Iamgold (TSE:IMG) Down Over 6 Percent

Just about every gold miner has been experiencing the correction in gold prices, and Iamgold (TSE:IMG) (NYSE: IAG) was no different, taking it on the chin Thursday, dropping 6.14 percent in New York, or $1.05, and 4.04 percent in Toronto, or $0.72.

Volume didn't swing as much as it did with other gold mining stocks, as they were relatively within their 3-month range, up to 7,439,012 in New York, compared to the 3-month average of 4,280,140, and in Toronto it was real close, increasing to 3,685,424, while the 3-month average volume is 2,659,430.

On the NYSE, Iamgold finished the session at $16.05 a share, while in Toronto they were down to $17.11 a share.

Recent good news for the gold miner is they're ahead of schedule on their Essakane project, now close to half a year ahead of the original projected start-up, and now from four to six weeks ahead of the revised start-up estimate.

Projections for Essakane are to produce about 500,000 ounces of gold by the end of 2011 from the startup date, with cash costs of between $400 an ounce to $410 an ounce.