IAMGOLD Corp. Provides Exploration Update on Boto Project in Senegal
May 21 13
IAMGOLD Corp. announced additional drilling results from its 100% owned Boto Gold Project in eastern Senegal, West Africa. The Company is reporting assay results from 29 diamond drill holes totaling 7,325 metres completed between November 2012 and April 2013. The results are provided below in the Tables 1 and 2 and include the following highlights: Boto 2 prospect; Drill-hole DBDD-2126: 42 metres grading 2.16 g/t gold and Drill-hole DBDD-2131: 34 metres grading 2.20 g/t gold. Boto 4 prospect; Drill-hole DBDD-2135: 22 metres grading 1.95 g/t gold, Drill-hole DBDD-2137: 18 metres grading 2.70 g/t gold and drill-hole DBDD-2138: 29 metres grading 2.08 g/t gold. The Boto project comprises 236 square kilometres of exploration licenses located in eastern Senegal along the Senegal-Mali border. The geological setting of the project area is similar to the world class Sadiola and Loulo gold districts in adjacent Mali, being underlain by highly prospective, Birimian-aged metasedimentary, volcanic and intrusive rocks along a seven kilometre strike length of the Senegal-Mali Shear Zone.
IAMGOLD Corp. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2013; Reaffirms Production Guidance and Provides Capital Expenditure and Effective Tax Rate Guidance for the Full Year 2013
May 7 13
IAMGOLD Corp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenue of $305.3 million compared to $354.1 million a year ago. Gross earnings from mining operations were $120.9 million against $178.8 million for the same period a year ago. Net earnings attributable to equity shareholders of $10.9 million or $0.03 per basic and diluted share compared to $119.2 million or $0.32 per diluted share last year. Adjusted net earnings attributable to equity shareholders was $57.7 million or $0.15 per basic share com pared to $91.6 million or $0.24 per basic share a year ago. Operating cash flow was $99.5 million or $0.26 per share compared to $149.2 million or $0.40 per share a year ago. Earnings from operations were $155.1 million compared to $177.6 million last year. Mining assets was $194.7 million.
The company’s attributable gold production, inclusive of the joint venture operations was 188,000 ounces in the first quarter 2013, down 19,000 ounces from the same quarter 2012. Production was lower due to lower grades at Essakane 15,000 ounces) and Sadiola (6,000 ounces) and lower throughput at Rosebel (4,000 ounces), partially offset by increased production at Yatela (3,000 ounces) and Mouska (3,000 ounces). The gold margin 2 was $844 an ounce, down 17% from the first quarter 2012, reflecting a 16% increase in cash costs per ounce and a lower average realized gold price of $1,631 an ounce compared to $1,702 an ounce in the same prior year period. Niobium production was 1.2 million kilograms, up 9% from the same quarter 2012. The operating margin2 was $16 per kilogram, unchanged from the same prior year period.
The company maintains its 2013 annual gold production guidance range of 875,000 to 950,000 ounces. Production is expected to trend higher in the second quarter with the processing of Mouska stockpiled ore and is expected to end the year within guidance. Cash cost guidance for 2013 is maintained at a range of $850 to $925 an ounce. Cash costs for the remainder of the year are expected to trend higher, mainly due to increasing hard rock at Rosebel and Essakane. The company expects to produce between 4.7 and 5.1 million kilograms of niobium in 2013 at a margin of between $15 and $17 a kilogram. The company expects effective tax rate of 38%. The company expects 2013 exploration expenditures of $99.0 million is $48.2 million lower than 2012 full year exploration spend. The company expects total Capital expenditure of $665.0 million.
IAMGOLD Corp. Proposes Amendments to the By-Laws
Apr 22 13
IAMGOLD Corp. at its AGM to be held on May 21, 2013, will approve the resolution to confirm By-Law number two of the corporation, being a by-law to amend By-Law number one of the corporation.