Cambior Announces Its Second Quarter Financial Results.

Business Editors

LONGUEUIL, Quebec--(BUSINESS WIRE)--July 23, 2002

Cambior (TSX:CBJ.TO)(AMEX:CBJ):

-- Completion of public offering for proceeds of $39.2 million;

-- Reduction in financial obligations of $22.3 million; and

-- Production of 137,000 ounces in line with the operation plan.

ALL AMOUNTS ARE EXPRESSED IN US DOLLARS

SECOND QUARTER FINANCIAL RESULTS

For the second quarter ended June 30, 2002, revenues totaled $48.7 million, slightly lower than the corresponding quarter in 2001, and the operating margin (EBITDA1) was $8.4 million (6 cents per share) compared to $9.4 million (10 cents per share) for the second quarter of 2001.

Cash flows from operating activities were $0.1 million. No cash flows were recognized for the delivery of gold under the terms of the Prepaid Gold Forward Sale Agreement as the full proceeds thereof were received on January 12, 2001. If the value of gold delivered was included, adjusted cash flows from operating activities would have been $3.2 million (2 cents per share) compared to $7.3 million (8 cents per share) for the corresponding quarter of 2001.

Cambior continues to make steady progress towards returning to profitability. Earnings, prior to the non-cash adjustment in the valuation of non-hedge derivative instruments, were $0.6 million (0 cents per share) compared to a loss of $1.4 million (2 cents per share) for the corresponding quarter of 2001. Including this non-cash adjustment, the Company incurred a net loss of $3.1 million (2 cents per share) compared to a net loss of $10.9 million (12 cents per share) in the corresponding period of 2001.

As at the end of the second quarter of 2002, the Company had 154.6 million shares and 24.3 million listed warrants outstanding.

1 EBITDA: Earnings before interest, taxes, depreciation and amortization and unrealized non-hedge derivative losses and other.

FIRST SIX MONTHS FINANCIAL RESULTS

Revenues for the first six months of 2002 totalled $98.2 million compared to $97.4 million for the same period in 2001. EBITDA for the first six months was $18.3 million compared to $15.9 million for the corresponding period of 2001. The improvement in 2002 resulted from an increase of $15 per ounce in the realized price of gold.

Cash flows from operating activities amounted to $9.3 million. If the value of gold delivered was included, adjusted cash flows from operating activities would have been $15.4 million (12 cents per share) compared to $19.7 million (22 cents per share) for the corresponding period of 2001. This last amount does not consider the receipt of the $55.0 million proceeds from the prepaid gold forward agreement.

For the first six months of the year, earnings, prior to the non-cash adjustment in the valuation of non-hedge derivative instruments, were $2.1 million (2 cents per share) compared to a loss of $6.8 million (8 cents per share) for the first six months of 2001. Including this unrealized adjustment, the Company incurred a net loss of $13.5 million (11 cents per share) compared to a net loss of $11.8 million (13 cents per share) in the corresponding period of 2001.

PRODUCTION HIGHLIGHTS

For the second quarter of 2002, gold production totaled 137,000 ounces at a direct mining cost of $233 per ounce compared to 153,400 ounces at $219 in the second quarter of 2001. The decrease in production is mainly due to a decrease at the Omai mine, which was anticipated in the mining plan. Niobium production in the second quarter was 392 tonnes compared to 355 tonnes for the second quarter of 2001.

Gold production for the first six months of 2002 totalled 286,100 ounces at a direct mining cost of $219 per ounce, compared to 305,300 ounces produced in the same period last year at a cost of $219 an ounce. Cambior's share of production from the Niobec mine amounted to 821 tonnes of niobium, a 14% increase over the same period last year.

Production Highlights          Second Quarter ended June 30,
Cambior's share                   2002            2001
-----------------------------------------------------------
(Ounces /b direct mining
 costs ($/oz))
Omai                         73,500 /b $232    86,000 /b $227
Doyon Division               55,100 /b $236    59,300 /b $208
Sleeping Giant (50%)          8,400 /b $222     8,100 /b $212
-----------------------------------------------------------
Total                       137,000 /b $233   153,400 /b $219
-----------------------------------------------------------
Niobium production
 (tonnes Nb) (50%)                     392              355
-----------------------------------------------------------


-----------------------------------------------------------
Production Highlights            First Half ended June 30,
Cambior's share                   2002            2001
-----------------------------------------------------------
(Ounces /b direct mining
 costs ($/oz))
Omai                        155,500 /b $218   174,600 /b $220
Doyon Division              113,200 /b $222   114,300 /b $218
Sleeping Giant (50%)         17,400 /b $212    16,400 /b $208
-----------------------------------------------------------
Total                       286,100 /b $219   305,300 /b $219
-----------------------------------------------------------
Niobium production
 (tonnes Nb) (50%)                     821              719
-----------------------------------------------------------

The decrease in the second quarter's gold production at Omai was anticipated in the mining plan and is due to a lower grade of ore being milled as a result of processing an increased tonnage from the low-grade stockpile (0.8 g Au/t) and the completion of mining in the Wenot pit in April. The discharge of tailings into the Wenot pit began in May. The Omai mine will likely exceed its budgeted target of 285,500 ounces of gold this year by more than 15,000 ounces.

The Doyon Division produced 55,100 ounces of gold at a direct mining cost of $236 per ounce. The increase in the mining costs is due to a decrease in the grade from the underground mines during the quarter. In May 2002, the Company reached an agreement with the unionized workers of the Doyon Mine for the long-term renewal of the collective agreement until the end of November 2006.

During the quarter, Cambior's share of gold production from the Sleeping Giant mine totaled 8,400 ounces at a direct mining cost of $222 per ounce. Nearly 15,000 metres of diamond drilling were completed during the second quarter, including definition drilling, reserve development drilling and exploration drilling. Drilling confirmed the southern extension of lens 8 and the continuity of the ore in Lens 7 above level 665. A shaft deepening program is being considered at Sleeping Giant to allow access to resources at depth and to establish new drilling bases to explore for extensions to lenses, in particular Zone 8. A feasibility study should be completed in the fourth quarter.

During the second quarter, the Niobec mine received certification of its environmental management system (EMS) under the ISO 14001 standard. All of Cambior's operations have now achieved this prestigious certification.

