Late announcement.. Explains why the CEO was doing some shopping of the stock...very impressive, makes the takeover of Trelawney look much much much better now.
The new Côté Gold resource estimate consists of an Indicated Resource of 131 million tonnes averaging 0.84 grams of gold per tonne for 3.56 million ounces and an Inferred Resource of 165 million tonnes averaging 0.88 grams of gold per tonne for 4.66 million ounces. The updated resource estimate, based on a cut-off grade of 0.30 grams of gold per tonne, represents a 274% increase in Indicated Resources from the previous estimate as reported by Trelawney, also based on a cut-off grade of 0.30 grams of gold per tonne. The updated Côté Gold resource estimate benefited from both infill drilling that substantially upgraded the quality of the estimate through conversion of Inferred Resources to Indicated Resources as well as step-out drilling to expand the overall resource base compared to the prior resource.
Stephen Letwin, President and Chief Executive Officer of IAMGOLD, said, "The substantial increase in resource tonnes and ounces at Côté Gold further validates the confidence that we have had in this project all along. Our belief that we had acquired a very promising deposit with the potential to add significant value to our portfolio of assets reflects months spent subjecting this project to rigorous due diligence. I applaud the hard work of our exploration team in achieving a seamless transition since the acquisition of the property in June and refocusing efforts on infill drilling. With over 44% of the resource now in the Indicated category compared to 14% previously, we've come a long way in improving the quality of the mineral resources required to support detailed economic studies."