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Message: NR - IAMGOLD announces the startup of the Westwood plant and provides a breakdow

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NR - IAMGOLD announces the startup of the Westwood plant and provides a breakdow

posted on Mar 21, 13 10:13AM

http://web.tmxmoney.com/article.php?newsid=58924824&qm_symbol=IMG

IAMGOLD announces the startup of the Westwood plant and provides a breakdown of its cost reduction program

All amounts are expressed in U.S. dollars, unless otherwise indicated.

TSX: IMG NYSE: IAG

TORONTO, March 21, 2013 /PRNewswire/ - IAMGOLD Corporation ("IAMGOLD" or the "Company") today announced that the gold processing plant at the Westwood Mine in Quebec has started up. Initially processing stockpiled ore from the adjacent Mouska Mine, in 2013 the plant is expected to produce approximately 140,000 ounces of gold, 60,000 ounces from the 30-year old Mouska Mine and approximately 80,000 ounces from the new Westwood Mine. The first gold pour, which is expected at the end of March, will likely be sold to a refinery in the second quarter of 2013.

"We are building a solid reputation for our success in starting up mines on time and on budget" said Senior Vice President Project Development of IAMGOLD, Denis Miville-Deschênes. "Our previous startup was in mid-2010 at the Essakane mine in Burkina Faso, six months ahead of schedule. My congratulations to everyone involved in the Westwood project for achieving this milestone and for doing so with an excellent safety record, an outstanding accomplishment in any construction environment."

IAMGOLD President and CEO, Steve Letwin, said, "The same in-house engineering team who constructed Essakane, has now completed the development of the Westwood Mine and refurbishment of the old Doyon plant to process Westwood ore. The team's success increases our confidence in our capability to meet our 2013 production guidance."

With regard to the cost reduction program announced on March 4, 2013, Mr. Letwin commented, "We have been moving very quickly to execute our cost reduction plan and have now identified in more detail how we can achieve and potentially exceed our target of $100 million of cost reductions this year."

Management has identified cost savings targets for 2013 in the Operations, Exploration and General & Administrative (G&A) areas of the business as follows:

($ millions)
Operations $43
Exploration $40
G&A at site $11
Corporate G&A $6
Target $100

The Company intends to provide regular updates on achieving this target.

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