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Abstract
(Marketwire - July 23, 2008) - IAMGOLD Corporation ("IAMGOLD" or "the Company") (TSX:IMG)(NYSE:IAG)(BOTSWANA:IAMGOLD) announced today that the Company has acquired the participation royalty on the Doyon/Westwood property, located in the Abitibi region in Northern Quebec, from Barrick Gold Corporation for US$13MM in cash. The transaction eliminates the royalty obligation on the Doyon mine, which is 24.75% of the gold price above $375/oz, and based on current gold prices results in an immediate reduction in cash costs at Doyon of $140/oz. For the Doyon Division, which includes the Doyon and Mouska mines, the reduction in cash costs for the remainder of the year at current gold prices is estimated at $80/oz.
IAMGOLD is the top mid-tier gold producer, with annual production of close to 1 million ounces from eight different gold operations located in North America, South America and Africa. IAMGOLD also owns non-gold assets that provide significant cash flow and development projects that provide a strong platform for continued growth. IAMGOLD has delivered seven consecutive years of annual dividends to its shareholders and the Company's Gold Money Policy demonstrates IAMGOLD's commitment and confidence in the gold market.