IAMGOLD, division of Géant Dormant in Abitibi - Substantial Improvement in Severance Payments

    ROUYN-NORANDA, QC, June 7 /CNW Telbec/ - Seventy-seven percent of the 114
members of the United Steelworkers Union at the Géant Dormant division of
IAMGOLD, have voted in favour of the company's latest offer. The agreement not
only sees salary increases on the order of 9%, but also improves the clause
relating to severance pay. "We gained improvements in most of the clauses to
which we sought change, and the gains in severance payments are a priority
area for our members. The mine's active life is coming to an end, and the
results of exploration are not very promising at the moment," said spokesman
Gaétan Lyrette for the United Steelworkers (FTQ).
    "Our members are satisfied. After two days, we came out with an agreement
that meets most of our demands," added Jean-Pierre Arsenault, president of
Local 4796 of the United Steelworkers (FTQ).
    Salary increases are worth 4% for each of the first two years of the new
agreement, and 1% for the final year. In addition, each worker will be paid a
lump sum of $400 in January 2008. Negotiations also produced an agreement for
a closure bonus of $1,000 for each year of service. Premiums for evening and
night shifts have also been increased, as has the percentage for the pension
plan. In addition, workers will be entitled to a 10% increase in vacation pay,
if holidays are taken between November 1st and May 1st. Statutory holiday pay
will be according to the number of hours normally worked. Previously, the
company only paid eight hours, meaning that workers on 12-hour shifts lost
four hours. Finally, workers will be able to accumulate up to 32 hours per
year that they can use as leave or vacation time.

    IAMGOLD, a division of Géant Dormant, is a gold mine located in the
Abitibi region, halfway between Amos and Matagami.

For further information:

For further information: Gaétan Lyrette, United Steelworkers (FTQ),
(819) 856-4082

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