IAMGOLD $15.89 - Toronto symbol IMG

IAMGOLD $15.89 (Toronto symbol IMG; TSINetwork Rating: Speculative) (1-888-464- 9999; www.iamgold.com; Shares outstanding: 376.1 million; Market cap: $6.0 billion; Dividend yield: 1.6%) owns interests in five mines, but also a number of promising exploration and development properties.

Among its holdings is the Cote Lake gold project, located between Timmins and Sudbury. IAMGold acquired Cote Lake earlier this year, when it bought Trelawney Mining and Exploration for $608 million.

Cote Lake held an estimated 6.9 million ounces of gold when IAMGold bought Trelawney. But IAMGold has just released drilling results that have further defined the deposit, and the estimate has now grown by 18.8%, to 8.2 million ounces. There’s also lots of room for more drilling to further expand the project’s reserves.

IAMGold is still a buy.

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