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A sample letter to a U.S. senator, citing James Turk''s latest disclosures
10:49p ET Wednesday, January 9, 2002
Dear Friend of GATA and Gold:
Here's a wonderful press release from a gold-
mining company that is a long-time supporter
of GATA, IAMGOLD Corp.
IAMGOLD announced today that it is going to
start keeping its spare cash in gold bullion,
thereby reminding the world that gold is
still what it has always been, pretty good
money. Indeed, by doing good here, IAMGOLD
stands to do well too. For why hold
depreciating (U.S. and Canadian) dollars when
you can hold appreciating gold?
So congratulations to our friends at IAMGOLD.
Let's hope their example gives some ideas to
other mining companies.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
IAMGOLD ANNOUNCES GOLD MONEY POLICY
MARKHAM, Ontario, Jan. 9 (Canada NewsWire via
COMTEX) -- IAMGOLD Corp. (TSE:IMG) is pleased
to announce that it has established a gold
money policy whereby it has converted its
discretionary funds into gold bullion.
In terms of this policy, the cCompany has
converted US$6.5 million into some 0.7 tonnes
of gold bullion at an average price of
US$285.20 per ounce. The amount of money held
as gold is expected to increase in 2002 due
to cash inflow from the company's interests
at its Sadiola (38 percent IMG) and Yatela
(40 percent IMG) gold mines located in Mali,
The company will currently retain dollar
amounts equal to one month of corporate
In the view of the directors and management
of IAMGOLD, the present trading range for the
price of gold is significantly below what we
regard as appropriate and fair value in the
current international economic and financial
circumstances. Reserve currencies are under
pressure because of fears of economic
recession and because of measures taken by
governments and monetary authorities to
stimulate demand through increases in money
supply and credit.
Gold is the only currency that is ultimately
not susceptible to governmental and central
banking controls, and it thus constitutes the
only independent measure and store of value.
IAMGOLD Co-Chairmen William Pugliese and Mark
Nathanson said, quot;Notwithstanding current
efforts within the gold industry to promote
jewelry demand, we firmly believe in gold's
primary monetary role as a safe store of
value and that gold is the only form of money
that is not someone's paper IOU. Given our
belief that gold is fundamentally undervalued
relative to paper currency, it only stands to
reason that we would prefer gold bullion to
Todd Bruce, president and chief operating
officer, said, quot;IAMGOLD's new gold money
policy distinguishes the company from the
bulk of its peers, which are divided into two
groups: Those companies that, through hedging
programs, convert their gold to paper before
it is produced, and those that convert their
gold to paper the moment it is produced.
Therefore, our gold money policy establishes
IAMGOLD as the company that is truly backed
John Ross, chief financial officer said, quot;If
we as an industry don't demonstrate our
belief in the monetary nature of gold, why
should we expect anyone else to? We firmly
believe that our industry can best promote
gold simply by using it as money.quot;
A discussion of IAMGOLD's gold money policy
can be found on the company's website. A
simultaneous audio webcast and conference
call regarding IAMGOLD's new gold money
policy will take place on January 11, 2002,
at 11 a.m. EST. If you would like to
participate in the audio webcast please see
our website at a href=http://www.iamgold.comhttp://www.iamgold.com/a or
Canada Newswire's website at
If you would like to participate in the
conference call, please call 416-640-4127 or
1-888-881-4892 (North American toll-free) on
January 11, 2002, at 10:50 a.m. EST.
IAMGOLD is a leading mining, exploration, and
development company. Its principal assets are
a 38 percent stake in the Sadiola gold mine
and a 40 percent stake in the Yatela gold
mine. Measured and indicated resources at
Sadiola are 4.6 million ounces of gold
(including reserves of 3.3 million ounces).
Inferred resources are 5.2 million ounces.
Measured and indicated resources at Yatela
are 2.2 million ounces of gold (including
reserves of 1.6 million ounces). Inferred
resources are 0.4 million ounces with an
additional 0.2 million ounces of inferred
resources at Alamoutala.
IAMGOLD is actively exploring highly
prospective ground in Africa and South
America. IAMGOLD is a TSE 300 company, and
its shares are traded on the Toronto Stock
Exchange under the symbol IMG.