Peter C. Jones - Acting Chief Executive Officer, Director Carol T. Banducci - Chief Financial Officer, Executive Vice President Gordon Stothart - Chief Operating Officer, Executive Vice President

Paul Burchell - Dundee Securities Corporation Heather Douglas - Thomas Weisel Partners Steven Butler - Canaccord Adams Sarah Hassan - ASA Limited David Christie - Scotia Capital Isudu Sanive - Equinox Partners

Good morning and welcome to IAMGOLD's Fourth Quarter and Year-end Financial Results Conference Call. I am going to be going over the highlights of the fourth quarter and full year results followed by a question and answer period. I would like to remind you to please take note of our standard cautionary statement. Joining me this morning are Gordon Stothart, our Chief Operating Officer, Carol Banducci, our Chief Financial Officer and Mike Donnelly, Vice President of Exploration. They would be here to answer questions at the end when we have the Q&A session. In terms of our highlights, the fourth quarter was a solid quarter in a very good year. Adjusted net earnings of $0.11 a share represent 152% increase over Q4 of last year. Excluding the impact related to changes in asset retirement obligations for certain closed properties and impairment of the carrying value of marketable securities, adjust net earnings for the quarter were $0.15 a share. We've maintained a strong balance sheet and have over $420 million in available funds. The Sadiola deeps pre-feasibility study was approved by the Sadiola joint venture board in the fourth quarter and the feasibility study is now in progress. This is another illustration of the company's continued commitment to organic growth and maintains our focus on Sadiola as a long-term asset. We definitely had a great year in terms of our stock performance. The rising gold price helped, but looking back at the full year, you can see that IAMGOLD out performed the gold index by nearly 150% delivering leading shareholder value compared to many of our peers. Some of the ways that IAMGOLD consistently delivered results throughout 2009 included exceeding our original production guidance by 7% and achieving record production on Rosebel. We acquired, integrated and advanced the Essakane project. Just…

(Operator Instructions) Your first question comes from Paul Burchell - Dundee Securities Corporation.

Couple of questions. First of all, I note that your Niobec margins are expected to decline in 2010 somewhat. I was just wondering if you could give us a little bit more information as to whether that’s based on your outlook for niobium prices or are you expecting cost to continue to increase a little bit?

Actually 2010 is a bit of anomalous year for us. The price has stayed pretty steady but as we start to put in the paste backfill, initially those costs are going to climb and then later on you'll see an increase in production, which will bring the cost back down again. But it's just the reflection of the increased costs of the initial paste backfill.

Okay that makes sense, great thank you. And I guess somebody have to ask the question since I'm up first, I will. Just can you give us any update on the CEO search?

I certainly can, we retained probably well-known search firm to do the work for us. They’re busy producing a long list at the moment. We met with them last week. They will have a short list ready for interview, they say, by the beginning of March.

(Operator Instructions). Our next question comes from Heather Douglas - Thomas Weisel Partners.

You had a great result exploration wise at Rosebel in 2009. Can you tell us what you expect? Will we get a repeat in 2010? And which are the most promising targets at the offset?

Well, I’ll stop by saying I always look for increasing good results. But I’ll let Gordon answer that question.

: We’re looking to continue Mayo to the west as well. We’ve started at the end of the year to see some good results at (inaudible) and in the (inaudible) gap. So we’re not drilling in exactly the same areas we were last year. Obviously we are looking for similar or better results if we can achieve them. And additionally we're going to have a strong regional exploration program as well this year looking to identify potential new ore bodies beyond the identified one.

And to change continents, with Westwood what are the milestones for this year in terms of -- as we watched the project progression? And you mentioned in your comments about -- I think it was the explorations allowing you to convert resources to reserves, when would we expect to see that?

Going to the milestones we're expecting this year, we're looking to add another 800 meters to shaft depth during 2010, which will take us below the 84-0 level and get us into some new explorations. With respect to resource to reserve conversion, we're going to start to see some of that in the 84 level area this year but not significant amounts. I think 2011 will really be the major year to start to see significant conversion. We're going to continue this year, another approximately 75,000 meters of drilling during 2010 and some of that is for delineation purposes, about 45% of that is delineation purposes and another 55% of that more or less, is for exploration purposes really looking to join up some of the lower zones where we fully expect to see continuity but haven't yet proven it through the drill bit.

Your next question comes from Steven Butler - Canaccord Adams.

Peter, a question for you on the resilience -- you're still seeing it appears, about $36 a kilogram on niobium pricing. Any comments on the continued strength of the market guys?

I think market is pretty well balanced at the moment. As you know the biggest producer is in Brazil and they’ve shown a lot of restraint and we see real upside once the steel market picks up further. So, we are very comfortable with the price and see some upside potential once macro economics improve around the world.

Peter or Gordon, is it the 25% or so expansion expected to be completed by the sort of Q3 end or is that already near the middle of the year and is Q3 type time frame?

The actual base I believe is in September. But we are looking to complete that expansion project and then we’ll look a ramp up period through the end of the year, to be in full production at the end of the year.

And Gordon on Quimsacocha, what’s the, just as Heather was asking about sort of deliverables on the Westwood, Quimsacocha, would we expect an updated sort of capital and operating cost number at some point this year or is it perhaps dependent upon final negotiations on the stability agreements with the government or how does this, how do we get refreshed on this asset?

Well we continue to sort of say what we have consistently said in the past, is once we get the approval to be back on site, we expect sort of a 12 to 15 months period during which we can complete the feasibility study. I would doubt that we would release any interim cost figures during that period. An important aspect of what needs to be done during that period in addition to the feasibility study in EISI work is the negotiation of the final mineral agreement and fiscal terms with the government. Obviously we can't demonstrate feasibility until those are nailed down. But I wouldn’t anticipate seeing a lot of new numbers on Quimsacocha this year.

(Operator Instructions) Your next question comes from Sarah Hassan - ASA Limited.

Regarding the CEO search, I was wondering if you could share with us any specific parameters you've laid out in looking for a candidate.

We're obviously for somebody with experienced, that has experience in overseas properties and prior experience in running a company of similar size to this.

Your next question comes from David Christie - Scotia Capital.

Just quickly Carol maybe on your tax rate for 2010, what are you looking further?

We are expecting somewhere in the mid 30's David.

Mid 30s, like 35?

In that range.

And do you have any deferred taxes you would be deferring in 2010? What's your deferred rate?

Let me get back to you on that one because that’s something that we are currently reviewing right now.

Of your total exploration budget, what portion will be expensed?

$39 million.

That’s the expense portion?

Right.

Your next question comes from Isudu Sanive - Equinox Partners.

A quick question on Rosebel, can you give us a sense of when Rosebel grades will come down to the reserve grade and what kind of grades are you expecting in 2010?

The expectation this year is we'll see a bit of dip in grades compared to 2009, much closer to the reserve rate. It does flux up and down over the life of a mine but it doesn't get too far off of the life of mine reserve grade from here to the end. But we’re expecting it to be slightly lower this year.

Mr. Jones there are no further questions at this time. Please continue.

In that case, thank you very much ladies and gentlemen and we look forward to speaking with you again next quarter. Have a good day.

Ladies and gentlemen, this concludes the conference call for today. Thank you for participating. Please disconnect your lines.