FINANCIAL HIGHLIGHTS

Rebuilding Value: Create financial capacity while reducing financial obligations

As of June 30, 2002, Cambior has reduced its financial obligations to $68.5 million from $100.0 million at the beginning of the year, in line with its objective to aggressively pursue the reduction of its financial obligations. The reduction is mainly due to the Cdn $60 million unit public offering completed in May.

-------------------------------------------------------------------
(in millions of $)              June 30, 2002     December 31, 2001
-------------------------------------------------------------------
Long-term debt                           25.7                  51.1
Deferred revenue                         42.8                  48.9
-------------------------------------------------------------------
Financial obligations                    68.5                 100.0
-------------------------------------------------------------------

Capital expenditures for the second quarter of 2002 totaled $8.5 million compared to $4.4 million for the corresponding quarter in 2001. This increase is mainly due to the $2 million payment made to acquire Golden Star Resources Ltd.'s interest in the Rosebel project in Suriname. Investments were principally for underground exploration and development at the Doyon Division ($1.9 million), deferred development at the Omai Mine ($1.8 million) and the Rosebel Project ($2.8 million).

On June 12, 2002, Cambior announced that it had successfully negotiated a 50% reduction in its mandatory gold hedging covenants with its lenders. The mandatory hedging requirement is now fixed at 35% of production from its existing mines until 2005.

The Company also successfully negotiated a rescheduling for its remaining portion of the term loan with $3.4 million quarterly payments commencing June 2003 to September 2004 with a residual payment of $2.0 million on December 31, 2004. The Company intends, by the end of this year, to significantly reduce the size of its current revenue protection program when market conditions provide opportunity.

Due to the successful completion of its unit offering in May 2002, Cambior's cash resources increased to $32 million and shareholders' equity was $156 million or $1.01 (Cdn $1.53) per share at June 30, 2002.

Revenue Protection Program and Gold Market

The second quarter of 2002 featured sustained improvement in the market price of gold, with the price reaching a high of $327 per ounce. This improvement is due to several factors, including the recent weakness in the US dollar, the erosion of investor confidence following the wave of accounting/financial problems and the geo-political tensions and recent conflicts in the Middle East. During the quarter, gold averaged $312 per ounce, up $22 per ounce over the average price of gold in the first quarter of 2002.

In order to secure necessary net cash flows from operations to meet its financial obligations and satisfy bank covenants, the Company maintains a Revenue Protection Program for its gold operations. During the second quarter, the Company realized a price of $311 per ounce compared to a market price of $312 per ounce of gold.

The gold price at June 30, 2002 was $18 per ounce higher than at March 31, 2002 resulting in a negative adjustment of $3.7 million to the mark-to-market value for non-hedge derivative instruments which include call options and the variable volume forwards. This charge has no impact on cash flows and any future charges, either positive or negative, will decrease over time as these non-hedge derivative instruments will either expire or result in gold deliveries. In order to avoid the non-cash adjustments in future, the Company has decided to minimize the use of these optional instruments and the mark-to-market value of these instruments will become nil and have no further impact on the Company's earnings subsequent to 2004.

At June 30, 2002, the Company had gold commitments of 695,000 ounces at an average price of $324 per ounce with minimum delivery obligation of 230,000 ounces at $339 per ounce under these optional instruments. During the second quarter of 2002, the quantity of gold subject to the non-hedge derivative instruments declined by 20%. Total gold hedging commitments have been reduced by 206,000 ounces since the beginning of the year to 1,681,000 ounces at $304 per ounce on June 30, 2002.

EXPLORATION AND BUSINESS DEVELOPMENT

The Company is pursuing the increase of its asset base to generate further returns for its shareholders. During the quarter, the mined reserves at the Doyon Division were replaced and a study was initiated at the Sleeping Giant mine to assess various alternatives to gain access to deeper mining horizons and additional exploration targets.

The Company is also evaluating various investment opportunities in Canada, the Guiana Shield and Peru, to build on its current operating base.

A grassroots exploration program is underway on areas of the Omai mine property, including the Quartz Hill and Omai River concessions, which have not previously been explored. Thus far, there have been some encouraging stream sediment results and the Company is planning to proceed with follow-up groundwork. Drilling will be initiated on the most interesting targets this fall.

Exploration drilling is planned during the second half of the year on the La Grande Sud property in Northern Quebec, a joint-venture exploration project with Virginia Gold Mines, and on the Westwood-Warrenmac area, located on the eastern portion of the Doyon property, as well as properties to the west of Doyon.

Rosebel Gold Project

During the quarter, the Company completed the acquisition of Golden Star Resources' 50% interest in the Rosebel gold property, located in Suriname, to own a 100% interest therein. The purchase price was $8 million, of which an initial deposit of $3 million was paid to Golden Star on January 10, 2002, and a second tranche of $2 million was paid at closing in May; three payments of $1 million each are to be paid no later than the second, third and fourth anniversary of closing.

The Feasibility Study for the Rosebel project is advancing and should be submitted to the Government of Suriname during the third quarter. The Company is looking to begin construction on the Rosebel project by the end of the year following the securing of necessary financing.

OUTLOOK

Louis P. Gignac, President and CEO of Cambior, stated "During the third quarter, we will focus on the development of our asset base and pursue the reduction of our hedge book to benefit from the improving gold market. We also welcome Mr. Hiroshi Otsuka, Controller of Jipangu, to the Board of Directors in replacement of Mr. Tamisuke Matsufuji, who recently tendered his resignation from the Board."

Cambior Inc. is an international gold producer with operations, development projects and exploration activities throughout the Americas. Cambior's shares trade on the Toronto (TSE) and American (AMEX) stock exchanges under the symbol "CBJ". Cambior's warrants, "CBJ.WT" and "CBJ.WT.B", trade on the Toronto Stock Exchange.

This press release contains certain "forward-looking statements", as defined in the United States Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such risks and uncertainties are disclosed under the heading "Risk Factors" in Cambior's 2002 Annual Information Form filed with the securities commissions of all provinces in Canada, and with the United States Securities and Exchange Commission, as well as the TSE and the Amex.

