IAMGOLD Announces Further Investment in Avnel

IAMGOLD Corporation IAG announced that, today, it acquired 5,000,000 common shares of Avnel Gold Mining Limited, as the result of a purchase of common shares from an Avnel shareholder, on a prospectus exempt basis. IAMGOLD now owns 16,250,000 common shares of Avnel or approximately 8.48% of the outstanding common shares. If IAMGOLD were to exercise its current common share purchase warrants of Avnel, it would own 23,875,000 common shares of Avnel or approximately 12.45% of the outstanding common shares. The common shares of Avnel acquired today by IAMGOLD were acquired for investment purposes. IAMGOLD does not have any present intention to acquire ownership of, or control or direction over, additional securities of Avnel. It is the intention of IAMGOLD to evaluate its investment in Avnel on a continuing basis and such holdings may be increased or decreased in the future.