signature=cdce7f1f9235b88b56fd504548ea8611,IAMGOLD Corporation : Form 6-K - Filed by newsfilecorp.co...

IAMGOLD Corp.: Exhibit 99.1 - Filed by newsfilecorp.com

IAMGOLD ANNOUNCES POSITIVE RESULTS FROM THE

ESSAKANE

CARBON-IN-LEACH AND HEAP LEACH PROJECT

FEASIBILITY STUDY; REFLECTINGINCREASED CASH FLOWS

AND EXTENDED MINE LIFE

All amounts are in US dollars, unless otherwise

indicated.

Toronto, Ontario, November 6, 2019 IAMGOLD Corporation

(IAMGOLD or the Company) today announced positive results from a Feasibility

Study ("FS") for the Carbon-in-Leach and Heap Leach Project (the Project) at

its Essakane operation in Burkina Faso, West Africa. The results support an

increase in current hard rock carbon-in-leach (CIL) plant capacity and

outlines an economically viable Heap Leach (HL) facility at the end of CIL

operations.

FEASIBILITY HIGHLIGHTS (100% basis)

Indicated Resources of 4.878 million ounces grading 0.98

g/t Au, inclusive of reserves on the Essakane Mining Concession, based on

a new Resource Model versus the pre-feasibility study (PFS);

Proven and Probable Reserves of 3.985 million ounces

grading 0.96 g/t Au;

Mine life of 12 years (2020-2031), with:

o

Mill throughput of 11.7 million tonnes per annum (Mtpa)

hard rock equivalent capacity, up from current design of 10.8 Mtpa at 100%

hard rock (2020-2026);

o

Heap Leach throughput of 8.5 Mtpa (2027-2031);

Robust average annual production of 433,000 ounces during

CIL operations, representing a 4% increase above CIL output from the

previous study, including:

o

Peak year production exceeding 530,000 ounces using CIL;

Annual production of 73,000 ounces per year of HL

production at end of CIL production; achieving an annual gold output from

HL similar to previous study, but with 15% lower throughput;

Minimal capital investment of $9.0 million required for

CIL optimization, with commissioning targeted for Q3 2020;

Reduction, and deferral, of total HL capital expenditures

by $40 million to $115 million (2025-2026) from the previous study, while

maintaining the same HL production profile;

After-tax NPV@6% of $874 million, life of mine direct

cash costs of $778/oz and all-in sustaining costs of $949/oz;

Significant increase in HL recoveries to 67% (from 55%)

through the use of high pressure grinding rolls (HPGR) edges recycling in

closed circuit including agglomeration step and extended leach time;

5% increase in average diluted grade of CIL material to

1.24 g/t;

Future Option retained to process the HL material either

through the HL development scenario as described in the FS or, if

prevailing metal prices are supportive, through the CIL for improved

recoveries and forgo the capital investment in the HL facility;

The FS concluded that increasing CIL plant capacity and

postponing the HL operation to the end of LOM defers capital and provides an

extension to the life of mine. Optimization work focused on increasing CIL

throughput to 11.7 Mtpa (at 100% hard rock equivalent capacity) compared to the

current design at 10.8 Mtpa (at 100% hard rock equivalent capacity) with minimal

capital of $9 million. The optimization of the CIL plant would indirectly result

in a reduction of the anticipated HL annual throughput from 10.0 Mtpa to 8.5

Mtpa. The production profile of the HL operation remains relatively unchanged as

reduced throughput is offset by an improved recovery of gold in HL from 55.0% to

67.0% . The capital cost of the HL facility was reduced by $40M, for the new

scenario, by re-using existing CIL plant equipment (primary & secondary

crushing circuits) at the end of CIL life and by optimizing the Heap Leach Pad

footprint. The optimization of the Heap Leach Pad footprint allows for the HL

infrastructure to remain within the current industrial complex of the mine,

versus the PFS scenario which would have required additional land outside of the

current complex, thus avoiding impact to communities and farmland.