HIGHLIGHTS
----------------------------------------------------------------------
                                 Second Quarter        First Half
(unaudited)                      ended June 30,       ended June 30,
All amounts in US dollars
                                 2002      2001      2002      2001
----------------------------------------------------------------------
RESULTS (in millions of $)
Total revenues                   48.7      49.9      98.2      97.4
EBITDA(1)                         8.4       9.4      18.3      15.9
Cash flows from operating
 activities                       0.1       7.3       9.3      74.7
Adjusted cash flows from
 operating activities(2)          3.2       7.3      15.4      19.7

Earnings (Loss) before the
 undernoted items                 0.6      (1.4)      2.1      (6.8)
Non-hedge derivative losses
 and other                       (3.7)     (9.5)    (15.6)     (5.0)
----------------------------------------------------------------------
Net loss                         (3.1)    (10.9)    (13.5)    (11.8)
----------------------------------------------------------------------
PER SHARE ($)
EBITDA (1)                       0.06      0.10      0.15      0.18
Cash flows from operating
 activities                      0.00      0.08      0.07      0.83
Adjusted cash flows from
 operating activities(2)         0.02      0.08      0.12      0.22

Earnings (Loss) before the
 undernoted items                0.00     (0.02)     0.02     (0.08)
Non-hedge derivative losses
 and other                      (0.02)    (0.10)    (0.13)    (0.05)
----------------------------------------------------------------------
Net loss                        (0.02)    (0.12)    (0.11)    (0.13)
Weighted average number of
 common shares outstanding
 (in millions)                  140.9      90.6     124.2      89.7
----------------------------------------------------------------------
GOLD PRODUCTION
Number of ounces
 produced (000)                   137       153       286       305
Number of ounces sold (000)       137       155       293       324
Accounting realized price
 ($per ounce)                     311       288       300       284
Average market price
($per ounce)                      312       268       301       266
Direct mining cost
($per ounce)                      233       219       219       219
----------------------------------------------------------------------
FINANCIAL POSITION (in
 millions of $)                   June 30, 2002     December 31, 2001
Cash and cash equivalents              32                   15
Total assets                          273                  252
Total debt                             26                   51
Deferred revenue                       43                   49
Shareholders' equity                  156                  112
----------------------------------------------------------------------

(1) Earnings before interest, taxes, depreciation and amortization and
    non-hedge derivative losses and other. (Note 13 of the notes to
    the consolidated financial statements).

(2) Cash flows from operating activities are presented without the
    deferred revenue. (Note 14 of the notes to the consolidated
    financial statements).

CAMBIOR INC.
----------------------------------------------------------------------
GOLD PRODUCTION                  Second Quarter        First Half
 STATISTICS                      ended June 30,       ended June 30,
(unaudited)                      2002      2001       2002       2001
----------------------------------------------------------------------
Omai (100%)
Production (ounces)            73,500    86,000    155,500   174,600
Tonnage milled (t)          1,935,200 1,953,400  3,866,400 3,895,400
Grade milled (g Au/t)            1.29      1.48       1.35      1.51
Recovery (%)                       91        92         92        93
Direct mining costs ($per
 tonne milled)                      9        10          9        10
Direct mining costs ($per
 ounce)                           232       227        218       220
Depreciation ($per ounce)          41        55         40        54
----------------------------------------------------------------------
Doyon Division (1)
Production (ounces)            55,100    59,300    113,200   114,300
Tonnage milled (t)
  Underground mines           321,500   308,800    632,900   600,500
  Low grade stockpile          11,900    17,300     20,100    66,100
----------------------------------------------------------------------
  Total                       333,400   326,100    653,000   666,600
Grade milled (g Au/t)
  Underground mines               5.6       6.2        5.8       6.1
  Low grade stockpile             1.0       1.0        1.0       1.0
----------------------------------------------------------------------
  Average                         5.4       5.9        5.7       5.6
Recovery (%)                       95        96         96        96
Direct mining costs ($per
 tonne milled)                     39        38         38        37
Direct mining costs ($per
 ounce)                           236       208        222       218
Depreciation ($per ounce)          63        65         63        68
----------------------------------------------------------------------
Sleeping Giant (50%)
Production (ounces)             8,400     8,100     17,400    16,400
Tonnage milled (t)             26,800    26,400     54,900    54,000
Grade milled (g Au/t)            10.1       9.9       10.2       9.7
Recovery (%)                       97        97         97        97
Direct mining costs ($per
 tonne milled)                     70        65         67        63
Direct mining costs ($per
 ounce)                           222       212        212       208
Depreciation ($per ounce)          44        39         44        52
----------------------------------------------------------------------
TOTAL GOLD PRODUCTION
 (ounces)                     137,000   153,400    286,100   305,300
DIRECT MINING COSTS ($per
 ounce)                           233       219        219       219
----------------------------------------------------------------------

CONSOLIDATED GOLD PRODUCTION COSTS
($per ounce)
----------------------------------------------------------------------
Direct mining costs               233       219        219       219
Refining and transportation         2         2          2         2
By-product credits                 (2)       (1)        (2)       (1)
----------------------------------------------------------------------
Operating costs                   233       220        219       220
Royalties                           9         7          9         7
----------------------------------------------------------------------
Total cash costs                  242       227        228       227
Depreciation                       50        58         50        59
Reclamation                         4         3          3         3
----------------------------------------------------------------------
Total production costs            296       288        281       289
----------------------------------------------------------------------

METAL PRODUCTION
Niobec (50 %)
Production of Ferroniobium
 (tonnes Nb)                      392       355        821       719
----------------------------------------------------------------------

(1) Includes the Doyon and Mouska mines.

SECOND QUARTER 2002

MANAGEMENT'S DISCUSSION AND ANALYSIS

The following discussion and analysis should be read in conjunction with the Management's Discussion and Analysis (MD&A) for the year ended December 31, 2001, the Company's annual audited consolidated financial statements, the notes relating thereto, supplementary financial information contained in the Company's Annual Report, and the quarterly financial statements and notes contained in this report.

During the second quarter of 2002, the Company continued to strengthen its balance sheet while maintaining a sound base of operations. Highlights included:

-- Completion of public offering for proceeds of $39.2 million;

-- Reduction in financial obligations of $22.3 million; and

-- Production of 137,000 ounces in line with the operation plan.

