Hi LT/Mark

Just went over your list of recent acquisition. Got he following comments

- the high-grade deposits 7gpt and up are for underground development?

- Trelawney deposit is relevant for comparison with PRB. Both low grade high tonnage open-pit operation. Acquisition price was $89/oz ($608M for 6.87Moz). PRB grade seems to be slightly higher. Both deposits are located in the vicinity of Timmins (Highway 101, plus 144 link to Sudbury for Cote Lake). Take the current $89/oz, PRB is undervalued by a factor of approximately 4.

- Just came across this animation from Iamgold website showing off Cote Lake. This animation is much better than the 3-D picture for PRB that is absolutely no use for anyone. Dave should be shown this animation so that he can tell IR to follow this example. This is an excellent way to communicate with shareholders and potential suitors. I am pretty sure that he has this kind of info (CoreBox is another tool for 3-D ilustration for investors) but prefer not to show to outsiders. A bit shy in flying over the radar? noting/realizing that fying under or over the radar is a double edge sword. But, what's the point for not strutting out when you have the goods which you either want to sell now or for your own development (need to attract bankers)?

Mysterious, indeed.

BTW, Iamgold still has $1B+ in cash in it's war chest, and could be a potential suitor (another open-pit operation within some convenient distance)? Presumably, Cote Lake will have a processing facility. Would it be possible to combine the 2 operations using one processing facility (could be half way, say on highway 101, or Timmins itself) to save some Capex? Since I am no mining expert, any expert out there to chime in?

http://www.iamgold.com/English/Operations/Development-Projects/Cote-Lake-Ontario/Cote-Gold-Animation/default.aspx

goldhunter