The Canadian Press reports Iamgold Corp., gold producer has acquired the participation royalty on Doyon-Westwood property, Quebec from Barrick Gold for US$13 million in cash.

The Doyon mine is nearing the end of its operating life and Iamgold is aiming to begin producing gold, silver, copper and zinc from its nearby Westwood deposit, about two kilometres east of Doyon, by 2010.

Joseph Conway, President and CEO of Iamgold says:

"The acquisition of the participation royalty on Doyon is consistent with our strategy to significantly reduce our cash costs and we continue to aggressively explore other opportunities to increase operational efficiencies throughout the organization."

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