TSX: IMG NYSE: IAG

All amounts in Canadian dollars unless otherwise indicated.

TORONTO, Dec. 6, 2011 /PRNewswire/ – IAMGOLD Corporation (“IAMGOLD” or the “Company”) today announced that, as a result of a
subscription to a private placement, it has acquired 15,384,615 units
(each a “Unit”) of Tolima Gold Corp. (“Tolima”), at the price of $0.65
per Unit, for a total amount of $10,000,000 (the “Subscription”). Each
Unit is comprised of one common share and one-half of a common share
purchase warrant (each full warrant a “Warrant”), with each Warrant
entitling IAMGOLD to purchase one common share for $0.85 for up to two
years from the date of issuance.

IAMGOLD’s ownership of 15,384,615 common shares of Tolima represents
approximately 13.2% of the outstanding common shares. If IAMGOLD were
to exercise the 7,692,307 Warrants, it would own 23,076,922 common
shares of Tolima, or approximately 18.5% of the outstanding common
shares (on a partially diluted basis).

IAMGOLD’s President and Chief Executive Officer, Steve Letwin said,
“Tolima represents our third such investment in Colombian gold projects
over the past few months. The company’s Ancal and Nortol projects
comprise district scale land packages in Colombia’s most prolific gold
belts. These are quality assets and when we saw the work that had been
completed to date we knew we wanted to move ahead. We’re excited about
the potential of these projects and look forward to being in a position
to make larger investments down the road.”

The common shares and Warrants of Tolima acquired today by IAMGOLD were
acquired for investment purposes. IAMGOLD does not have any present
intention to acquire ownership of, or control or direction over,
additional securities of Tolima. It is the intention of IAMGOLD to
evaluate its investment in Tolima on a continuing basis, and such
holdings may be increased (including increases resulting from the
exercise of the Warrants) or decreased in the future.

Forward Looking Statement
This news release contains forward-looking statements. All statements, other
than of historical fact, that address activities, events or
developments that the Company believes, expects or anticipates will or
may occur in the future (including, without limitation, statements
regarding the estimation of mineral resources, exploration results,
potential mineralization, potential mineral resources and mineral
reserves) are forward-looking statements. Forward-looking statements
are generally identifiable by use of the words “potential”, “hope”,
“should”, “continue”, “expect”, “anticipate”, “estimate” or “believe”
or other variations on these words or comparable terminology.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond the Company’s ability to
control or predict, that may cause the actual results of the Company to
differ materially from those discussed in the forward-looking
statements. Factors that could cause actual results or events to
differ materially from current expectations include, among other
things, without limitation, failure to establish estimated mineral
resources, the possibility that future exploration results will not be
consistent with the Company’s expectations, changes in world gold
markets and other risks disclosed in IAMGOLD’s most recent Form
40-F/Annual Information Form on file with the United States Securities
and Exchange Commission and Canadian provincial securities regulatory
authorities. Any forward-looking statement speaks only as of the date
on which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement.

About Tolima Gold Corp.
Tolima is a gold exploration and development company with contractual
interests in gold properties in Colombia. Tolima is continuing to
explore opportunities for other acquisitions of additional mining
interests in prospective mining districts in Colombia.

About IAMGOLD
IAMGOLD (www.iamgold.com) is a leading mid-tier gold mining company producing approximately one
million ounces annually from five gold mines (including current joint
ventures) on three continents. IAMGOLD is uniquely positioned with a
strong financial position and extensive management and operational
expertise. To grow from this strong base, IAMGOLD has a pipeline of
development and exploration projects and continues to assess accretive
acquisition opportunities. IAMGOLD’s growth plans are strategically
focused in West Africa, select countries in South America and regions
of Canada. IAMGOLD also operates Niobec, a niobium mine in the
Canadian province of Quebec.

Please note:

This entire news release may be accessed via fax, e-mail, IAMGOLD’s
website at www.iamgold.com and through CNW Group’s website at www.newswire.ca. All material information on IAMGOLD can be found at www.sedar.com or at www.sec.gov.

Si vous d sirez obtenir la version française de ce communiqu , veuillez
consulter le http://www.iamgold.com/francais/default.asp.

IAMGOLD has filed an early warning report on Tolima Gold Corp`s SEDAR
profile, at www.sedar.com. A copy of the report may be obtained by contacting Laura Young at
416-933-4952.

SOURCE IAMGOLD Corporation