Updated Preliminary Assessment Study on Westwood Project
"Westwood is an important component of IAMGOLD's growth strategy," said Joseph F. Conway President & CEO. "Building on earlier work, this Study further confirms that Westwood will produce around 180,000 to 200,000 ounces of gold per year at well under industry average cash costs, in one of the lowest political risk jurisdictions in the world. The strength and experience of our team in the region and our established infrastructure continues to be an advantage and has driven the project forward on schedule and on budget."
Construction progress at Westwood is on schedule and on budget for commercial production in early 2013. During 2009, IAMGOLD advanced site preparation and construction of infrastructure, including the head frame, hoist room building and the installation of two hoists for the exploration shaft. The shaft sinking commenced in July and is expected to reach 500 metres by year end. The exploration ramp was extended by more than 2,200 metres and will provide better drilling access to the upper part of the deposit above the 14th level exploration drift as well as providing production access in future to the Warrenmac lens. The Bousquet Fault was successfully crossed by an exploration drift on the 14th level significantly improving drilling access to the resources to the east of the fault. A total of 1,400 metres of development was achieved during the year.
In April 2009, an 837 metre raise bore was completed as the shaft pilot hole, becoming the longest 2.4 metre diameter single-pass raise bore in the world. By year end, some 80 metres of a planned 840 metres will be completed on a world record 6.4 metre diameter ventilation raise boring. This ventilation raise was initiated to facilitate accelerated underground mine development. An 8,400 tonne bulk sample was mined from Zone 2 lens and processed at the Doyon mill in July 2009, with positive grade and metallurgical results.
Of the $86 million expenditures in 2009, $38 million was related to site preparation, $15 million to shaft sinking, $14 million to the ventilation raise boring and other development, $10 million to general mine services and $9 million to the 84,000 metres of exploration and resource development diamond drilling completed at Westwood during the year.
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