Tolima Gold Inc. announced that it has entered into a binding letter agreement with IAMGOLD Corp. whereby Iamgold will have the option to acquire up to a 70% interest in 26 mining properties comprising Tolima's Ancal project and for further joint development of the Properties. Tolima Gold said that as consideration for the granting of the option, Iamgold has agreed to pay Tolima $1,000,000 in two equal installments of $500,000, the first one upon signing of the Agreement, and the second on March 29, 2013.

Iamgold may earn up to a 70% interest in the Properties as follows: Iamgold may earn a 51% interest in the Properties by, within 30 months of the date of the Agreement, incurring at least $6,000,000 of exploration investment, including no less than 12,000 meters of drilling; Iamgold may earn a further 9% interest in the Properties by, within two years of the exercise of the 51% option, incurring at least $6,000,000 of additional exploration investment, including no less than 12,000 meters of additional drilling; and Iamgold may earn a further 10% interest in the Properties by, within three years of the exercise of the 9% option, completing a feasibility study prepared in accordance with National Instrument 43-101.