Steve Letwin, President and CEO of IAMGOLD, commented With our

self-funding lens in place, the IAMGOLD team reviewed the CIL/HL feasibility

study and produced a robust, low cost plan with optionality in the future. I would like to thank our COO Gord Stothart, his

project team and our consultants for their excellent work in defining the future

plan for Essakane.

The FS was completed by IAMGOLD, with inputs from technical

studies completed by other consultants, and has an effective date of November 6,

2019. The FS represents a comprehensive study of the technical and economic

viability of a mineral project that has advanced to a stage where a preferred

mining method has been established and an effective method of mineral processing

has been determined. IAMGOLD is using the FS to support a $9.0 million

investment in the current plant to improve its capacity to 11.7 Mtpa (at 100%

hard rock equivalent capacity) and plan for a Heap Leach facility to be deployed

in 2027. This study supports the updated Mineral Reserve disclosure.

FS HIGHLIGHTS

Project Economics and Key

Parameters

PFS

FS

Peak Mining Capacity

70.0 Mtpa

57.0

Mtpa

CIL Design Milling Capacity (100% Hard Rock Equivalent)

10.8 Mtpa

11.7

Mtpa

HL Processing Capacity

10.0 Mtpa

8.5

Mtpa

LOM Average Annual Gold Production (CIL years / oz)

8.5 / 416,000

7 /

433,000

LOM Average Annual Gold Production (HL years / oz)

6.5 / 72,000

5 /

73,649

LOM Average Annual Gold Production (years / oz)

8.5 / 476,000

12 /

283 441

LOM Average Recovery Rate (CIL)

92.1%

92.1%

LOM Average Recovery Rate (HL)

55.0%

67.0%

Mine Life

8.5 years

12

years

LOM Average Direct Cash Costs

$707/oz

$778/oz

LOM Average AISC

$946/oz

$949/oz

After-tax NPV (6%)

$874

M

Average diluted Grade CIL

1.17 g/t Au

1.24

g/t Au

Average diluted Grade HL

0.43 g/t Au

0.40

g/t Au

Average LOM Strip Ratio (remaining pit)

2.34:1

2.42:1

Initial Capital Expenditure* (millions),+20%/-15%

$155

$115

Gold Price Assumption used in financial analysis

$1,275/oz

$1,350/oz

US$/CA$ exchange rate 1.25, US$/€

exchange rate of: 1.20.* Initial capital expenditures exclude

fleet

MINERAL RESOURCES

The Mineral Resource estimate used as the basis for the study

is summarized below.

Mineral Resources (100% Basis)

August 31, 2019

Essakane Mining Concession

Tonnes

Grade

Contained Ounces

Classification

(000)

(g/t Au)

(000)

Indicated

154,854

0.98

4,878

Inferred

12,823

1.10

454

Notes:

1.

CIM (2014) definitions were followed for Mineral

Resources.

2.

Mineral Resources are estimated at a cut-off grade which

varies between 0.25 and 0.55 g/t Au depending on material type and

pit.

3.

Mineral Resources are estimated using an average

long-term gold price of US$1,500 per ounce.

4.

A minimum mining width of 10 m was used for Falagountou

and 10 m for EMZ.

5.

Bulk density is estimated by ordinary kriging by

weathering type.

6.

Mineral Resources are inclusive of Mineral

Reserves.

7.

Mineral Resources that are not Mineral Reserves do not

have demonstrated economic viability.

8.

Does not include Mineral Resources at the Gossey

satellite deposit which is located on an adjacent exploration concession

and which was not included as part of the production study.

9.

Numbers may not add due to

rounding.

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MINERAL RESERVES

The tonnes, grades, and classification of the Mineral Reserves

captured within the FS mine plan are summarized below.

