IAMGOLD Corp. (IMG.TO,IAG) announced an updated Resource and Reserve estimate for its Rosebel Gold Mine in Suriname, which includes a declaration of reserves from the Saramacca deposit, located approximately 25 kilometres from the Rosebel mill.
Consolidated gold reserves at Rosebel increased by 51% to 4.7 million ounces, resulting from the significant contribution from the Saramacca deposit, as well as overall improvements to the current LOM Plan allowing for the inclusion of the Koolhoven deposit.
The declaration of reserves at Saramacca contributed 1.0 million ounces, accounting for 64% of the increase, while the inclusion of Koolhoven contributed another 0.4 million ounces. The increase was achieved with no changes to the $1,200 per ounce gold price assumption for estimating reserves. The additional reserves extend Rosebel's mine life by five years to 2033, with future average annual production estimated at 318,000 ounces on a 100% basis.
The inclusion of Saramacca in Rosebel's reserves followed positive results from advanced technical studies jointly led by IAMGOLD, SRK Consulting (Canada) Inc. and other consultants. The studies outlined an economically viable project for Saramacca and justified fast tracking the development of the project to achieve a mining start in the second half of 2019.
Saramacca is on track to commence mining in the second half of 2019. Due to the fast track nature of the Saramacca Project, ongoing technical studies are at various levels of advancement, ranging from pre-feasibility to detailed engineering, and construction has been initiated for various elements of the Project. Firm orders have been placed for the acquisition of the mining fleet, and the haul road between Saramacca and the current Rosebel concession is currently in the final phases of detailed engineering. Pre-construction preparation activities started earlier this month.
On-going optimization studies on pit slope dewatering and subsequent slope design improvements will be completed by the end of 2018. Metallurgical recovery optimization test work and design will be carried out in the fourth quarter 2018, with the objective to further improve recoveries. Potential mill circuit upgrades will be evaluated as part of this work.
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