Analyst Visit

Sadiola Hill and Yatela Gold Mines

17 February 2004
 Disclaimer

Except for the historical information contained herein, there are matters discussed in this news release
that are forward-looking statements. Such statements are only predictions and actual events or results
may differ materially. For a discussion of important factors including, but not limited to development of the
Company's business, the economic outlook in the gold mining industry, expectations regarding gold prices
and production, and other factors, which could cause actual results to differ materially from such forward-
looking statements, refer to the Company's annual report on the Form 20-F for the year ended
31 December 2002, which was filed with the Securities and Exchange Commission on 7 April 2003.
All 2004 figures are forecast only, not actual.
 Sadiola and Yatela location

Mali
Mali
Mali

Tombouctou
Tombouctou
Kayes
Kay
Kayes es

Yatela Bamako
Bamako
Sadiola
Sadiola
Sadiola Hill
 Background and Salient Facts

Drilling commenced in 1990 by IamGold
SADIOLA HILL

JV Agreement with Anglo American 1992

Feasibility Study completed in 1993

Production commenced in 1996

Gold production since 1996 – 3.5Moz

Ownership
 AngloGold 38%
 IamGold 38%
 Mali Government 18%
 IFC 6%
 Management Team

General Manager – Stan Padgett

SADIOLA HILL

Financial Manager – Philippe Berten

Geological Manager – Gavin Cooper
Operations Manager – Matt Thiel

Managers of Asset Protection, Environmental,

Loss Control, and Procurement Departments
are common to Sadiola Hill and Yatela Mines
 Resources and Reserves
as at 31 December 2003
SADIOLA HILL

Mineral Resource Ore Reserve

Measured, Indicated, and Inferred Proved and Probable

Area Tonnes x 000 Grade (g/t) Ozs x 000 Tonnes x 000 Grade (g/t) Ozs x 000

Sadiola Main Pit 40,356 2.15 2,794 24,700 3.12 2,482

Sadiola ML 16,626 1.65 883 2,197 3.34 236

Deep Sulphides 130,579 1.82 7,627

Total 187,561 1.87 11,304 26,897 3.14 2,718

SADIOLA HILL Safety and Health

1.6

1.2

0.8

0.4
1.56
0 0.31 0
0
2001 2002 2003 2004
Target
LTIFR
 Geology

The Sadiola Deposit lies within the Birimian Inlier of the Kayes – Keneba Window
SADIOLA HILL

(Proterozoic)

The deposit is Mesothermal Shear hosted, originating from the Sadiola Fracture
Zone, a local splay off the regionally significant Senego-Malian Shear Zone

Gold occurs disseminated in a highly altered succession of metasediments, mainly
de-carbonated marbles, overlain by silicified metapelites and basic intrusives.

Two main ore types occur being:
 Soft Ore in altered and weathered rock
 Hard Ore in Calcitic Marble

The Soft Ore is the focus of the current LOM Plan which includes:
 Oxides (Laterite and pisolitic clays, mottled clays and saprolite)
 Partially oxidised saprolitic ore
 Sulphidic saprolitic ore
SADIOLA HILL Geological model
SADIOLA HILL Schematic Plan View

Main Lithological types

 Metasandstones, Dolomitic
Marbles and Intrusive Diorites

Principal Structures
 Sadiola Fracture Zone and NNE
Structures

Grade Distribution –
disseminated in the marbles and
along structural controls
 Growth

Pit Contiguous Resources have been significantly
SADIOLA HILL

increased year on year (see sections on resources

and reserves)

North Pit extensions are presently being realized with
more upside still to come

East Margin extensions have previously been and
continue to be exploited (NNE Structures)

The South Margin has been closed

The deposit remains open ended at depth
(Deep Sulphide Project)
 Mining Equipment

Production Fleet
SADIOLA HILL

 15 x CAT 777 Haul Truck

 2 x O&K RH90 Excavator

 1 x O&K RH120 Excavator

 1 x CAT 992 Loader

 3 x Tamrock Pantera 1500

Blasthole Drill

 2 x KLEMM RC Drill
SADIOLA HILL Plant Flow sheet
 Manpower Statistics
End 2003
SADIOLA HILL

Area National Expatriate Total

Semos permanent staff:

Mining & Geology 93 13 106
Plant 227 18 245
Other 142 14 156
Mining contractor
380 13 393
permanent staff

