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TSX-listed IAMGOLD has announced an initial mineral resource estimate for the Gossey satellite deposit, located 15 km northwest of its Essakane operation in Burkina Faso.

The estimate was completed in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards incorporated by reference in National Instrument 43-101 (NI 43-101).

The resource estimate comprises 10.5 Mt of Indicated Resources averaging 0.87 grams of gold/t for 291,000 oz and 2.9 Mt of Inferred Resources averaging 0.91 grams of gold p/t for 85,000 oz.

Over 70% of the delineated resources are contained within shallow, soft, saprolite and transition hosted mineralization.

"The initial resource estimate reported for the Gossey deposit confirms the prospectivity of the Gossey - Korizena trend to host significant gold mineralization," says IAMGOLD Senior Vice President, Exploration - Craig MacDougall.

"We believe there is favourable potential for additional discoveries within our extensive exploration concessions surrounding the Essakane operation. I congratulate our exploration team for continuing to define additional resources in the Essakane area."

The mineral resource for the Gossey deposit incorporates assay results from 733 diamond (DD) and reverse circulation (RC) drill holes spaced at approximately 50 x 25 m and totalling approximately 94,900 m.

The estimate was prepared using a block model constrained with 3D wireframes of the principal mineralized domains.

Values for gold were interpolated into blocks using inverse distance cubed (ID3).

An open pit optimization algorithm was run on the block model to constrain the resource and to support the CIM requirement that Mineral Resources have 'reasonable prospects for eventual economic extraction'.

The resource estimate assumes a long-term gold price of US$1,500/oz.