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Update: IAMGOLD Finds High Grade Gold Intercepts At Its Monster Lake JV In Quebec

IAMGOLD (IAG) continues to release positive exploration results as it announced that it has found high grade gold intercepts at its Monster Lake JV Project with Tomagold (OTC:TOGOF). This project lies along the Abitibi Greenstone Belt, which has yielded some enormous discoveries in the past such as the Canadian Malartic deposit, which is now a mine operated by Agnico Eagle (AEM) and Yamana Gold (AUY).

The JV agreement entitles IAMGOLD to 50% of the project should it complete certain exploration requirements and make payments over a 5 year (now 4-year) period.

(Source: Tomagold)

Drillholes are yielding staggering results as the following highlights illustrate.

IAMGOLD is not an exploration company, and as I argued in October, I think the driving force behind this stock in the near-term will be the gold price and production costs, which are set to go down as the low-cost Westwood Mine has just achieved commercial… Read More …