Total 842 58 900

 Mine Production
TONNES (OOOs) BCM (OOOs)
SADIOLA HILL

25,000 14,000

12,000
20,000
10,000
15,000
8,000

6,000
10,000
4,000
5,000
2,000

0 0
1997 1998 1999 2000 2001 2002 2003 2004

Oxide Sulphide Waste BCM

SADIOLA HILL Strip Ratio

3.5

2.5

1.5

0.5

0
1997 1998 1999 2000 2001 2002 2003 2004

Strip Ratio
 Plant Production

6,000
SADIOLA HILL

TONNES (000's) 5,000

4,000

3,000

2,000

1,000

0
1997 1998 1999 2000 2001 2002 2003 2004

Oxide Sulphide
 Gold Production
700,000
SADIOLA HILL

600,000

500,000
OUNCES

400,000

300,000

200,000

100,000

0
1997 1998 1999 2000 2001 2002 2003 2004

Gold produced
 Mineral Resources

CATEGORY TONNES GRADE (g/t) GOLD (g) GOLD (oz)

SADIOLA HILL

15,916,003 25,437,626

Measured 15,916,003 1.60 25,437,626

Indicated 22,643,689 2.62 59,218,243

Inferred 1,796,558 1.24 2,233,333

Sadiola Main Pit 40,356,279 2.15 86,889,202 2,793,506

Measured 964,509 2.96 2,851,295

Indicated 51,782 2.15 111,118

Inferred 129,563,007 1.81 234,277,118

Sadiola Hard Sulphides 130,579,298 1.82 237,239,530 7,627,300

Measured 344,202 1.91 658,590

Indicated 3,812,401 2.68 10,212,527

Inferred 12,469,303 1.33 16,580,847

Sadiola Exploitation Area 16,625,906 1.65 27,451,964 882,601
 Ore Reserves

oz (000s)
SADIOLA HILL

5,000

4,000

3,000

2,000

1,000

0
1995 1996 1997 1998 1999 2000 2001 2002 2003

Reserves Cum gold production

 Operating Cost/Ore Tonne

22
SADIOLA HILL

20

18
US$ / t

16

14

12

10

8
1997 1998 1999 2000 2001 2002 2003 2004

Operating cost
SADIOLA HILL Cash Cost and Margin

400

350
300
US$ / oz

250

200
150

100
50

0
1997 1998 1999 2000 2001 2002 2003 2004

Operating cost Depreciation Gold price

SADIOLA HILL Cost Breakdown 2003

G&A
21%
Mining &
Geology
36%

Processing
43%
 Cost Breakdown (G&A) 2003
Asset Protection
Human
& Safety and
SADIOLA HILL

Resources
Health
Clinic Site
Administration

Procurement

General
Management

Transport

Intercompany Finance
Charges

Maintenance of
Mine Property Environmental
 Capex Breakdown
2003 CAPEX

Replacement
SADIOLA HILL

capital
8%
2004 CAPEX BUDGET
Replacement
capital
5%
New capital
25%
New capital
22%

Exploration
projects
Major projects
64% Major
3%
projects
0%

$10.3 million
Exploration
projects
73%

$11.3 million
 Capex Breakdown - 2004
New Capital – US$ 2.4 million
Sample handling optimisation ($0.12 mil) Laboratory equipment ($0.1 mil)
SADIOLA HILL

Filter drain installation in TSF ($0.1 mil) Sewage plant addition ($0.5 mil)
Additional vehicles ($ 0.2 mil)

Replacement Capital – US$ 0.6 million

Vehicles ($0.3 mil)
Computer equipment ($0.1 mil)

Exploration projects – US$ 8.1 million

Pit Contiguous ($2.5 million)
Brownfields ($1.1 million)
Deep Sulphides Phase VII ($ 4.5 million)
 Currency Exposure
Currency split of total cash costs 2003
SADIOLA HILL

SAR, AUD, GBP

2%

EURO
USD
51%
47%
 Exploration
Airborne Airborne EM
Magnetic Survey Survey
First Vertical (SPECTREM)
SADIOLA HILL

Derivative EMZ 5
Component

KOFI
FORMATION
SABOUSSIRE
FORMATION
SADIOLA HILL Oxide Exploration

Background is Regional
Au in Soil Geochem Map
 Oxide Exploration

True North
FE4
SADIOLA HILL

FE4 2004 US$375/Oz

Reserve Pit
Probable Reserve (Jan 2004):
3.40mt @3.02g/t = 330 kozs Au

FE4 2003 US$350/Oz

Resource Open-ended to West Reserve Pit
- Future Drilling Probable Reserve:
1.46mt @ 3.47g/t = 160 kozs Au
 Oxide Exploration
FE3 True North
SADIOLA HILL

FE3 2003 US$350/Oz

Reserve Pit

FE4 2004 US$375/Oz

Current Infill
Reserve Pit
Drilling (25x25m)