CONSOLIDATED OPERATIONS

During the second quarter of 2002, the Company produced 137,000 ounces of gold in accordance with its operating plan, and 392 tonnes of niobium. The gold production decreased by 16,400 ounces compared to the corresponding period of 2001, as a result of the completion of mining in the Wenot pit of the Omai mine in April. Revenues totaled $48.7 million compared to $49.9 million for the corresponding period last year. The lower production in 2002 was offset by a higher realized gold price and increased sales from the Niobec Division. EBITDA(1) totaled $8.4 million compared to $9.4 million in 2001 as a result of higher exploration and business development costs, and general and administrative charges.

During the second quarter of 2002, Cambior realized a profit, prior to adjustments for non-hedge derivative losses, of $0.6 million compared to a loss of $1.4 million during the second quarter of 2001. Non-cash accounting adjustments due to a non-hedge derivative loss totaling $3.7 million resulted in a net loss of $3.1 million ($0.02 per share) (see Revenue Protection Program) compared to a net loss of $10.9 million ($0.12 per share) for the corresponding period in 2001.

For the first half of 2002, gold production totaled 286,100 ounces compared to 305,300 ounces produced during the corresponding period in 2001. Cambior's share of production from the Niobec mine amounted to 821 tonnes of niobium compared to 719 tonnes in the first half of 2001. Revenues totaled $98.2 million during the first half of 2002 compared to $97.4 million for the corresponding period of 2001. EBITDA was $18.3 million as compared to $15.9 million for the corresponding period of 2001.

During the first half of 2002, Cambior realized a profit, prior to adjustments for non-hedge derivative losses, of $2.1 million compared to a loss of $6.8 million during the first half of 2001. Non-cash accounting adjustments due to non-hedge derivative losses of $15.6 million resulted in a net loss of $13.5 million ($0.11 per share) compared to a net loss of $11.8 million ($0.13 per share) for the corresponding period in 2001.

EXPENSES

Mine operating costs in the second quarter of 2002 totaled $37.6 million compared to $39.1 million incurred during the corresponding quarter of 2001. In terms of costs per ounce, direct mining costs were $233 per ounce during the second quarter of 2002, higher than the $219 per ounce incurred in the corresponding quarter of 2001. Mine operating costs in the first half of 2002 totaled $75.2 million ($219 per ounce), compared to $78.4 million ($219 per ounce) incurred during the corresponding period of 2001. Higher fuel costs adversely affected the Omai mine in 2002. The operating statistics for the gold operations are as follows:

----------------------------------------------------------------------
                                     Second Quarter ended June 30,
                                       2002                2001
----------------------------------------------------------------------
                                 Ounces    Direct     Ounces   Direct
                                           mining              mining
                                             cost                cost
                                         ($/ounce)           ($/ounce)
----------------------------------------------------------------------
Omai mine                        73,500       232     86,000      227
Doyon Division                   55,100       236     59,300      208
Sleeping Giant mine (50%)         8,400       222      8,100      212
----------------------------------------------------------------------
                                137,000       233    153,400      219
----------------------------------------------------------------------


----------------------------------------------------------------------
                                       First Half ended June 30,
                                       2002                2001
----------------------------------------------------------------------
                                 Ounces    Direct     Ounces   Direct
                                           mining              mining
                                             cost                cost
                                         ($/ounce)           ($/ounce)
----------------------------------------------------------------------
Omai mine                       155,500       218    174,600     220
Doyon Division                  113,200       222    114,300     218
Sleeping Giant mine (50%)        17,400       212     16,400     208
----------------------------------------------------------------------
                                286,100       219    305,300     219
----------------------------------------------------------------------

Depreciation, depletion and amortization amounted to $7.2 million for the second quarter of 2002 compared to $9.4 million in the corresponding quarter of 2001 and amounted to $14.9 million for the first half of 2002 compared to $19.1 million in the corresponding period of 2001.

The decrease in financial expenses from $1.3 million in the second quarter of 2001 to $0.5 million during the second quarter of 2002 is attributable to the debt reduction and lower interest rates. Financial expenses totaled $1.2 million during the first half of 2002 compared to $3.5 million during the first half of 2001.

Benefiting from significant tax pools and losses, the Company is not subject to tax on its earnings. The Company is, however, liable for capital taxes and taxes on large corporations in Canada.

1 Earnings before interest, taxes, depreciation and amortization and non-hedge derivative losses and other. (Note 13 of the notes to the consolidated financial statements).

REVENUE PROTECTION PROGRAM AND GOLD MARKET

The Company is required to maintain a Revenue Protection Program under the terms of the 2001 Credit Facility. This program ensures that adequate cash flows are generated to meet the Company's financial obligations.

During the second quarter of 2002, the Company recorded a realized price of $311 per ounce of gold sold compared to a market price of $312 per ounce. During the same period last year, the Company realized a price of $288 per ounce of gold sold compared to a market price of $268 per ounce.

The Company obtains an independent valuation of its portfolio of gold commitments for each reporting period. This market valuation is based on the market price, the rate of interest, the gold lease rate and volatility. The transactions for which the quantity, price and timing of delivery are fixed (forwards and prepaid gold forwards), are accounted for under the hedge accounting method. Transactions in which there is no certainty for one or more of its key components (price, delivery date, quantity) are treated as "non-hedge derivatives" and the variation in their mark-to-market valuations is included in the Consolidated Statement of Operations. The variation in these valuations can be significant and can impact materially on the earnings from one end of period to the other. Because the Company has decided to minimize the use of optionalities, accounting adjustments caused by the mark-to-market fluctuations of optionalities are expected to have no impact on earnings after 2004.

Due to an increase in the closing price of gold from $301 per ounce on March 31, 2002 to $319 per ounce at the end of June 2002, the mark-to-market value of these non-hedge derivatives has been reduced by $1.1 million but this charge has no impact on cash flows. At June 30, 2002, the Company had gold commitments of 695,000 ounces at an average price of $324 per ounce with minimum delivery obligations of 230,000 ounces at $339 per ounce under these optional instruments, which is higher than the $319 an ounce market price at June 30, 2002. Optionalities declined by 20% during the second quarter of 2002. Some of the call options were exercised and converted into forward sales for delivery in future periods. In accordance with the accounting guidelines, the Company will recognize the reversal of the unrealized losses when the gold is delivered on these new forward contracts.

