GOLD RESOURCES: Westwood numbers up, drills continue to turn

QUEBEC - Toronto's IamGold continues to push forward with its Westwood project 2.5 km east of the Doyon gold mine n...

QUEBEC — Toronto's IamGold continues to push forward with its Westwood project 2.5 km east of the Doyon gold mine near Val d'Or. The company plans to spend $7.8 million this year exploring the Westwood deposit, which was originally reached underground from the older mine.

 

The company has seven underground and one surface drill rig in operation. A total of 73,500 metres will be bored this year. Results continue to increase confidence in the resources. The revised, 43-101-compliant inferred resource is 9.4 million tonnes at 11.4 g/t Au containing 3.4 million oz of gold using a 6.0 g/t Au cutoff grade. The new estimate shows a 17% decrease in tonnage (due to reduction of the minimum width from 3 metres to 2 metres and reinterpretation) and a 31% increase in grade, generating a 9% increase in gold ounces from the previous undiluted resource estimate released in July 2008, said IamGold.

 

Zone 2-30 mineralization was intersected by an exploration drift in June 2008 and mining development along the zone started in September 2008. The continuity and grade of the mineralization has been demonstrated over a length of 200 metres. The average grade sampled is roughly 25% higher than expected based on previous diamond drill holes.

 

IamGold intends to release a revised scoping study in Q4 2009. Visit www.IamGold.com for more information.

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