IAMGOLD Corporation has announced a mineral resource update for its Côté Gold project in northern Ontario along with the company’s production results for 2012 and guidance for 2013.
The company says the vast majority of the Côté Gold mineral resources are now classified as Indicated and the updated resource estimate represents a 114% increase in Indicated Resources from the previous estimate.  It also realised at strong fourth quarter 2012 gold production of 214,000 attributable ounces brings total year attributable gold production to 830,000 ounces; IAMGOLD says the expectation is that average total cash costs (including royalties)  per ounce for 2012 will be around ± 3% of the upper end of the previously provided guidance range of $670 to $695 an ounce.
The update puts the 2013 gold production at a range of between 875,000 and 950,000 attributable ounces, with total cash costs (including royalties) between $850 and $925 an ounce and gold production forecast to grow approximately 80% over the next five years to 1.4-1.6 million ounces by 2017.
IAMGOLD expects Niobium mine production for 2013 to range between 4.7 and 5.1 million kilograms at a margin of between $15 and $17 a kilogram while the conflict in Mali has not disrupted production at the Company`s joint venture operations, but exploration activity has been reduced as a precaution.
IAMGOLD’s President and CEO, Steve Letwin reveals the resource update for Côté Gold demonstrates significantly higher confidence in both the geological and gold grade continuity of the deposit and reaffirms our decision to acquire this project.  “Our gold production in the fourth quarter was the strongest this year”, says Letwin, “enabling us to finish 2012 near the lower end of our guidance. While performance at our IAMGOLD operated mines has been solid, the underperformance at Sadiola has led us to re-assess our strategy with respect to our joint venture operations,” he says.
“ Over the next five years, the combination of growth initiatives at our existing mines, the ramp-up to full production at Westwood and the expected start-up of Côté Gold in 2017 should drive production up 80% to 1.4-1.6 million ounces.”