Following a modification to its credit facility agreement, the Company will aggressively pursue the reduction of its commitments under the hedge book through deliveries and the timely repurchase of outstanding positions.

At June 30, 2002, the Company had minimum delivery obligations of 1,216,000 ounces at a price of $299 per ounce and total commitments of 1,681,000 ounces at a price of $304 per ounce. These commitments include the optionalities described above.

The estimated mark-to-market position of the Company's total commitments is summarized as follows:

----------------------------------------------------------------------
                      June   March   December  June   March   December
                       30,     31,      31,     30,     31,      31,
                      2002    2002     2001    2001    2001     2000
----------------------------------------------------------------------
Closing gold
 market price
 ($/oz)                319     301      277     271     258      273
----------------------------------------------------------------------
Mark-to-market value
 of hedge derivatives
 and prepaid gold
 forward instruments
 (M$)                (38.0)  (23.5)    (1.0)   (2.1)    6.4      0.7
Mark-to-market value
 of non-hedge
 derivative
 instruments
 recognized in the
 balance sheet (M$)   (7.4)   (6.3)     5.3     1.0    10.5      6.1
----------------------------------------------------------------------
Estimated mark-to-market
 value - Revenue
 protection program
 (M$)                (45.4)  (29.8)     4.3    (1.1)   16.9      6.8
----------------------------------------------------------------------
                               Second Quarter             First Half
                               ended June 30,           ended June 30,
                                2002     2001            2002    2001
----------------------------------------------------------------------
Impact on earnings of non-hedge
 derivative instruments (M$)
   Mark-to-market value at
    the end of period           (7.4)     1.0            (7.4)    1.0
   Mark-to-market value at
    the beginning of period     (6.3)    10.5             5.3     6.1
----------------------------------------------------------------------
Non-hedge derivative
 losses related to the
 variation on non-hedge
 derivatives instruments        (1.1)    (9.5)          (12.8)   (5.0)
Deferred non-hedge
 derivative losses related
 to the conversion of call
 options into forward
 instruments                    (2.3)       -            (2.3)      -
----------------------------------------------------------------------
Total non-hedge
 derivative losses              (3.4)    (9.5)          (15.1)   (5.0)
----------------------------------------------------------------------

The negative $7.4 million mark-to-market value recognized on the balance sheet will fluctuate in accordance with market conditions for the price of gold, volatility, interest rates and optionalities expiring at each end of period. The Company has begun minimizing the use of these instruments in the future and their effect on earnings will be completed by the end of 2004. The expiry schedule of the variable volume forwards and the call options is as follows:

2002         39.0%
2003         38.0%
2004         23.0%
------------------
            100.0%
------------------

CASH FLOWS FROM OPERATING ACTIVITIES

During the second quarter of 2002, cash flows from operations were $4.6 million, a decrease of $3.1 million from last year as a result of the delivery of 12,980 ounces against the prepaid gold forward sales agreement for which the Company receives no cash proceeds. During the second quarter of 2002, the Company made payments for insurance and working compensation costs for the entire year and its impact on the working capital investment resulted in the net cash flows from operating activities being reduced to $0.1 million compared to $7.3 million in the same period of 2001.

For the first half of 2002, cash flows from operating activities were $9.3 million compared to $74.7 million in the same period of 2001. The difference is mainly due to the receipt of the $55.0 million proceeds from the prepaid gold forward agreement (deferred revenue) in 2001, and the non-cash delivery of $6.1 million in gold in 2002.

INVESTMENTS

Investing activities for the second quarter of 2002 totaled $8.5 million compared to $4.4 million for the same period last year. Investments were principally for the Doyon Division, Omai mine and Gross Rosebel project. Investing activities for the first half of 2002 totaled $16.5 million compared to $10.3 million in the same period in 2001.

----------------------------------------------------------------------
(in millions of $)           Second Quarter        First Half
                             ended June 30,       ended June 30,
                                 2002                 2002
----------------------------------------------------------------------
Doyon                             1.9                  4.1
Omai                              1.8                  3.2
Gross Rosebel                     2.8                  6.2
Others                            2.0                  3.0
----------------------------------------------------------------------
Total                             8.5                 16.5
----------------------------------------------------------------------

Gross Rosebel project

During the second quarter of 2002, the Company continued to secure necessary authorizations and fulfil the conditions necessary to complete the acquisition of the remaining 50% interest in Gross Rosebel from Golden Star Resources. The transaction was completed during the second quarter and Cambior disbursed the $2.0 million balance on the initial acquisition price payment. A payment of $3.0 million was made during the first quarter of 2002. A long-term debt of $2.6 million was accounted for during the second quarter of 2002 which represents the discounted amount of the three instalments of $1.0 million each to be paid no later than May 2004, May 2005 and May 2006 respectively.

Work continued on the finalization of the feasibility study, which is scheduled to be completed in the third quarter of 2002. The Company continues to anticipate a construction and development release for the project in the fourth quarter of 2002.

In addition, contracts were concluded to perform engineering and design work to complete the Project's feasibility during the third quarter of 2002.

FINANCING ACTIVITIES

Issuance of shares and warrants

----------------------------------------------------------------------
2002                                  First       Second
(in millions of $)                   Quarter      Quarter        Total
----------------------------------------------------------------------
Issuance of shares
- Public offering                     17.3         38.6          55.9
- Exercise of warrants                   -          0.6           0.6
----------------------------------------------------------------------
                                      17.3         39.2          56.5
----------------------------------------------------------------------

During the first quarter of 2002, Cambior completed a private placement for gross proceeds of $17.3 million (Cdn $27.8 million). The financing included the sale of 21,346,154 special warrants at $0.81 (Cdn $1.30) per special warrant, each special warrant was exercised into one common share and one-half warrant. Each whole warrant entitles its holder to acquire one common share of Cambior at a price of Cdn $1.70 until February 27, 2003. In connection with the financing, the Company granted compensation options to the underwriters, valued at approximately $0.3 million, to purchase 1,067,308 units (one share and one-half warrant) at Cdn $1.30 each.

