IAMGOLD Reports Promising Drilling Results From Buckreef

IAMGOLD Corporation ("IAMGOLD" or "the Company") (TSX: IMG)(NYSE: IAG)(BOTSWANA: IAMGOLD) announces an exploration update for the Company's Buckreef Project located in the prolific gold belt of Lake Victoria Goldfields in northern Tanzania. Buckreef is an advanced exploration project containing measured and indicated resources of 15.9 million tonnes, at an average grade of 2.0 grams per tonne gold (g/t Au), indicating approximately 1 million ounces of gold. The Company controls a large land package covering 40 kilometres of strike of the Rwamagaza Greenstone belt surrounded by three operating gold mines hosting over 13 million ounces of established gold resources.

"The revised exploration and drilling strategy at Buckreef has returned some of the most encouraging results to date and we expect they could have a material impact on the resource base," stated Joseph Conway, President & CEO. "As a result, we have extended the timeframe in which we will decide to advance Buckreef to the pre-feasibility stage. We will update the resource and project economics by the end of July. At this stage, we remain optimistic about the development of this project."

Prior to 2007, exploration work at Buckreef concentrated on known resources and trends, leaving the majority of the extensive land package unexplored. In early 2007 the exploration strategy was revised and an objective was set to address the potential of the entire land package. As a result, ten priority targets were identified and tested.

Minzwel-Bukoli Trend

The revised exploration strategy successfully identified new areas of prospectivity on the Buckreef Property that were previously unknown. Several new mineralized zones have been outlined, including the 10 kilometre-long Minzwel-Bukoli Trend.

Since July 2007, an additional thirty-five reverse circulation holes and one diamond drill hole, totalling 3,348 metres, have been completed on the Minzwel-Bukoli zone. Detailed drilling on a close spaced drill pattern shows a strong gold mineralized system with a strike length over 500 metres. Drill intercepts below the saprolite show gold mineralization extending into unweathered rock with numerous significant intercepts over core lengths of up to 10 metres. The high grade nature of the Minzwel-Bukoli Trend has the potential to significantly improve the economic viability of the Buckreef project.

Highlights of the intercepts in oxide material include the following and all drill intervals are within 70 metres of surface:


- MWNR044 9 m grading 6.40 g/t Au
- MWNR044 24 m grading 6.35 g/t Au
- MWNR047 21 m grading 6.81 g/t Au
- MWNR050 3 m grading 8.14 g/t Au
- MWNR056 22 m grading 7.51 g/t Au
- MWNR098 23 m grading 6.79 g/t Au
- MWNR099 11 m grading 3.62 g/t Au
- MWNR110 4 m grading 6.01 g/t Au
- MZDD001 24.8 m grading 13.72 g/t Au

Since July 2007 other targets along the Minzwel-Bukoli Trend have been tested with a total of 8,907 metres of reconnaissance aircore drilling in 243 holes over four kilometers of the trend. A broad gold-bearing shear zone, up to 50 metres wide has been traced along strike for approximately 1.6 kilometers and remains open to the east. Further reverse circulation drilling is planned in 2008 to follow up on the reconnaissance aircore results along strike of the Minzwel-Bukoli Trend and to test other significant targets in the area. Given the high grade and near surface nature of the highlighted intercepts and the potential for illegal mining activity, the Company has not provided specific drill locations at this time.

2008 Exploration Program

IAMGOLD has approved a budget of US$ 9.5 million for the 2008 Buckreef exploration program. Two drills continue to work on site to follow-up significant aircore results on the Busolwa-Buziba trend, and satellite targets near the historic Buckreef mine. A total of 32,000 metres of aircore reconnaissance drilling is planned for 2008, and the program began in early May 2008.

Regional geologic assessment continues and seven new regional priority targets have been identified for evaluation during this campaign.

Diamond drilling is in progress for geotechnical and resource validation purposes to support the Buckreef prefeasibility study and work is currently underway on a resource estimate for the newly identified Minzwel-Bukoli mineralization. In addition, metallurgical work is in progress to determine leaching characteristics of the established resources. The objective is to progress the project to advanced scoping/pre-feasibility status by July 2008, once baseline metallurgical studies are complete and positive economics are confirmed from the revised scoping study.

Technical Information and Qualified Person/Quality Control Notes

The mineral resource estimates contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The drilling program at Buckreef, attributed in this release, was carried out by IAMGOLD employees, under the supervision of Mr. Michael Donnelly, Senior Vice President, Exploration, IAMGOLD. Mr. Donnelly is a qualified person (as defined by National Instrument 43-101) with more than 25 years of experience in exploration geology and management. The Qualified Person has verified the data disclosed, including sampling, analytical and test data underlying the information or opinions contained herein.