IAMGOLD expanded gold reserves
International African Mining Gold Corporation, owned by Canada announced expanded gold reserves and resources at the Tarkwa-Damang gold mine complex in Ghana in which the Company has an 18.9% ownership interest.
Gold Fields Limited and the Government of Ghana hold a 71.1% interest and a 10% interest, respectively, in both the Tarkwa and Damang mines.
Joe Conway, President and CEO of IAMGOLD commented on the expanded gold reserves and resources, stating: "During the 12 month period to June 2004, assuming a US$350 per ounce gold price, a total of 4.9 million ounces of proven and probable gold reserves were added at the Tarkwa mine, Ghana, of which 926,000 ounces or the equivalent of a 50% increase in reserves were added to IAMGOLD's account. When one takes into account the value the equity markets attribute to a company's ounces of proven and probable reserves, this increase in reserves translates into a significant increase in the value of IAMGOLD and what will soon become Gold Fields International. We are very excited to see such significant increases in reserves and resources at Tarkwa. The operation continues to illustrate its potential to support a further expanded production scenario or extension to the mine life."