IAMGOLD Corporation (NYSE: IAG) has provided an update on third quarter exploration activities. Exploration expenditures valued at $56 million are planned for 2009 of which $36 million is for greenfield exploration initiatives. The company has focused on projects in West Africa, Quebec, the Guiana Shield, Brazil and the northern Andean area of South America. The company will continue to search for exploration joint venture or acquisition opportunities.
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IAMGOLD Corporation is is engaged in the exploration, development and operation of gold mining properties and the operation of a niobium mine. Its interests include seven operating gold mines, a niobium producer, a diamond royalty, and exploration and development projects located throughout Africa and the Americas. The Company’s advanced exploration and development projects include the Westwood project in Canada, the Quimsacocha project in Ecuador, and the Camp Caiman project in French Guiana. In December 2008, it acquired an 84.55% equity stake in EURO Ressources S.A., which holds a participation royalty in the Rosebel mine. On February 25, 2009, the Company acquired Orezone Resources Inc. and its 90%-owned Essakane gold project in Burkina Faso, West Africa. On October 31, 2008, the Company sold its Sleeping Giant gold mine and related milling facilities to Cadiscor Resources Inc. As of December 31, 2008, the Company’s total proven and probable reserves were 9.6 million ounces.
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