"Quimsacocha is continuing to show that it is a world class deposit with potential to grow," commented Joseph Conway, President and CEO, IAMGOLD. "In 2008, we will work toward establishing a Mineral Development Agreement with the Government of Ecuador, completion of the pre-feasibility study and begin work required for the feasibility study. In addition, we plan to delineate and expand the resource base and continue to work with the local governments and communities to ensure the success of the project."

In addition to drilling on the main Quimsacocha resource, exploration drilling was carried out on the Rio Falso Sur and Loma Tasqui satellite targets located south and southwest of the Quimsacocha deposit respectively. A 100 line-kilometre Induced Polarization (I.P.) - Resistivity survey provided the basis of this most recent exploration drill program, and six holes representing close to 2,000 metres were drilled at Rio Falso Sur and ten holes totaling over 2,500 metres were drilled at Loma Tasqui. Drill results returned low, but clearly anomalous gold and base metal values, and demonstrated that the mineralizing hydrothermal system is broader and more pervasive than recognized previously. Details of this drilling can be found in Tables 2 and 3, and a location map of the drill holes is shown in Figure 2.

In 2008, the Company has approved a budget of over $11 million at Quimsacocha to complete the pre-feasibility study, continue with exploration of the Company's land package, and advance work on the feasibility study. Permitting is currently on-going for a planned 25,000 metres follow-up in-fill and exploration drilling campaign scheduled to start shortly. With the delivery of the pre-feasibility and feasibility studies expected by mid 2009, Quimsacocha has the potential to be in commercial production in 2012.

Work also continued with communities and stakeholders throughout Ecuador. Over the Company's ten year tenure in the country, high priority has been placed in the engagement and ongoing relationships with surrounding communities, federal and local governments. IAMGOLD's goal is to establish a project that promotes mutual respect and sustainable development.