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IAMGOLD Corp.
Summary
| Project: | Cote Gold | |
|---|---|---|
| Deposit: | Cote Gold | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 11/1/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Feasibility Study | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 1-11-2018: IAMGOLD Corp. announces a Feasibility Study report for its Cote Gold deposit at the Cote Gold project. Feasibility Study results incl. post-tax NPV of US $795M, IRR of 15.2%, updated resource and reserve. Toronto, Ontario, November 1, 2018 – IA | |
| Resources: | (Reserve, P+P.): 233.0Mt @ 0.97g/t Au for 7.284Moz Au contained at project | |
| CP/QP: | [Resources]: P. Oshurst (Wood Plc) | |
| ABSTRACT: | Toronto, Ontario, November 1, 2018 – IAMGOLD Corporation (“IAMGOLD” or the “Company”) today announced positive results from a Feasibility Study ("FS") for the IAMGOLD/Sumitomo Metal Mining Co., Ltd. (“Sumitomo”), Joint Venture Côté Gold Project (the “Project”) in Northern Ontario. The results of the FS illustrate that Côté Gold is an economically viable, long-life project that is expected to be a low-cost producing mine. The FS establishes substantial economic and operational improvements relative to the Pre-feasibility Study (“PFS”) results announced in June 2017. The FS also provides the basis for making a production decision and serves to fully support the permitting process. The Feasibility Study includes two mine plan scenarios Steve Letwin, President and CEO of IAMGOLD, said “Côté Gold has progressed from an advanced exploration project to an economically robust development project with nearly 10 million ounces in Measured and Indicated Mineral Resources. I commend the team for their excellent work enhancing the project’s economics, refining the development concept previously set out in the PFS, and substantially de-risking the project. When compared to the PFS, the FS Base Mine Plan NPV increased by 13% to $795 million, and the FS Extended Mine Plan NPV increased by 29% to $905 million. The Project’s IRR increased by over 100 basis points for both the Base Case and the Extended Mine plans. We are very pleased with our relationship with Sumitomo, and our relationship continues to evolve as we work toward a positive outcome for the development of the Project. Côté Gold is one of the largest undeveloped gold deposits in attractive mining jurisdictions with surrounding infrastructure, and it is a solid, low-cost project with a 16 year mine life which is expected to deliver 428,000 ounces on average annually, on a 100% basis, during years one through twelve. The development of Côté in our portfolio has the potential to be truly transformational for IAMGOLD, as it would balance the Company’s geographical production profile, extend the Company’s life of mine, and help transform us into a low cost producer. On the financial side of the equation, the enhanced flexibility gained by doubling our credit facility, combined with our peer leading balance sheet, provides substantial de-risking for the execution of Côté” The FS was completed jointly by IAMGOLD/Sumitomo and Wood PLC (formerly Amec Foster Wheeler) with inputs from technical studies completed by other specialist consultants. The FS represents a comprehensive study of the technical and economic viability of the selected development option that demonstrates the extraction of the defined Mineral Reserves is economically mineable, and will allow IAMGOLD and Sumitomo to make a decision on the development of the project. | |
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