IAMGOLD Announces Acquisition of Doyon Royalty

TORONTO, ONTARIO, Jul 23 (MARKET WIRE) --
IAMGOLD Corporation ("IAMGOLD" or "the Company") (TSX: IMG)(NYSE:
IAG)(BOTSWANA: IAMGOLD) announced today that the Company has acquired the
participation royalty on the Doyon/Westwood property, located in the
Abitibi region in Northern Quebec, from Barrick Gold Corporation for
US$13MM in cash. The transaction eliminates the royalty obligation on the
Doyon mine, which is 24.75% of the gold price above $375/oz, and based on
current gold prices results in an immediate reduction in cash costs at
Doyon of $140/oz. For the Doyon Division, which includes the Doyon and
Mouska mines, the reduction in cash costs for the remainder of the year
at current gold prices is estimated at $80/oz.

The participation royalty also extended to the Westwood development
project, located two kilometres from the Doyon mine. The acquisition
allows for future production from Westwood to be free from royalty
obligations.

"The acquisition of the participation royalty on Doyon is consistent with
our strategy to significantly reduce our cash costs and we continue to
aggressively explore other opportunities to increase operational
efficiencies throughout the organization," said Joseph Conway, President
& CEO.

ABOUT IAMGOLD

IAMGOLD is the top mid-tier gold producer, with annual production of
close to 1 million ounces from eight different gold operations located in
North America, South America and Africa. IAMGOLD also owns non-gold
assets that provide significant cash flow and development projects that
provide a strong platform for continued growth. IAMGOLD has delivered
seven consecutive years of annual dividends to its shareholders and the
Company's Gold Money Policy demonstrates IAMGOLD's commitment and
confidence in the gold market.

Cautionary Note to U.S. Investors

The United States Securities and Exchange Commission (the "SEC") permits
mining companies, in their filings with the SEC, to disclose only those
mineral deposits that a company can economically and legally extract or
produce. We use certain terms in this press release, such as "mineral
resources" , that the SEC guidelines strictly prohibit us form including
in our filings with the SEC. U.S. investors are urged to consider closely
the disclosure in the IAMGOLD Annual Report on Form 40-F. A copy of the
2007 Form 40-F is available to shareholders, free of charge, upon written
request addresses to the Investor Relations Department.

Forward Looking Statement

This press release contains forward-looking statements. All statements,
other than of historical fact, that address activities, events or
developments that the Company believes, expects or anticipates will or
may occur in the future (including, without limitation, statements
regarding the estimation of mineral resources, exploration results,
potential mineralization, potential mineral resources and mineral
reserves) are forward-looking statements. Forward-looking statements are
subject to a number of risks and uncertainties that may cause the actual
results of the Company to differ materially from those discussed in the
forward-looking statements. Factors that could cause actual results or
events to differ materially from current expectations include, among
other things, failure to establish estimated mineral resources, the
possibility that future exploration results will not be consistent with
the Company's expectations, changes in world gold markets and other risks
disclosed in IAMGOLD's most recent Form 40-F/Annual Information Form on
file with the US Securities and Exchange Commission and Canadian
provincial securities regulatory authorities. Any forward-looking
statement speaks only as of the date on which it is made and, except as
may be required by applicable securities laws, the Company disclaims any
intent or obligation to update any forward-looking statement.

Please note:

This entire press release may be accessed via fax, e-mail, IAMGOLD's
website at www.iamgold.com and through Marketwire's website at
www.marketwire.com. All material information on IAMGOLD can be found at
www.sedar.com or at www.sec.gov.

Si vous desirez obtenir la version francaise de ce communique, veuillez
consulter le http://www.iamgold.com/fr/accueil.html.

Contacts:
IAMGOLD Corporation
Joseph F. Conway
President & CEO
(416) 360-4712 or Toll-Free: 1-888-IMG-9999

IAMGOLD Corporation
Carol Banducci
Chief Financial Officer
(416) 360-4742 or Toll-Free: 1-888-IMG-9999
Website: www.iamgold.com

Renmark Financial Communications Inc.
John Boidman
(514) 939-3989
(514) 939-3717 (FAX)
Email: jboidman@renmarkfinancial.com

Renmark Financial Communications Inc.
Henri Perron
(514) 939-3989
(514) 939-3717 (FAX)
Email: hperron@renmarkfinancial.com
Website: www.renmarkfinancial.com

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