ZANCUDO PROJECT JV

The property includes the historically productive Independencia Mine. Production dating back to 1793 of 1.5 Mozs to 2.0 Mozs of gold equivalent on Zancudo property.

First Option:

IAMGOLD has the Option to acquire 65% interest in Zancudo by incurring an aggregate of US$10 million of mineral exploration over a six-year period.

Second Option:

IAMGOLD has a second option to acquire a further 5% undivided interest, for an aggregate 70% undivided interest in Zancudo, by completing a feasibility study within three years after exercising the First Option.

Upon exercise of the First Option or the Second Option, the parties will form a joint venture to hold Zancudo, to advance the exploration and, if feasible, to advance the development and mining of any commercially exploitable ore body.