FE3 South
1.4km
 Deep Sulphide Project
Drilling Programme Metres Drilled Year Expenditure US$m Resources
Phase I-IV 26,300 1997-2001 5.3
SADIOLA HILL

Phase V 16,000 2002 2.1 6.3 Moz

Phase VI 22,000 2003 3.04 7.6 Moz
Total 64,300 1997-2003 10.44 7.6 Moz

Phase VII 30,000 In Progress 4.5

Grand Total 94,300 1997-2004 14.94

2003 cost/oz discovered: US$1.37/oz

Phase VII (in-fill) drilling in progress over the potentially economic
zone (1 km strike length) between line 5000N and 6000N
Deep Sulphide Project
Phase VI Completed in 2003
Geological Model January 2004
N
Resource Model February 2004

Current Pit Shell

US$400/Oz
Pit Shell

Footwall Bands

Main Orebody

1km
 Challenges Ahead

Mining Contract and Owner Mining

SADIOLA HILL

Deep Sulphides Project

Operating Costs

Labour Relations

Social Development and Closure

Housing
 Yatela

Heap Leach Pads

Solution Ponds
Main Offices

ROM Pad and

Stockpiles

Open Pit
 Background and Salient Facts

Joint-venture IamGOLD/AngloGold commenced in 1997

Feasibility study completed between April 1998 and September 1999

Operating license granted in February 2000
YATELA

Construction commenced in October 2000 and was compeleted on

time and within budget

First gold pour was in May 2001

Gold production since 2001 – 639 000 oz

Shares a management team with Sadiola

Ownership

AngloGold 40%

IamGold 40%

Mali Government 20%
 Management Team

General Manager – Stan Padgett

Financial Manager – Philippe Berten
YATELA

Geological Manager – Gavin Cooper

Operations Manager – Louis Watum

Managers of Asset Protection, Environmental,

Loss Control, and Procurement Departments
are common to Sadiola Hill and Yatela Mines
 Safety and Health

3.2
2.8
YATELA

2.4
2
1.6
1.2
0.8 2.52 2.07 2.92
0.4
0 0
2001 2002 2003 2004
Target
LTIFR
 Geology

Yatela Deposit
Section 58400 N
YATELA

(after E Hanssen – IAMGOLD

– Dakar Conference)
 Mining Equipment
Production Fleet - Yatela
 15 x CAT 777 Haul Truck
YATELA

 2 x O&K RH90 Excavator BH

 1 x O&K RH120 Excavator FS
 1 x CAT 992C Loader
 4 x D9R Track Dozers
 3 x Tamrock Pantera 1500
Blasthole Drill
 1 x KLEMM RC Drill
 Mining Equipment
Production Fleet - Alamoutala
 10 x CAT 777 Haul Truck
YATELA

 1 x CAT 5130 Excavator FS

 1 x CAT 5130 Excavator BH
 1 x CAT 992G Loader
 2 x D9R Track Dozers
 1 x Tamrock Pantera 1500
Blasthole Drill
 1 x KLEMM RC Drill
 Mine Production

30,000

25,000
YATELA

20,000
Tonnes (000's)

15,000

10,000

5,000

0
2000 2001 2002 2003 2004

Waste Marginal Ore

 Strip Ratio
10.0

9.0

8.0
YATELA

7.0

6.0

Strip 5.0
Ratio

4.0

3.0 SR Direct LOM SR

2.0

1.0

0.0
Actual Actual Actual Actual Budget Budget Budget
2000 2001 2002 2003 2004 2005 2006
 Process Flowsheet
Extendable
10. 0

8. 0
Overland Grasshopper
Strip Ratio

6. 0

Conveyor
4. 0

2. 0

0. 0
2000 2001 2002 2003 2004 2005 2006
Conveyors
SR LOM SR

Static
Oxide Ore Grizzly Primary Secondary
Leach Leach Idle Ore
Tip Point
Vibrating
Grizzly Anti - Scalent Anti - Scalent
Primary Jaw Dosage Dosage
crusher

Pregnant Solution Intermediate Solution Excess Solution

Pond Pond Pond
Scalping
screen Cyanide
Make - Up
Agglomeration
Drum Overland
Weightometer Conveyor
Carbon in Solution
Columns
Cement
Silos Barren Solution
Secondary Safety Screen
Cone crusher Excess Solution
Anti -
Safety Screen
Regenerated Scalent
Carbon Raw Water Dosage
Storage Tank Hydrogen Peroxide Make - Up
Dosage
Regenerated
Carbon Loaded Carbon
Measuring Tank Storage Tank

