12:37 PM EDT, 09/06/2017 (MT Newswires) -- Iamgold (IAG) shares rose to their highest level since March 2013 after the company said it made a significant gold discovery at the Saramacca deposit, which is located about 25 kilometres from its Rosebel operation in Suriname, exceeding its initial target.

The new 52-week range is $3.14 to $7.15.

According to the estimates, the deposit contains 14.4 million tonnes of indicated resources averaging 2.20 grams of gold per tonne for 1,022,000 ounces and 13.6 million tonnes of inferred resources averaging 1.18 grams of gold per tonne for 518,000 ounces.

The company added that about 60% of the resources are contained within shallow, softer laterite and saprolite hosted mineralization and tha tthe deposit remains open along strike in both directions and at depth and has significant potential for expansion.

"The NI 43-101 maiden resource for Saramacca confirms the significance of this gold discovery, and adds to the substantial resource increase reported at Rosebel just over a month ago," CEO Steve Letwin said, adding it surpassed the company's expectations.

Price: 6.97, Change: +0.04, Percent Change: +0.58