ECUADOR – The latest independent estimate reveals indicated resources at the Quimsacocha project to contain 2.8 million oz of gold. Toronto-based IAMGOLD CORP. owns 100% of the property. The NI43-101 report was prepared by ROSCOE POSTLE ASSOCIATES.
By the numbers, Quimsacocha looks like this:
At a cut-off of 1.0 g/t Au there are indicated resources of 22.5 million tonnes grading 3.9 g/t Au, 25.0 g/t Ag and 0.16% Cu. There are also inferred resources of 2.5 million tonnes at 2.1 g/t Au, 15.0 g/t Ag and 0.12% Cu, for another 168,000 oz of contained gold.
At a cut-off grade of 2.0 g/t the indicated resource is 14.9 million tonnes containing 2.4 million oz of gold.
At a cut-off grade of 3.0 g/t the indicated resource is 9.1 million tonnes containing 1.9 million oz of gold.
IamGold has increased its 2005 exploration budget at Quimsacocha to $5.3 million from $3.5 million. Metallurgical testing of pressure oxidation on whole ore indicates a 99% recovery rate for gold and copper. On a flotation concentrate similar treatment results in a 94% gold and copper recovery. The latest presentation about the project (and some lovely pictures) is posted at www.Iamgold.com.