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IAMGOLD Reaffirms Long-Term Production Guidance for Westwood and Files NI 43-101 Technical Report
All amounts are in US dollars, unless otherwise indicated. Toronto, Ontario--(Newsfile Co...
About this update from Iamgold Corporation
[{"type":"text","content":"IAMGOLD Reaffirms Long-Term Production Guidance for Westwood and Files NI 43-101 Technical ReportAll amounts are in US dollars, unless otherwise indicated.Toronto, Ontario--(Newsfile Corp. - August 5, 2020) - IAMGOLD Corporation (TSX: IMG) (\"IAMGOLD\" or the \"Company\") today announced the Company has filed a National Instrument 43-101 (\"NI 43-101\") Technical Report (\"Technical Report\") on the Feasibility Study (\"Study\", or \"FS\") for its 100%-owned underground Westwood Gold Mine (\"Westwood\"), located in Quebec, Canada, with an effective date of April 30, 2020. The results of the FS are in-line with expectations and the Company re-affirms long-term production guidance (\"Production Guidance\") originally disclosed in December 2019 (see news releases dated December 12, 2019 and May 4, 2020).The Company is also providing an updated Mineral Reserve and Mineral Resource estimate that reflects modified mining methods and operational assumptions, derived from ongoing operating experience at Westwood.Over the past year, the Company had undertaken a comprehensive review of the technical and economic viability of Westwood that included preferred mining methods, mineral processing, and operational practices, with the overall objective of improving economic returns and establishing an achievable pathway to a safe and profitable long-life underground mine. \"The long-term Production Guidance establishes an achievable operational base case foundation, built upon conservative assumptions, and positions the asset for long-term safe and profitable exploitation,\" commented Gordon Stothart, IAMGOLD President and CEO. \"We have adopted a cautious and empirical based approach that reflects current operational reality, with significant opportunities to improve on the base case. Additionally, given significant mill capacity availability, we are actively pursuing a 'hub-and-spoke' strategy at Westwood that could bring regional exploration value forward from assets like the recently acquired Fayolle Property and the optioned Rouyn Gold Project, and enhance the overall value of Westwood with incremental production growth from supplementary feed.\"As is typical for underground operations, and supported by reasonable assumptions in-line with historical operating experience, the Company continues to work on converting its significant undergroun...