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CAMPBELL
RESOURCES INC. PRESS RELEASE
For Release Immediately December 7, 2000
CAMPBELL RESOURCES TO FOCUS ON QUEBEC OPERATIONS
The Board of Directors of Campbell Resources Inc. announces that the Company is
adopting a new strategy to focus on its core mining operations in Quebec
including the transfer of its executive office to Montreal.
Plans are currently being formulated to carry out an exploration and development
program to increase the economic life of the Company's Joe Mann Mine in
Chibougamau, Quebec. The mine's operations were temporarily suspended on
November 10th awaiting further development plans. During the suspension it is
expected that an extensive diamond drilling and development program will be
undertaken to both increase the extent and confidence of the mineable reserves
and geological resources. Initially, work will focus on confirmation of higher
grade material previously identified. At the same time the experience of the
last six months will be evaluated to determine what improvements can be made to
increase the efficiency of the mine. Various alternatives to fund such a program
are currently being pursued.
In addition to the proposed new program at the Joe Mann Mine, the Company will
also pursue with others the rationalization of mining operations in the
Chibougamau area. Efforts will be focussed on sharing of common services with
nearby operations in an effort to reduce costs.
Given the Company's new focus, Campbell's operations in Mexico will be put on a
care and maintenance basis in 2001. The Cerro Quema project in Panama has been
on a care and maintenance basis since 1998.
As part of the increased focus on Quebec, the Board further announces that Mr.
John O. Kachmar, President and Chief Executive Officer and a Director, is
stepping down. The Board has appointed Mr. Andre Y. Fortier, of Montreal, as the
new President and Chief Executive Officer effective immediately. Mr. Fortier is
a mining executive with many years of experience in the Canada. He is Chairman
and Chief Executive Officer of MSV Resources Inc. and President of GeoNova
Explorations Inc., both of which are active near Campbell's operations in the
Chibougamau area. In addition to Mr. Kachmar, Mr. Rod Douglas has also resigned
as a Director. Mr. Fortier and Mr. Michel Blouin, a lawyer from Montreal, have
joined the Board.
Forward-Looking Statements: Certain information contained in this release
contains "Forward-Looking Statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and is subject to certain risks and
uncertainties, including those "Risk Factors" set forth in the Company's current
Annual Report on Form 10-K for the year ended December 31, 1999. Such factors
include, but are not limited to: differences between
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estimated and actual ore reserves; changes to exploration, development and
mining plans due to prudent reaction of management to ongoing exploration
results, engineering and financial concerns; and fluctuations in the gold price
which affect the profitability and ore reserves of the Company. Readers are
cautioned not to place undue reliance on these forward-looking statements which
speak only as of the date hereof. The Company undertakes no obligation to
release publicly any revisions to these forward-looking statements to reflect
events or circumstances after the date hereof or to reflect unanticipated events
or developments
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For further information please contact:
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CAMPBELL RESOURCES INC.
Andre Y. Fortier (CCH -NYSE, TSE)
President and Chief Executive Officer 120 Adelaide Street West, Suite 1910
Tel: (514) 875-9037 Toronto, Ontario M5H 1T1
Fax: (514) 875-9764
Lorna D. MacGillivray 120 Adelaide Street West, Suite 1910
Vice President, Secretary and General Counsel Toronto, Ontario M5H 1T1
Tel: (416) 366-5201 email: [email protected]
Fax: (416) 367-3294
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