October 19, 2009 / 1:10 PM / 9 years ago

UPDATE 1-Iamgold says exploration at Suriname mine on schedule

* Sees increase in reserves at Rosebel mine by year-end

* Sees 2009 exploration expenditure at $56 mln * Says continues to look for joint ventures, acquisitions

Oct 19 (Reuters) - Canada’s Iamgold Corp (IMG.TO) said its exploration program at Rosebel mine in S uriname was on schedule, and it expects to increase reserves and resources at the South American mine by the year end.

The company — which raised its 2009 gold production forecast in June, partly on increasing productivity from Rosebel — plans to spend about $56 million on exploration, this year.

About $34 million will be spent for greenfield exploration initiatives, the company added.

The company has over a dozen mines, exploration projects and development projects spread across North America, South America and Africa and expects to produce between 910,000 ounces to 920,000 ounces of gold this year.

Shares of the company have gained about 44 percent in last three months on the New York Stock Exchange, tracking rising gold prices. They closed at $14.45 on Friday. (Reporting by Ashutosh Joshi in Bangalore; Editing by Anil D’Silva)

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