A private placement valued at $15 million will aid privately owned Iamgold in its West African initiatives.
The company will use the proceeds to acquire, explore and develop precious metal properties.
Iamgold holds a 38% interest in the Sadiola Hill gold project in Mali, where the operator, Anglo-American, is constructing an open-pit mine. Startup is projected for 1997.
Meanwhile, Iamgold and Ashanti Goldfields will participate equally in exploration programs in Ghana, Mali, Senegal, Guinea and Burkina Faso.
Specific programs will be aimed at exploring the Bambadji and Diorota-Boto concessions in Senegal.
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