During the second quarter of 2002, Cambior completed a public offering for gross proceeds of $38.6 million (Cdn $60.0 million), of 27,272,728 units at $1.42 (Cdn $2.20) per unit, each unit consisting of one common share and one-half Series B common share purchase warrant. Each whole Series B warrant entitles its holder to acquire one common share at a price of Cdn $3.00 at any time prior to November 24, 2003. In connection with the financing, the Company granted compensation options to the underwriters, valued at approximately $0.6 million, to purchase 1,363,636 additional units at Cdn $2.20 each.

During the second quarter, some 1,110,731 additional common shares were issued following the exercise of warrants for total proceeds of $0.6 million (Cdn $1.0 million).

Reduction of financial obligations

----------------------------------------------------------------------
2002                                 First       Second
(in millions of $)                  Quarter      Quarter         Total
----------------------------------------------------------------------
Reduction of financial
 obligations
- Reimbursement of the 2001
 Credit facility                      (8.6)       (19.3)        (27.9)
- Delivery of gold on the
 prepaid forward                      (3.1)       ( 3.0)        ( 6.1)
----------------------------------------------------------------------
                                     (11.7)       (22.3)        (34.0)
----------------------------------------------------------------------

During the second quarter of 2002, as per the Cdn $60.0 million public offering agreement, a minimum of 50% of the gross proceeds thereof had to be used by the Company to repay outstanding indebtedness. Consequently, an amount of $19.3 million was used to repay outstanding debt under its 2001 Credit facility. In connection with such repayment, the credit facility agreement was amended to provide for a new schedule of payments for the term loan's outstanding balance, with $3.4 million quarterly payments commencing June 2003 to September 2004 and a residual payment of $2.0 million on December 31, 2004.

In March 2002, Cambior reimbursed $7.3 million under its revolving loan facility and $1.3 million under its term loan facility. At June 30, 2002, the Company had $10.0 million available under its revolving facility which is due at December 31, 2005.

During the first half of 2002, Cambior also reduced its financial obligations by $6.1 million by delivering 25,960 ounces of gold (12,980 ounces of gold each quarter) valued at $235 per ounce pursuant to its prepaid gold forward sale agreement.

NON-GAAP MEASURES

We have included a measure of earnings before interest, taxes, depreciation and amortization and unrealized non-hedge derivative losses ("EBITDA"), earnings before non-hedge derivative losses and adjusted cash flows from operating activities, because we believe that this information will assist investors' understanding of the level of our operational earnings and to assess our performance in 2002 compared to the prior year. We believe that conventional measures of performance prepared in accordance with generally accepted accounting principles ("GAAP") do not fully illustrate our core earnings. These non-GAAP performance measures do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. They are furnished to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Reconciliations of these non-GAAP performance measures are presented in notes 13 and 14 of the interim consolidated financial statements.

RISKS

By the very nature of its activities, the Company is subject to various financial, operational and political risks in the normal course of business. While the Company assesses and minimizes these risks by applying high operating standards, including the careful managing and planning of its facilities, hiring qualified personnel and developing their skills through training and development programs, establishing and maintaining internationally-recognized standards, independent audits and the purchase of insurance policies, these risks cannot be eliminated. Thus, readers are urged to read and consider the risk factors more particularly described in the Company's Annual Report and its Annual Information Form.

CAMBIOR INC.
----------------------------------------------------------------------
CONSOLIDATED OPERATIONS             Second Quarter        First Half
(in thousands of US dollars )       ended June 30,      ended June 30,
                                  2002       2001      2002      2001
(unaudited)                          $          $         $         $
----------------------------------------------------------------------
REVENUES
  Mining operations             48,643     49,493    98,037    96,791
  Investments and other income     118        396       181       617
----------------------------------------------------------------------
                                48,761     49,889    98,218    97,408
----------------------------------------------------------------------
EXPENSES
  Mining operations             37,632     39,119    75,214    78,381
  Depreciation, depletion and
   amortization                  7,177      9,437    14,857    19,111
  Exploration and business
   development                   1,275        548     2,003       950
  General and administrative     1,396        810     2,654     2,180
  Financial expenses               506      1,314     1,161     3,465
----------------------------------------------------------------------
                                47,986     51,228    95,889   104,087
----------------------------------------------------------------------
Earnings (Loss) before the
 undernoted items                  775     (1,339)    2,329    (6,679)
   Non-hedge derivative losses
    and other                   (3,701)    (9,467)  (15,630)   (5,037)
   Income and mining taxes        (164)       (79)     (221)      (94)
----------------------------------------------------------------------
Net loss                        (3,090)   (10,885)  (13,522)  (11,810)
----------------------------------------------------------------------
Basic and diluted loss per
 share (in dollars)              (0.02)     (0.12)    (0.11)    (0.13)
----------------------------------------------------------------------
Weighted average number of
 common shares outstanding
 (in thousands)                140,852     90,563   124,157    89,651
----------------------------------------------------------------------


----------------------------------------------------------------------
CONSOLIDATED CONTRIBUTED SURPLUS
(in thousands of US dollars)
(unaudited)
----------------------------------------------------------------------
Balance, beginning              23,047     23,047    23,047    23,047
Transfer to deficit (Note 7)   (23,047)         -   (23,047)        -
----------------------------------------------------------------------
Balance, ending                      -     23,047         -    23,047
----------------------------------------------------------------------


----------------------------------------------------------------------
CONSOLIDATED DEFICIT
(in thousands of US dollars)
(unaudited)
----------------------------------------------------------------------
Balance, beginning            (129,987)  (110,376) (117,876) (109,374)
Net loss                        (3,090)   (10,885)  (13,522)  (11,810)
Share and warrants issue
 expenses, net of
income taxes                    (2,864)       (13)   (4,543)      (90)
Transfer from contributed
 surplus (Note 7)               23,047          -    23,047         -
----------------------------------------------------------------------
Balance, ending               (112,894)  (121,274)  112,894) (121,274)
----------------------------------------------------------------------


