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IAMGOLD Reports Record Revenues, Earnings and Cash Flow for 2011; Also Announces Yr End Mineral Reserve and Resource Statement

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IAMGOLD Corporation (IMG.TO) reported its consolidated financial results and operating information for the fourth quarter ended December 31, 2011. During 2011, the company generated a record US$1.7 billion in revenues from continuing operations supported by an average realized gold price of US$1,555 per ounce. Net earnings attributable to equity shareholders, including the earnings from discontinued operations, were a record US$806.7 million (US$2.15 per share), an increase of 207% compared to 2010. Net earnings from continuing operations attributable to equity shareholders were US$391.3 million (US$1.04 per share), an increase of 81% over 2010. The company had cash, cash equivalents and gold bullion at market price of US$1.3 billion as of December 31, 2011, with operating cash flow from continuing operations of US$589.9 million in 2011, an increase of 70% from US$347.8 million in 2010.

For the fourth quarter of 2011, net earnings from continuing operations attributable to equity shareholders were US$133.6 million ($0.36 per share), an increase of 22% compared to the fourth quarter of 2010, and operating cash flow from continuing operations of US$204.8 an increase of 2% compared to the fourth quarter of 2010.

IMG also announced its 2011 year-end mineral reserve and resource statement. Highlights include:

- Attributable proven and probable gold reserves for continuing operations for 2011 were 13.3 million ounces, a 0.74 million ounce or 5% decrease (net of depletion) from a year ago, primarily due to a 0.54 million ounces, or 13.5%, decrease at Essakane Gold Mine, 0.16 million ounces, or 2.7%, decrease at Rosebel Gold Mine.

- Total attributable proven and probable gold reserves for 2011 decreased from a year ago by 3.1 million ounces (net of depletion), primarily due to the sale in 2011 of IAMGOLD's interests in Tarkwa, Damang and Mupane mines in Africa which represented 2.4 million ounces.

- Total attributable measured and indicated resources for continuing operations (inclusive of reserves) for 2011 now stand at 18.2 million ounces and inferred resources at 5.8 million ounces, representing a net increase of 0.06 million ounces and a net decrease of 1.4 million ounces, respectively.

- Total probable mineral reserves of niobium for 2011 increased from a year ago by 616% to 1,746 million kilograms of contained Nb2O5 following the positive outcome of the pre-feasibility study using the block caving scenario.

- Total inferred resources of Total Rare Earth Oxides was delineated by diamond drilling in 2011 and are estimated at 466.8 million tonnes at an average grade of 1.65% TREO representing 7.7 billion kilograms of contained TREO.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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