Mineral Reserve (100% Basis)

August 31, 2019

Process

Classification

Tonnes

(000)

Grade

(g/t

Au)

Contained Ounces

(000)

CIL

Proven

-

-

-

Probable

72,690

1.36

3,181

Probable (Stockpile)

13,501

0.59

255

Total CIL

86,191

1.24

3,436

Heap

Leach

Proven

-

-

-

Probable

35,058

0.39

439

Probable (Stockpile)

8,049

0.42

110

Total Heap Leach

43,107

0.40

549

Total

129,299

0.96

3,985

Waste within Designed Pit

261,434

Ore within Designed Pit

107,748

Total Tonnage within Designed Pit

369,172

Notes:

1.

CIM (2014) definitions were followed for Mineral

Reserves.

2.

Mineral Reserves estimated assuming open pit mining

methods.

3.

Mineral Reserves are estimated at a cut-off grade which

varies between 0.31 and 0.61 g/t Au depending on material type and

pit.

4.

Mineral Reserves are estimated using an average long-term

gold price of US$1,200/oz.

5.

Average weighted CIL process recovery of 92.1% and heap

leach process recovery of 67.0%.

6.

Mineral Reserves are reported on a 100% basis.

7.

Mineral Reserves include material from EMZ and

Falagountou pits.

8.

Numbers may not add due to

rounding.

MINING AND PROCESSING

Remaining open pit mining includes approximately 261 Mt of

waste and 107 Mt of ore over a 7-year-period of production mining. HL ore that

is mined during this period is stockpiled until the CIL ore is exhausted and the

HL facility is constructed. The volume of waste will decrease if in-pit inferred

resources can be upgraded to indicated resources for either CIL or HL extraction

through infill drilling. The mining rate was reduced from 70 to 57 Mtpa in the

FS mainly due to the postponement of the HL operation and a redesign of the

phase 6 mining push back. The average mined grade is 1.05 g/t Au and the LOM

stripping ratio is 2.42:1.

The FS has confirmed the positive benefit of two extra mining

phases to the existing Essakane main zone (EMZ) open pit mining operation with

the addition of a heap leaching operation and a modest increase of CIL plant

throughput to 11.7 Mtpa.

The heap leaching operation would be executed following the end

of the existing CIL process plant operations. Use of the existing primary

(gyratory) and secondary (cone) crushing circuit at the end of CIL plant reduce

capital intensity of HL scenario with an optimized annual production rate of 8.5

Mtpa. The HL development scenario envisages the installation of tertiary

crushing using an HPGR unit, material handling conveyors, and a carbon in column

(CIC) adsorption plant. Loaded carbon would be transported to the existing plant

facilities for stripping and refining where no infrastructure upgrade would be

required.

Additional major infrastructure included in the FS are the

leach pads, solution distribution and collection systems, and solution ponds.

The existing camp capacity and power generation exceed the capacity required

during HL operations and thus a reduction in manpower and general and

administration costs will be realized during HL operations versus current CIL

operations. Mining operations from the pit will cease at end of CIL life leading

to a reduction in mine equipment and staff to support the subsequent HL

operations.

The average processed grade is 1.24 g/t for CIL and 0.40 g/t

for HL.

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FUTURE WORK

The FS recommends to initiate the detailed engineering for the

mill upgrade to 11.7 Mtpa. The project schedule is estimated to 12 months and is

expected to be commissioned in Q3 2020. For the HL, study assumptions will be

validated on a yearly basis during the LOM process. Some additional test work

will also be initiated to evaluate low grade transition material within the CIL

reserve that may be amenable to HL with the addition of agglomeration.

As construction of the HL facility is not required until 2025,

the business retains the option of re-evaluating the economics of that

construction project at that point in time. Given that the CIL process generates

higher recovery and doesnt require additional capital investment, it is

recognized that there may be a case where the existing stockpiled ore planned

for the HL process generate superior economics by processing through the

existing CIL circuit, especially in scenarios with higher gold prices than have

been used for the current study.

