IAMGOLD updates resource estimate for Pitangui project

Includes a a gold streaming transaction relating to the Twangiza mine.

The Company intends to use the net proceeds of the Offering for expenditures on the Company's Pen Gold Project, located 75 km south west of Timmins, Ontario.

Investors have publicly called on the company’s independent directors to deal with the “misguided policies and missed opportunities” that have hurt their investment.

With prices down roughly 10%, the precious metal is on track to record its third-straight annual loss, the first time it has posted a triple-loss streak since 1998.

The largely unregulated use of mercury has created a major worldwide environmental hazard.

Doug Casey, founder of Casey Research, told Kitco News that he expects prices to move higher next year.

Official figures contradict recent local reports showing that most copper miners in the country are barely breaking even at current metal prices.

The company's co-founder James Moffett will step down as chairman and quit the board.

China is currently the top investor in the country's sector, pumping $19.2 billion into several copper, gold and silver projects.