IAMGOLD Completes Acquisition Of Trelawney

TORONTO - IAMGOLD Corporation and Trelawney Mining and Exploration Inc. reported that IAMGOLD completed the acquisition of all of the issued and outstanding common shares of Trelawney through a plan of arrangement (the "Transaction"). The main asset acquired in this transaction is the Cota Lake Project located adjacent to the Swayze Greenstone Belt in northern Ontario, Canada .

Stephen Letwin, President and Chief Executive Officer of IAMGOLD, said, "With this transaction complete we can now capitalize on the thousands of hours we spent over the last year evaluating this project and can leverage our developmental and operational expertise to realize the shareholder return potential identified by our analysis. The Cota Lake Project adds immediately to our mineral resources, strengthens our five-year production growth forecast and has a construction timetable that dovetails into our capital plans for expanding our existing operations. Cota Lake also rebalances our resource and potential production portfolios to having a higher percentage of assets in North America and a higher percentage of assets that we own and operate."

Gordon Stothart , Executive Vice President and Chief Operating Officer of IAMGOLD, stated, "Trelawney announced an updated mineral resource estimate for Cota Lake, comprising 35 million tonnes at 0.82 g/t gold for 0.93 million ounces of indicated resources and 204 million tonnes at 0.91 g/t gold for 5.94 million ounces of inferred resources. Mineralization at Cota Lake has been intersected over a strike length of 1,200 metres, a horizontal width of 100 - 300 metres and a depth extent of more than 500 metres.

"The next steps for this project include the preparation of a NI 43-101 technical report by mid-October 2012, which should encompass infill drilling results up to and including early July 2012." "We expect to begin a pre-feasibility study for this project by the fourth quarter of 2012."