Thursday, April 21, 2011

IAMGOLD (IAG) 1Q Gold Production Soars

Gold production in the first quarter was strong for IAMGOLD (NYSE:IAG), which reported it reaching 290,000 attributable ounces at a cash cost of between $570 and $580 an ounce.

For niobium, production came in at 29 1.1 million kilograms at a margin within the guidance range of $15 to $17 per kilogram.

IAMGOLD's President and Chief Executive Officer, Steve Letwin said, "Our mines have had an excellent start in 2011. The performance of assets where we are the principal owner and operator has been impressive this quarter, specifically our largest assets, the Rosebel mine in Suriname and the Essakane mine in Burkina Faso."

"Our Essakane mine has performed extremely well, despite protests in other parts of Burkina Faso," said Gord Stothart, Executive Vice President and Chief Operating Officer of IAMGOLD. "The improving mill throughput and gravity circuit recoveries at Essakane continue to validate the expansion feasibility study currently underway. Early rains signal the beginning of the rainy season in Burkina Faso, giving us confidence that we can continue running this operation without unscheduled interruptions."

Iamgold was trading at $20.55, gaining $0.47, or 2.34 percent, as of 1:08 PM EDT.

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