----------------------------------------------------------------------
CONSOLIDATED CASH FLOWS            Second Quarter        First Half
(in thousands of US dollars )       ended June 30,      ended June 30,
                                  2002       2001      2002      2001
(unaudited)                          $          $         $         $
----------------------------------------------------------------------
OPERATING ACTIVITIES
Net loss                        (3,090)   (10,885)  (13,522)  (11,810)
Deferred revenue (Note 5)            -          -         -    55,000
Non-cash items:
  Depreciation, depletion and
   amortization                  7,177      9,437    14,857    19,111
  Deferred gains                  (708)      (955)     (878)    1,329
  Deferred revenue - Delivery of
   gold on the prepaid forward
  (Note 5)                      (3,055)         -    (6,111)        -
  Future income and mining
   taxes                             -         57         -       (27)
  Non-hedge derivative losses
   and other                     3,701      9,467    15,630     5,037
  Provision for environmental
   obligations                     475        363       942       814
  Other                             85        159       133       267
----------------------------------------------------------------------
                                 4,585      7,643    11,051    69,721
Changes in non-cash working
 capital items                  (4,461)      (265)   (1,751)    5,027
----------------------------------------------------------------------
Cash flows from operating
 activities                        124      7,378     9,300    74,748
----------------------------------------------------------------------
INVESTING ACTIVITIES
Investments                     (1,263)       805    (1,252)      841
Property, plant and equipment   (7,194)    (5,073)  (15,237)  (10,618)
Discontinued operations              -       (146)        -      (514)
----------------------------------------------------------------------
Cash flows used in investing
 activities                     (8,457)    (4,414)  (16,489)  (10,291)
----------------------------------------------------------------------
FINANCING ACTIVITIES
Long-term debt - Borrowings          -          -         -    63,575
Long-term debt - Repayments    (19,342)    (1,643)  (27,903) (120,270)
Deferred charges                     -          -         -    (2,085)
Shares and warrants issued net
 of issue expenses              36,968        (13)   52,901       (90)
----------------------------------------------------------------------
Cash flows from (used in)
 financing activities           17,626     (1,656)   24,998   (58,870)
----------------------------------------------------------------------
Effect of changes in the
 exchange rate on cash held in
 foreign currency                 (125)       230        35       421
----------------------------------------------------------------------
Net increase in cash and cash
 equivalents                     9,168      1,538    17,844     6,008
Cash and cash equivalents,
 beginning of period            23,262      8,018    14,586     3,548
----------------------------------------------------------------------
Cash and cash equivalents, end
 of period                      32,430      9,556    32,430     9,556
----------------------------------------------------------------------


CAMBIOR INC.
-------------------------------------------------------------
CONSOLIDATED BALANCE SHEETS          June 30,     December 31,
(in thousands of US dollars)           2002           2001
                                         $              $
                                    (unaudited)     (audited)
-------------------------------------------------------------
ASSETS
Current assets
 Cash and cash equivalents            32,430         14,586
 Accounts receivable                   3,121          3,134
 Settlements receivable                2,635          2,471
 Production inventories                5,474          8,001
 Supplies inventory and
  prepaid expenses                    20,588         19,185
-------------------------------------------------------------
                                      64,248         47,377
Investments (Note 3)                   3,184          1,934
Property, plant and
 equipment                           203,210        194,683
Deferred charges                       2,140          2,448
Fair-value of non-hedge
 derivatives (Note 8)                      -          5,330
-------------------------------------------------------------
                                     272,782        251,772
-------------------------------------------------------------
LIABILITIES
Current liabilities
 Accounts payable and accrued
  liabilities                         19,899         22,609
 Current portion of long-term
  debt                                 3,547          5,147
 Current portion of deferred
  revenue                             12,222         12,222
 Current portion of deferred
  gains                                4,611          3,661
-------------------------------------------------------------
                                      40,279         43,639
Long-term debt (Note 4)               22,220         45,930
Deferred revenue (Note 5)             30,556         36,667
Deferred gains                           997            498
Provision for environmental
 obligations and other                14,985         13,505
Fair-value of non-hedge
 derivatives (Note 8)                  7,432              -
-------------------------------------------------------------
                                     116,469        140,239
-------------------------------------------------------------
SHAREHOLDERS' EQUITY
Capital stock                        284,171        226,727
Contributed surplus (Note 7)               -         23,047
Deficit                             (112,894)      (117,876)
Cumulative translation
 adjustment                          (14,964)       (20,365)
-------------------------------------------------------------
                                     156,313        111,533
-------------------------------------------------------------
                                     272,782        251,772
-------------------------------------------------------------

NOTES AND COMMENTS TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements are prepared in accordance with generally accepted accounting principles (GAAP) in Canada. They are consistent, except for the change described in note 2, with the policies and practices used in the preparation of the Company's audited annual consolidated financial statements. These interim consolidated financial statements should be read in conjunction with the notes to the Company's audited consolidated financial statements for the year ended December 31, 2001.

The preparation of the interim consolidated financial statements compliant with generally accepted accounting principles requires management to make estimates and assumptions. These estimates affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods. Actual results could differ from these estimates.

In the opinion of management, all adjustments considered necessary for fair presentation of the results for the periods presented have been reflected in the consolidated financial statements.

2. CHANGE IN ACCOUNTING POLICY

On January 1, 2002, the Company adopted, retroactively, the recommendations of the Canadian Institute of Chartered Accountants Handbook Section 3870, "Stock-based Compensation and Other Stock-based Payments". This Section defines recognition, measurement and disclosure standards for stock-based compensation to non-employees and employees. These standards define a fair value-based method of accounting and encourage entities to adopt this method of accounting for its stock-based employee compensation plans. Under this method, compensation costs should be measured at the grant date based on the fair value of the award and should be recognized over the related service period. An entity that does not adopt the fair value method of accounting for its awards granted to employees is required to include in its financial statements pro forma disclosures of net earnings and earnings per share as if the fair value method of accounting had been applied. The Company has adopted the latter alternative treatment. The supplementary information required by this new Section is presented in note 10.

3. INVESTMENTS

                                   June 30, 2002     December 31, 2001
                                        $000               $000
----------------------------------------------------------------------
Shares of public companies, at cost    1,535                333
Amount receivable from the purchaser
 of the El Pachon project of
 $2,000,000 discounted at 6.125%       1,649              1,601
----------------------------------------------------------------------
                                       3,184              1,934
----------------------------------------------------------------------

The fair market value of the publicly-traded companies is $5,895,000 based on the last quoted market price on June 28, 2002 ($1,048,000 at December 31, 2001).

