QUEBEC Toronto's IAMGOLD CORPORATION has announced a larger resource base at the Westwood gold project 2 km from the Doyon mine near Cadillac. The new resource estimate shows a 1% increase in tonnage, and a 4% increase in grade generating a 5% increase in gold ounces from the previous undiluted resource estimate released in June 2007.
The Westwood inferred resource is 14.1 million tonnes grading 7.3 g/t Au or 3.3 million oz of contained gold. The near-surface Warrenmac deposit contains 313,000 tonnes grading 6.9 g/t Au or 70,000 oz of gold, also 5% tonnage and 25% contained ounces increase from a year ago.
IamGold expects to complete a revised scoping study by the end of September 2008. A feasibility study is projected to be complete during the second half of 2009, once the development required to convert the inferred resources into the measured and indicated category is done. Production will begin from the Warrenmac deposit in late 2010.
To find additional resources, the company plans more than 70,000 metres of both underground and surface drilling in the next 12 months at Westwood. The particular targets are the extensions of the two new lenses above the level 14 and a lens not yet drilled between the Doyon mine and the western portion of Westwood. A more powerful drill rig has also recently arrived at site and will be used to explore around the depth extension discovered in Q4 2007.
All permits required for the raise boring, (scheduled to start in August) and for the shaft sinking preparation have been received and construction work began in June. The development work underground is continuing as planned. Work on an exploration ramp to improve the positioning for the drilling between the surface and the level 14 is also expected to start in September 2008.
Westwood is one of five development projects IamGold is working on around the world. Learn about all of them at www.IamGold.com.
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