CAMBIOR OFFICIALLY LAUNCHES AN OFFER TO ACQUIRE ALL OF THE COMMON SHARES OF AUDREY RESOURCES INC. ("AUDREY").

MONTREAL, Quebec--(BUSINESS WIRE)--Aug. 31, 1995-- Further to a press release issued August 4, 1995 and following approval of the terms of the above mentioned offer by its Board of Directors, Cambior announces that an offer (the "Offer") will be filed tomorrow, September 1, 1995, to acquire all of the outstanding common shares of Audrey (excluding those presently owned by Cambior) in exchange for, at the option of the holder, either $1.40 in cash for each common share of Audrey or one common share of Cambior for each tranche of 10.5 common shares of Audrey deposited pursuant to the Offer. Cambior currently owns 34,121,998 common shares of Audrey, or approximately 75.03 percent of the total number of common shares of Audrey outstanding. Cambior will not issue fractional common shares and will make cash payments in lieu thereof.

The Offer is conditional upon, among other things, not less than 90 percent of the outstanding common shares of Audrey (excluding common shares of Audrey presently owned by Cambior) being validly deposited and not withdrawn prior to the expiry of the Offer. The Offer expires at 11:00 p.m. (Montreal time) on Monday, September 25, 1995 unless withdrawn or extended by Cambior.

In connection with the Offer, Cambior has retained the services of Coopers & Lybrand/ Laliberte Lanctot to provide an independent valuation of the common shares of Audrey. In their opinion, based on the assumptions and qualifications set forth in their valuation report dated August 30, 1995, the range for the fair market value of each common share of Audrey, is $1.15 to $1.32.

A copy of the Offer and the Offering Circular will be mailed to shareholders of Audrey by the depositary, Montreal Trust Company, on September 1, 1995, with Chemical Mellon Shareholder Services to serve as U.S. Forwarding Agent. Cambior has retained Levesque Beaubien Geoffrion Inc. to serve as dealer manager of the Offer and D.F. King & Co., Inc. as Information Agent in the United States.

Omai Mine

Cambior is pleased to report that the Government of Guyana, in a statement released yesterday, lifted its advisory regarding the water quality of the Essequibo River made in connection with the dam failure that occurred at the Omai Mine on August 19, 1995. Cambior continues to anticipate that it will be possible to resume operations at the mine within approximately three months.

It is estimated that Omai Gold will forego approximately US $2.5 million in net cash flow from operations for each full month during which mining operations are suspended. In addition, costs to be incurred at the Omai Mine during such standby period are estimated at US $1 million to $2 million per month. Additional capital costs in connection with this incident beyond those which were budgeted in connection with the previously authorized mill expansion are currently estimated at US $5 million.

Cambior is a major gold producer with operating and exploration activities in North and South America. Cambior's shares and warrants are listed on the Montreal and Toronto stock exchanges and on the American Stock Exchange (AMEX) in the United States under the symbols CBJ and CBJ.WTA.

CONTACT: Henry A. Roy, 514/878-1484

Robert LaValliere, 514/878-1282

Victoria Putnam, [phone]