Copper Sulphate Detoxification Barren Solution

Carbon Tanker Dosage Pond Pond
Transporting Carbon
to and from Sadiola Sulphuric Acid
Detoxified
Dosage Solution to
Environment
 Manpower Statistics
End 2003

Area National Expatriate Total

YATELA

Yatela permanent staff:

Mining & Geology 29 5 34
Plant 92 10 102
Other 56 3 59
Mining contractor
574 19 593
permanent staff

Total 751 37 788

 Gold Production

OUNCES (000's)

1,200
1,000
YATELA

800
600
400
200
0
2001 2002 2003 2004

Actual Gold Cum Gold Cum Feas

 Mineral Resources
(A) Yatela (B) Alamoutala
A CATEGORY2,691,038
TONNES GRADE (g/t) GOLD (kg) GOLD (oz)
Measured 2,691,038 0.95 2,568 82,565
YATELA

Indicated 13,617,192 2.57 35,056 1,127,082

Inferred 3,492,856 0.80 2,792 89,767
Total Yatela 19,801,087 2.04 40,416 1,299,414

B CATEGORY TONNES
957,708 GRADE (g/t) GOLD (kg) GOLD (oz)
Measured 957,708 1.56 1,493 48,007
Indicated 1,969,572 2.49 4,903 157,625
Inferred 931,991 1.88 1,752 56,322
Total Alamoutala 3,859,271 2.11 8,148 261,954

Above 0.40g/t and 0.70g/t cut-off grade for Yatela and Alamoutala respectively and within a US$400/oz
economic shell. Depletion projected from 30 November 2003 to 31 December 2003. Includes stockpiles.
 Ore Reserves

(A) Yatela (B) Alamoutala

A CATEGORY 1,946,681
TONNES GRADE (g/t) GOLD (kg) GOLD (oz)
YATELA

Proved 1,946,681 0.99 1,922 61,804

Probable 7,085,266 4.00 28,311 910,213
Total Yatela 9,031,947 3.35 3.35 30,233 972,017

B CATEGORY TONNES GRADE (g/t) GOLD (kg) GOLD (oz)

Proved 354,773 1.82 644,133 20,709
Probable 1,303,609 2.97 3,865,700 124,285
Total Alamoutala 1,658,382 2.72 2.72 4,509,833 144,994

Pit optimized and designed at US$325/oz.

Content of Pit on $350/oz cut-off
 Cost/Ore Tonne Chart

22

20

18
YATELA

US$ / t

16
14

12

10

8
2001 2002 2003 2004

Operating cost
 Cash Cost and Margin Chart
400
350
300
YATELA

250
US$ / oz

200
150
100
50
0
2001 2002 2003 2004

Operating cost Depreciation Gold price

 Cost Breakdown 2003

G&A
16%
YATELA

Mining &
Processing
Geology
26%
58%
 Cost Breakdown (G&A) 2003
Clinic
Procurement
Human
Resources
YATELA

Club Environmental
Asset Protection

General
Management

Alamoutala
Transport

Intercompany Site
Charges Administration

Maintenance of
Mine Property Finance
 Capex Breakdown
2003 CAPEX

Replacement
capital
Exploration
0%
projects
8%
2004 CAPEX BUDGET
YATELA

Replacement
capital
4%
Exploration
New capital projects
52% 26%
Major projects
40%

Major
projects
0%
US$13.8 million

New capital
70%
US$3.3 million
 Capex Breakdown – 2004
New Capital – US$ 2.4 million
Heap leach pads 7-9 ($1.2 mil)
Duties on assets ($ 0.7 mil)
YATELA

Overland conveyor extension ($ 0.2 mil)

Replacement Capital – US$ 0.1 million

Vehicles ($0.1 mil)

Exploration projects – US$ 0.8 million

Brownfields ($0.6 million)
Alamoutala extension Infill drilling ($ 0.2 million)
 Currency Exposure

Currency split of total cash costs 2003

EURO
YATELA

30%

AUD, SAR, GBP

2%
USD
68%
 Exploration
Alamoutala
YATELA
 Challenges Ahead

Operating Costs

Labour Relations
YATELA

Social Development and Closure

Environmental and Social
 Environmental

Environmental Management System (EMS)

Water Management and Monitoring

Cyanide Management and Monitoring

Dust Management and Monitoring

Closure Planning and Progressive Rehabilitation
 Social

Health programmes – eg. malaria control



Community development/foundation
 Community training
 Stakeholder consultation workshop (June)
 Stakeholder consultation committee



Projects – eg. mango plantation project



NGO interaction