QUALIFIED PERSONS

The 2019 Essakane Heap leach FS was prepared by IAMGOLD and

incorporates the work of Kappes, Cassiday & associates and SRK Consulting

(QPs) (as defined under National Instrument 43-101). KCAs and SRK Qualified

Persons are independent of IAMGOLD and have reviewed and approved this news

release. IAMGOLD Qualified Persons are not independent of IAMGOLD and have

reviewed and approved this news release. The affiliation and areas of

responsibility for each Qualified Person involved in preparing the 2019 Essakane

Heap leach FS, upon which the technical report will be based, are:

IAMGOLD QPs

V. Blanchet, P.Eng., data verification, mineral resource estimate,

adjacent properties

F. Sawadogo, MAIG, property description, historical setting, geological

setting, deposit types, exploration, drilling, and sample preparation,

analyses and security

P. Chabot, P.Eng., mining method and mineral reserve estimate

L-B Denoncourt P. Eng., infrastructure, capital cost estimate

D. Isabel, P. Eng., environmental studies, permitting, and social or

community impacts

S. Rivard, P. Eng., recovery method CIL, mineral processing and

metallurgical testing - CIL

KCA QPs

T. Manning, P.E., mineral processing and metallurgical testing HL

SRK QPs

B. Burnley, P.E., heap leach pad design and stability

Forward-Looking InformationAll Mineral Reserve and

Mineral Resources estimates reported by the Company were estimated in accordance

with the Canadian National Instrument 43-101 and the Canadian Institute of

Mining, Metallurgy, and Petroleum Definition Standards (May 10, 2014). These

standards differ significantly from the requirements of the U.S. Securities and

Exchange Commission. Mineral Resources which are not Mineral Reserves do not

have demonstrated economic viability.

This document contains "forward-looking information" within the

meaning of Canadian securities legislation and "forward-looking statements"

within the meaning of the United States Private Securities Litigation Reform Act

of 1995. This information and these statements, referred to herein as

"forward-looking statements" are made as of the date of this document.

Forward-looking statements relate to future events or future performance and

reflect current estimates, predictions, expectations or beliefs regarding future

events and include, but are not limited to, statements with respect to:

(i) the estimated amount and grade of

Mineral Resources and Mineral Reserves;

(ii) the FS representing a viable

development option for the Project;

(iii) estimates of the capital costs of

constructing mine facilities and bringing a mine into production, of sustaining

capital and the duration of financing payback periods;

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(iv) the estimated amount of future

production, both produced and metal recovered; and,

(v) estimates of operating costs and

total costs, net cash flow, net present value and economic returns from an

operating mine.

Any statements that express or involve discussions with respect

to predictions, expectations, beliefs, plans, projections, objectives or future

events or performance (often, but not always, using words or phrases such as

"expects", "anticipates", "plans", "projects", "estimates", "envisages",

"assumes", "intends", "strategy", "goals", "objectives" or variations thereof or

stating that certain actions, events or results "may", "could", "would", "might"

or "will" be taken, occur or be achieved, or the negative of any of these terms

and similar expressions) are not statements of historical fact and may be

forward-looking statements.

All forward-looking statements are based on IAMGOLD's or its

consultants' current beliefs as well as various assumptions made by them and

information currently available to them. The most significant assumptions are

set forth above, but generally these assumptions include:

(i) the presence of and continuity of

metals at the Essakane mine at estimated grades;

(ii) the geotechnical and metallurgical

characteristics of rock conforming to sampled results;

(iii) the capacities and durability of

various machinery and equipment;

(iv) the availability of personnel,

machinery and equipment at estimated prices and within the estimated delivery

times;

(v) currency exchange rates;

(vi) metals sales prices and exchange

rate assumed;

(vii) appropriate discount rates

applied to the cash flows in the economic analysis;

(viii) tax rates and royalty rates

applicable to the proposed mining operation;

(ix) the availability of acceptable

financing under assumed structure and costs;

(x) anticipated mining losses and

dilution;

(xi) reasonable contingency

requirements;

(xii) success in realizing proposed

operations;

(xiii) receipt of permits and other

regulatory approvals on acceptable terms; and

(xiv) the fulfillment of environmental

assessment commitments and arrangements with local communities.

