“It is important to understand that this is a work in progress, and although still short of our investment criteria typical for West Africa, the project provides excellent optionality at higher gold prices,” said Iamgold President and CEO Steve Letwin. “We are continuing to aggressively optimize the project design to improve the overall economics.”

LOM direct cash costs are estimated at $707/oz, with all-in sustaining costs of $829/oz. Initial capital expenditures are estimated at $249 million. The feasibility study is expected to be completed in the second half of 2018 using a 25% higher mill throughput as the base case, which will accordingly increase annual gold production and has the potential for improved project returns, Letwin said. “We continue to aggressively explore priority targets to enhance the total resource inventory, which would generate a positive impact on project economics and mine life,” he added.

The Boto PFS identified the preferred development option as a conventional truckand- shovel, open-pit mining operation. Mineral processing would be through a circuit incorporating primary crushing, grinding, gravity concentration, and cyanide leaching, followed by gold recovery using carbon-inpulp, stripping, and electrowinning.

Open-pit mining includes approximately 15 million mt of stripping and pre-production mining during a two-year pre-production period, followed by 13.5 years of production mining along with stockpile reclaim in the final years of operation. Maximum mining rate is 18 million mt/y. The LOM strip ratio is 6.5:1.

The Boto PFS was completed jointly by Iamgold and Lycopodium Minerals Canada, with inputs from technical studies completed by other consultants. Technical studies to support the completion of the feasibility study are underway.