02:28 PM EST, 02/13/2018 (MT Newswires) -- Iamgold (IAG) said Tuesday total attributable proven and probable gold reserves increased by 86% to 14.5 million ounces at the end of 2017 from 7.8 million ounces of gold at the end of 2016.

IAG shares rose nearly 1% in recent trading.

The addition of 6.7 million ounces was primarily due to conversion of resources to reserves at the Cote Gold Project in Ontario, Canada and at the Boto Gold Project in eastern Senegal, West Africa following positive results from the pre-feasibility studies, coupled with the previously announced reserve increase at the Rosebel Gold Mine. The increases were partially offset by depletion during the year given the Company's attributable gold production of 882,000 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.

Total attributable measured and indicated gold resources (inclusive of reserves) increased overall by 6% or 1.4 million ounces to 24.7 million ounces of gold at the end of 2017. Additionally, total attributable Inferred gold resources increased overall by 44% or 2.7 million ounces to 8.8 million ounces of gold at the end of 2017. There were also no changes in the valuation assumptions for estimating mineral resources at Essakane and Rosebel ($1,500 per ounce of gold) or at Westwood ($1,200 per ounce of gold using a 6.0 g/t Au cut-off over a minimum width of 2 meters).

Price: 5.58, Change: +0.04, Percent Change: +0.63