Iamgold to expand Essakane production

Toronto, Canada — MININGREVIEW.COM — 21 October 2010 – IAMGOLD Corporation “’ a leading mid-tier gold mining company listed on the Toronto and New York stock exchanges “’ says it has launched a study into the expansion of its Essakane mine in Burkina Faso, in a move aimed at boosting annual production from the gold mine by up to 49%.

In a statement issued here, the company said that the full feasibility study would be completed in the third quarter of 2011, and that if the results were positive, construction could start in the following quarter.

“We believe that the expansion could have the potential to increase production at Essakane from the currently estimated life-of-mine average production of 315 000 ounces per year to an estimated 450 000 to 470 000 ounces per year,” Iamgold chief executive Peter Jones said in a press statement.

Iamgold holds a 90% stake in the mine, while the government of the West African nation holds the other 10%.

The Toronto-based company owns eight gold mines in the Americas and Africa, producing around 1Moz pa.