Investors Disappointed With IAMGOLD's Business Update, Shares Tumble 5%

Shares of IAMGOLD Corp IAG were trading lower by nearly 5 percent on Monday after the company provided an update to its ongoing exploration program at its Monster Lake project in Quebec, Canada. IAMGOLD reported the final assay results from its 2015 fall diamond drilling program which was completed in November 2015 and totaled 3,925 meters from 9 diamond drill holes. The company added that a 2016 winter diamond drilling program already began and will involve the completion of 6,000 to 7,000 metres as weather conditions permit. Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated, "This drilling program aimed to assess a number of target areas identified from the ongoing exploration program. Our efforts continue to significantly improve our geologic understanding of the area and will continue to help guide future drilling along the Monster Lake Shear Zone and adjacent structures."