NI 43
-
101.
(
7
)
Westwood mineral reserves have been estimated as of December 31, 201
9
using a $1,200/oz
gold price and mineral resources have been estimated as of December 31,
201
9
using a
5.5
g/t
gold
cut
-
off over a minimum width of 2
.4
metres and have been estimated in accordance with NI
43
-
101.
(
8
)
Mineral reserves at Sadiola have been estimated as of De
cember 31, 201
9
using an average of $1,200/oz gold price and mineral resources have been estimated as of
December 31, 201
9
using a $1,400/oz gold price and have been estimated in accordance with the JORC code.
(
9
)
Côté Gold Mineral Reserves have been esti
mated as of December 31, 2018 using a $1
,
200/oz gold price. The Mineral Resources have been estimated as of December
31, 2019 using a $1
,
500/oz
gold price and have been estimated in accordance with NI 43
-
101.
(
10
)
Eastern Borosi
mineral resources
are disclosed as gold equivalent ounces
calculated using the formula: AuEq (g/t) = Au (g/t)
+ Ag (g/t) / 101.8;
and
have been estimated
as of December 3
1, 2018 using a $1,500/oz
gold price, and
a
$23/oz silver price
and in accordance with NI 43
-
101.
Underground resources are estimating using a cut
-
off
grade of 2.0
g/t gold equivalent with a minimum width of 2.4m and open pit resources are estimated using
a
cut
-
off grade of
0.42 g/t gold equivalent over a 3.0m minimum
width.
(
1
1
)
Due to rounding, numbers presented throughout this document may not add up precisely to the totals.
The Company’s reserve estimate is comprised of in
-
place material, i.e.,
contained ounces of gold and metallurgical recovery factors must
be taken into account in order to assess and quantify the recoverable material.
There are numerous parameters inherent in estimating proven and probable mineral reserves, including many facto
rs beyond the
Company’s control. The estimation of reserves is a subjective process, and the accuracy of any reserve estimate is a function
of the
quality of available data and of engineering and geological interpretation and judgment. Results from drillin
g, testing and production, as
well as material changes in metal prices subsequent to the date of an estimate, may justify a revision of such estimates.