IAMGOLD Corp. (IAG) Announces 2016 Year-End Mineral Reserve

IAMGOLD Corporation (NYSE: IAG) today announced its 2016 year-end mineral reserve and resource statement. (See attached table for more details.)

Total attributable proven and probable gold reserves increased by 1% from 7.7 million ounces of gold at the end of 2015 to 7.8 million ounces at the end of 2016. The addition of 108,000 ounces was primarily due to the increase in reserves at Westwood and Essakane, partially offset by depletion during the year given the Company's attributable gold production of 813,000 ounces. There was no change in the $1,200 per ounce gold price assumption for estimating mineral reserves at the Company's owned and operated mines.

Significant factors that contributed to the revised reserves estimate included:

• At Westwood, the net addition of 448,000 ounces of reserves, converted from resources that resulted from additional infill drilling and modeling, and
• The positive impact of changes in the mine design approach and economic parameters at Essakane (331,000 ounces), which offset most of the mine's depletion (2016 attributable production of 377,000 ounces).

Total attributable measured and indicated gold resources (inclusive of reserves) decreased overall by 0.6% or 150,000 ounces to 23.3 million ounces of gold at the end of 2016. There was also no change in the gold price assumption for estimating mineral resources at Essakane and Rosebel ($1,500 per ounce) or at Westwood ($1,200 per ounce).

Significant factors that contributed to the revised resources estimate included:

• At Westwood, measured and indicated resources increased by 447,000 ounces as the 2016 delineation and valuation drilling triggered a significant resources conversion from inferred to indicated and measured resources, which also drove the conversion of resources to reserves,
• At Essakane, measured and indicated resources declined by 367,000 ounces mainly due to depletion, partially offset by cost improvements which allowed more ounces to be economically viable and therefore to be included in the resource model, as well as the discovery of more ounces at the Falagountou deposit,
• At Rosebel, measured and indicated resources declined by 278,000 ounces mainly due to depletion as no material changes were made to the resources model in 2016, however, the implementation of a new estimation methodology is ongoing and a new resources estimate is expected to be completed in 2017, and
• The resources estimates at the Côté Gold, Boto, Siribaya and Pitangui Gold projects remained unchanged from 2015.

As at December 31, 2016, the Company also had attributable inferred resources of 6.1 million ounces.

Steve Letwin, President and CEO of IAMGOLD, commented, "In 2016, we identified and advanced high potential targets throughout our project pipeline, including areas surrounding our existing operations and at our advanced exploration projects. The results from this work were most evident at Westwood where we were able to increase reserves year over year by 75%, and where we expect to accelerate the conversion of resource to reserves as we extend our underground development and open up new drill sites. I thank Westwood for their excellent work to increase their reserves and resources, thank Essakane for improving their mine design and costs and congratulate the Exploration and Project Development teams for building such a strong pipeline of projects to support our growth story well beyond 2020."

Mr. Letwin continued, "We expect 2017 to be an exciting year for exploration as we are on track at Rosebel to declare a maiden resource at Saramacca and to tap into the saddles between our existing pits, expand our footprint at the Falagountou satellite pit to feed our Essakane mine, and target initial resource estimates at Monster Lake in Quebec and Eastern Borosi in Nicaragua. In addition the pre-feasibility study for our Côté Gold project, which is expected by the end of the second quarter 2017, could lead to an additional amount of mineral reserves resulting from the conversion of the project's indicated resources."

Notes to Investors Regarding the Use of Resources

Cautionary Note to Investors Concerning Estimates of Measured and Indicated Resources This news release uses the terms "measured resources" and "indicated resources". We advise investors that while those terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission (the "SEC") does not recognize them. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.

Cautionary Note to Investors Concerning Estimates of Inferred Resources This news release also uses the term "inferred resources". We advise investors that while this term is recognized and required by Canadian regulations, the SEC does not recognize it. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

You May Also Be Interested In

• Pros Holdings (PRO) Appoints Todd McNabb as Chief Revenue Officer
• Bio-Path Holdings (BPTH) Announces 375K Share Offering at $3.225/sh
• TG Therapeutics (TGTX) Announces Additional Data Presentations for BRIUMVI in Multiple Sclerosis