Pitangui project, Brazil

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All monetary figures are expressed in U.S. dollars.

TORONTO, July 7, 2015 /CNW/ - IAMGOLD Corporation ("IAMGOLD" or the "Company") today provided an update from ongoing exploration at the Company's wholly-owned Pitangui gold project in Brazil.



Assay results have been received for a further 24 diamond drill holes totalling 9,802 metres from a total of 61 drill holes totalling 22,406 metres completed on the Sao Sebastiao deposit as part of an ongoing delineation drilling program initiated in 2014. A drill hole location plan is provided with this news release.



The drilling results are provided in Table 1 below, and include the following highlights:


Drillhole FJG-084: 11.93 metres grading 5.59 g/t gold
Including:
2.24 metres grading 14.80 g/t gold
Drillhole FJG-086: 7.65 metres grading 5.25 g/t gold
11.98 metres grading 6.84 g/t gold
Including:
3.45 metres grading 17.02 g/t gold
Drillhole FJG-088: 7.38 metres grading 8.12 g/t gold
Drillhole FJG-105: 7.61 metres grading 9.78 g/t gold
Including:
4.35 metres grading 16.56 g/t gold





Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated, "The planned infill delineation drilling program is nearing completion and the results we are reporting further confirm the continuity of the targeted zones, intersecting thicker intervals of high grade mineralization. We look forward to reporting the final assay results and incorporating them into a revised resource estimate targeted for completion by year end."



Pitangui Gold Project, Brazil



The Pitangui project, located approximately 110 kilometres northwest of the city of Belo Horizonte in Minas Gerais State, Brazil, comprises approximately 180 square kilometres of exploration licenses and license applications covering the Archean aged Pitangui greenstone belt. Current mineral resources for the Sao Sebastiao deposit comprise an estimated inferred resource of 4.07 million tonnes grading 4.88 grams of gold per tonne for 0.64 million contained ounces (effective January 9, 2014; see news release dated April 9, 2014).



Gold mineralization is hosted by a series of parallel and complexly folded horizons of banded iron formation ('BIF') separated by mafic volcanic and minor sedimentary units within the lower greenstone belt stratigraphy. Within the iron formations, gold mineralization is associated with sulphide replacement of primary magnetite bands, characterized by the presence of pyrrhotite and lesser amounts of arsenopyrite, pyrite, and chalcopyrite. Drilling to date has identified two main mineralized horizons, referred to as "Biquinho" and "Pimentoa", that occur approximately 100 metres apart vertically.



Several active mining operations in the Brazilian Iron Quadrangle exploit gold deposits of a comparable age, host rock type and mineralization style. Examples include AngloGold Ashanti's Cuiaba and Lamego deposits.



Next Steps



The planned infill delineation drilling program is now largely completed pending a final permit to allow drill pad access in an area covering a potential up plunge extension over a 200m gap located to the southeast of the main area of infill drilling. Remaining assay results will be reported once they are received and validated. These results will be incorporated in an updated resource model due for completion by year end.



Ongoing exploration will now focus on the follow up of conductive targets identified from a 660 line kilometre heli-borne VTEM (Versatile Time Domain Electro-Magnetic) survey completed in late 2014. The targets are similar to the conductive anomaly associated with the Sao Sebastiao deposit and will be prioritized for evaluation in future drilling programs.



Technical Information and Quality Control Notes



The Pitangui project drilling results contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The sampling and analysis of drill core is monitored through the implementation of a quality assurance - quality control program designed to follow industry best practice. Drill core (HQ and NQ size) samples were selected by IAMGOLD geologists and cut lengthwise with a diamond saw at the project site. Half of the core is retained on site for future reference. Sample intervals range between 0.4 and 1.0 metres in length. Samples were prepared at the ACME Analytical Laboratory in Vespasiano, Brazil, shipped to ACME Analytical Laboratory in Vancouver, Canada (by ACME) and assayed for gold using a standard fire assay procedure and an atomic absorption finish (ACME codes G601 and G610).



Qualified Persons



The information in this news release was prepared under the supervision of and reviewed and verified by Craig MacDougall, P.Geo., SVP, Exploration for IAMGOLD. Mr. MacDougall is a Qualified Person as defined by National Instrument 43-101.