TSX: IMG NYSE: IAG

All amounts in Canadian dollars unless otherwise indicated.

TORONTO, Nov. 8, 2011 /PRNewswire/ – IAMGOLD Corporation (“IAMGOLD” or the “Company”) today announced that, as a result of a
subscription to a private placement, it has acquired 11,000,000 units
(each a “Unit”) of Bellhaven Copper and Gold Inc. (“Bellhaven”), at the
price of $0.55 per Unit, for a total amount of $6,050,000 (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 $0.65 for up to 36 months from the date of issuance.

IAMGOLD’s ownership of 11,000,000 common shares of Bellhaven represents
approximately 10.4% of the outstanding common shares. If IAMGOLD were
to exercise the 5,500,000 common share purchase Warrants, it would own
16,500,000 common shares of Bellhaven, or approximately 14.8% of the
outstanding common shares.

IAMGOLD’s President and Chief Executive Officer, Steve Letwin said,
“I’ve had good experiences in Colombia, and Bellhaven’s La Mina Gold
(copper) discovery is a quality project. We like the work Bellhaven has
completed to date and look forward to future results. Our investment in
Bellhaven is typical of those that have the potential to add
significant value to shareholders in the years to come. We hope to do
more transactions like this, which together with expansion
opportunities at our existing mines, continued exploration work and
potentially larger acquisitions underpin a unique growth story at
IAMGOLD.”

IAMGOLD and Bellhaven have agreed on both technical and social
responsibility programs to be implemented at Bellhaven’s La Mina
Project. These programs will be funded for the most part by the
proceeds of the placement. In addition, in connection with its
subscription, IAMGOLD has certain anti-dilution rights in the event
that Bellhaven conducts further financings.

The common shares and Warrants to purchase common shares of Bellhaven
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 Bellhaven. It is
the intention of IAMGOLD to evaluate its investment in Bellhaven 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 Bellhaven Copper and Gold Inc.
Bellhaven Copper & Gold Inc. is a Canadian-listed exploration company
exploring for gold and copper in Panama and Colombia. The Company’s
objective is to become one of the best gold-copper companies operating
in Panama and Colombia by discovering, acquiring, and developing
high-quality resources in a safe and responsible manner to the benefit
of all of its stakeholders. The Company’s principal assets include the
La Mina porphyry gold-(copper) project in the Middle Cauca belt of
Colombia, the Pitaloza and three other high-sulphidation epithermal
gold-(copper) and porphyry copper prospects located on the Azuero
Peninsula in Panama.

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 Bellhaven Copper and Gold
Inc.’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