IAMGOLD agrees sales option for Sleeping Giant

first_imgIAMGOLD has signed an option agreement with Cadiscor Resources granting Cadiscor the right to purchase the Sleeping Giant mine after the completion of mining and processing for total consideration of up to C$7 million. Sleeping Giant is a 100% owned IAMGOLD producing mine located in the Abitibi region of Northern Quebec. Current estimated annual gold production is 50,000 oz and it is expected to continue production through 2008.In the deal reached with Cadiscor, IAMGOLD will continue to mine and process reserves at Sleeping Giant until the end of its current reserve life at which time, Cadiscor will purchase the property and all the related infrastructure assets. “Cadiscor’s key asset, the Discovery project, located relatively close to Sleeping Giant in Northern Quebec, could greatly benefit from the acquisition of the Sleeping Giant assets and will ensure the continuation of opportunity in this region of Northern Quebec,” commented Joseph Conway, President & CEO, IAMGOLD. He noted IAMGOLD’s belief in the potential success of Cadiscor, its Discovery project and exploration at Sleeping Giant.”last_img

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