IAMGOLD's Feasibility Study for Boto Gold Delivers Significantly Improved Project Economics

23% After-tax Internal Rate of Return
Payback 3.4 years
Net Present Value $261 million

All amounts are in US dollars, unless otherwise indicated.       

TORONTO, Oct. 22, 2018 /CNW/ - IAMGOLD Corporation ("IAMGOLD" or the "Company") today announced positive results from a Feasibility Study ("FS") for its Boto Gold Project (the "Project") in Senegal, West Africa. The results outline an economically robust project with an anticipated low cost of production and long operating life. The FS demonstrates a significant economic and operational improvement compared to the Pre-feasibility Study ("PFS") results announced in February of this year. The FS will be used to support an application for a mining concession in the fourth quarter of 2018.

PROJECT HIGHLIGHTS (100% BASIS)

• Proven and Probable Reserves ("P&P") increased by 0.51 million ounces to 1.93 million ounces grading 1.71 g/t Au versus the P&P Reserves from the PFS
• Indicated Resources (including Reserves) of 2.49 million ounces grading 1.61 g/t Au
• Mine Life of 12.8 years with mill throughput of 2.75 million tonnes per annum
• Life of Mine ("LOM") average annual production of 140,000 ounces, averaging 160,000 ounces annually during the first six years
• LOM cash costs of $714/oz and all-in sustaining costs of $753/oz
• After-tax Internal Rate of Return of 23%, with a payback period of 3.4 years
• Net Present Value of $261 million (6% discount rate) at a gold price of $1,250/oz
• Initial capital expenditures of $254 million