IAMGOLD Signs Memorandum of Understanding With China Gold

TORONTO, ONTARIO -- (Marketwire) -- 03/08/11 -- IAMGOLD Corporation ('IAMGOLD' or 'the Company') (TSX: IMG)(NYSE: IAG)(BOTSWANA: IAMGOLD) yesterday signed a memorandum of understanding with China National Gold Group Corporation ('China Gold') to confirm the mutual intention of IAMGOLD and China Gold to cooperate in the pursuit and development of mineral deposits in the regions of IAMGOLD's focus. IAMGOLD's growth plans are strategically focused in Africa, South America and North America.

Steve Letwin, President and CEO of IAMGOLD, said, 'This agreement marks the beginning of what we believe will be a win-win relationship with China Gold. The two companies have formally acknowledged each other's exploration, development and mining expertise as well as each other's commitment to responsible and efficient exploration and extraction practices that are consistent with the laws and objectives of their host governments. Our intention is to identify projects of mutual interest where we would have an equitable sharing of the risks and rewards inherent in the business of resource development and mineral extraction.'

All of China Gold's future international gold and non-ferrous business opportunities will be channeled through China Gold's overseas investment arm, China Gold International Resource Corp. Ltd.

IAMGOLD and China Gold have agreed that activities taken pursuant to this MOU shall be conducted in accordance with the practices and procedures required by IAMGOLD's 'Zero Harm Policy' and IAMGOLD shall make available advisory services to China Gold to assist in the development of standards of corporate social responsibility, safety and environmental responsibility in China Gold's Asian operations.

About IAMGOLD

IAMGOLD (www.iamgold.com) is a leading mid-tier gold mining company producing approximately one million ounces annually from 8 gold mines on 3 continents. IAMGOLD is uniquely positioned with a strong financial position and extensive management and operational expertise. To grow from this strong base, IAMGOLD has a pipeline of development and exploration projects and continues to assess accretive acquisition opportunities. IAMGOLD's growth plans are strategically focused in West Africa, select countries in South America and regions of Canada. IAMGOLD also operates Niobec, a niobium mine in the Canadian province of Quebec.

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Contacts:

IAMGOLD Corporation

Bob Tait

VP Investor Relations

(416) 360-4743 or Mobile: (647) 403-5520

Toll-free: 1 888 464-9999
info@iamgold.com