Although management considers these assumptions to be

reasonable based on information currently available to it, they may prove to be

incorrect. Many forward-looking statements are made assuming the correctness of

other forward looking statements, such as statements of net present value and

internal rates of return, which are based on most of the other forward-looking

statements and assumptions herein. The cost information is also prepared using

current values, but the time for incurring the costs will be in the future and

it is assumed costs will remain stable over the relevant period.

By their very nature, forward-looking statements involve

inherent risks and uncertainties, both general and specific, and risks exist

that estimates, forecasts, projections and other forward-looking statements will

not be achieved or that assumptions do not reflect future experience. We caution

readers not to place undue reliance on these forward-looking statements as a

number of important factors could cause the actual outcomes to differ materially

from the beliefs, plans, objectives, expectations, anticipations, estimates

assumptions and intentions expressed in such forward-looking statements. These

risk factors may be generally stated as the risk that the assumptions and

estimates expressed above do not occur as forecast, but specifically include,

without limitation: risks relating to variations in the mineral content within

the material identified as Mineral Resources and Mineral Reserves from that

predicted; variations in rates of recovery and extraction; the geotechnical

characteristics of the rock mined or through which infrastructure is built

differing from that predicted, the quantity of water that will need to be

diverted or treated during mining operations being different from what is

expected to be encountered during mining operations or post closure, or the rate

of flow of the water being different; developments in world metals markets;

risks relating to fluctuations in the Canadian dollar relative to the

US dollar; increases in the estimated capital and operating costs or

unanticipated costs; difficulties attracting the necessary work force; increases

in financing costs or adverse changes to the terms of available financing, if

any; tax rates or royalties being greater than assumed; changes in development

or mining plans due to changes in logistical, technical or other factors;

changes in project parameters as plans continue to be refined; risks relating to

receipt of regulatory approvals; delays in stakeholder negotiations; changes in

regulations applying to the development, operation, and closure of mining

operations from what currently exists; the effects of competition in the markets

in which IAMGOLD operates; operational and infrastructure risks and the

additional risks described in IAMGOLDs Annual Information Form filed with SEDAR

in Canada (available at www.sedar.com ) for the year ended December 31, 2017 and

in the Corporation's Annual Report Form 40-F filed with the U.S. Securities and

Exchange Commission on EDGAR (available at

https://www.sec.gov/edgar/searchedgar/companysearch.html). IAMGOLD cautions that

the foregoing list of factors that may affect future results is not

exhaustive.

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When relying on our forward-looking statements to make

decisions with respect to IAMGOLD, investors and others should carefully

consider the foregoing factors and other uncertainties and potential events.

IAMGOLD does not undertake to update any forward-looking statement, whether

written or oral, that may be made from time to time by IAMGOLD or on our behalf,

except as required by law.

About IAMGOLD

IAMGOLD (www.iamgold.com) is a mid-tier mining company with

four operating gold mines on three continents. A solid base of strategic assets

in North and South America and West Africa is complemented by development and

exploration projects and continued assessment of accretive acquisition

opportunities. IAMGOLD is in a strong financial position with extensive

management and operational expertise.

For further information please contact:

Indi Gopinathan,Investor Relations Lead, IAMGOLD

CorporationTel: (416) 360-4743 Mobile: (416) 388-6883

Martin Dumont, Senior Analyst Investor Relations,

IAMGOLD Corporation

Tel: (416) 933-5783 Mobile: (647) 967-9942

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

Please note:This entire news release may be accessed

via fax, e-mail, IAMGOLD's website at www.iamgold.com and through Newsfile's

website at www.newsfilecorp.com. All material information on IAMGOLD can be found at

www.sedar.com or at www.sec.gov.

Si vous désirez obtenir la version française de ce communiqué,

veuillez consulter le http://www.iamgold.com/French/accueil/default.aspx.

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