4. LONG-TERM DEBT

The long-term debt position is summarized as follows:

                                   June 30, 2002     December 31, 2001
                                        $000               $000
----------------------------------------------------------------------
2001 Credit facility
  Term loan                           22,440             42,994
  Revolving loan                           -              7,275
----------------------------------------------------------------------
                                      22,440             50,269
Balance of purchase price              2,593                  -
Obligations under capital
 lease                                   734                808
----------------------------------------------------------------------
                                      25,767             51,077
Current portion                        3,547              5,147
----------------------------------------------------------------------
Long-term portion                     22,220             45,930
----------------------------------------------------------------------

2001 Credit Facility

The interest rate on the 2001 credit facility is based on LIBOR + margin. The margin ranges from 2% to 3% and is calculated based upon the ratio of the net present value of projected cash flows during the loan life to the net debt outstanding. The interest rate at June 30, 2002 was 3.91% and 4.99% at December 31, 2001.

Under the terms of the 2001 credit facility, the Company is required to maintain a mandatory hedging program. Prior to June 12, 2002, the Company was required to maintain sufficient hedges to cover a minimum of 70% of its estimated net future gold production during the loan life at a minimum hedged gold price of $290 per ounce. Effective June 12, 2002, the amount of physical hedges required was reduced to 35% of estimated net future gold production.

The Company has $10,000,000 available under its revolving loan facility until December 31, 2005.

Balance of purchase price

The balance of purchase price relates to the residual purchase price consideration payable to Golden Star Resources Ltd. for the acquisition of its 50% interest in the Gross Rosebel Project. The debt is guaranteed by a pledge on the shares of Rosebel Gold Mines N.V. purchased by Cambior from Golden Star. The amount due represents the discounted value of the three $1,000,000 instalments due no later than May 2004, May 2005 and May 2006 respectively.

At June 30, 2002, the minimum reimbursements on the long-term debt for the coming years are as follows:

----------------------------------------------------------------------
Year of    Term loan   Obligations under   Balance of purchase   Total
repayment     $000      capital leases           price            $000
                             $000                 $000
----------------------------------------------------------------------
2002
 (6 months)      -             73                     -             73
2003        10,200            147                     -         10,347
2004        12,240            147                   907         13,294
2005             -            147                   864          1,011
2006             -            147                   822            969
2007             -             73                     -             73
----------------------------------------------------------------------
             22,440           734                 2,593         25,767
----------------------------------------------------------------------

5. DEFERRED REVENUE

On January 12, 2001, Cambior entered into a $55,000,000 prepaid gold forward sale agreement (the "agreement") with a financial institution, whereby Cambior is committed to deliver an aggregate of 233,637 ounces of gold in equal monthly deliveries commencing July 2001 to December 2005. The cash proceeds from this prepaid sale was accounted for as deferred revenue.

The deliveries of gold under the prepaid gold forward agreement are scheduled as follows:

----------------------------------------------------------------------
                          Number of ounces             $000
----------------------------------------------------------------------
2002 (6 months)                25,959                 6,112
2003                           51,919                12,222
2004                           51,919                12,222
2005                           51,919                12,222
----------------------------------------------------------------------
                              181,716                42,778
Current portion                51,919                12,222
----------------------------------------------------------------------
Long-term portion             129,797                30,556
----------------------------------------------------------------------

    As at June 30, 2002, the estimated mark-to-market value of the
agreement is negative $11,691,000, which is not accounted for in the
balance sheet.

6. ISSUANCE OF COMMON SHARES AND WARRANTS

----------------------------------------------------------------------
2002            First Quarter       Second Quarter        Total
----------------------------------------------------------------------
               Number of  Amount  Number of  Amount  Number of  Amount
                common             common             common
                shares             shares             shares
                  000      $000      000      $000      000      $000
----------------------------------------------------------------------
Securities
 offering      21,346    17,293   27,273    38,595   48,619    55,888
Exercise of
 warrants           -         -    1,111       649    1,111       649
----------------------------------------------------------------------
Total issued   21,346    17,293   28,384    39,244   49,730    56,537
Common share
 purchase
 warrants                   319                588                907
----------------------------------------------------------------------
                         17,612             39,832             57,444
----------------------------------------------------------------------

During the first quarter of 2002, Cambior completed a private placement for gross proceeds of $17,293,000 (Cdn $27,750,000). The financing included the sale of 21,346,154 special warrants at $0.81 (Cdn $1.30) per special warrants and each special warrant was exercised into one common share and one-half warrant. Each whole warrant entitles its holder to acquire one common share of Cambior at a price of Cdn $1.70 until February 27, 2003. In connection with the financing, the Company granted compensation options to the underwriters, valued at $319,000, to purchase 1,067,308 units (each being comprised of one share and one-half warrant) at Cdn $1.30 each.

On May 16, 2002, Cambior closed a public offering of 27,272,728 units at $1.42 (Cdn $2.20) per unit for gross proceeds of $38,595,000 (Cdn $60,000,000). Each Unit consisted of one common share and one-half Series B common share purchase warrant. Each whole Series B warrant will be exercisable at a price of Cdn $3.00 at any time prior to November 24, 2003. In connection with the offering, the Company granted to the underwriters compensation options, estimated at $588,000, without payment of additional consideration, exercisable to purchase up to an aggregate of 1,363,636 units (the "Underwriters' Units") at price of Cdn $2.20 per Underwriters' Unit. Each Underwriters' Unit consist of one common share and one-half of a Series B warrant.

During the second quarter, some 1,110,731 additional common shares were issued following the exercise of warrants issued previously for total proceeds of $649,000 (Cdn $1,018,000).

As at June 30, 2002, the maximum number of warrants exercisable is as follows:

----------------------------------------------------------------------
Date of       Expiry         Exercise price     Number         Number
issue         date              ($per share)    issued    outstanding
                                                   000            000
----------------------------------------------------------------------
January 12,   December 31,        Cdn $0.56      1,300            746
 2001         2005
December 12,  November 30,         US $0.83      4,950          4,950
 2001         2002
February 27,  February 27,        Cdn $1.30      1,067            560
 2002         2003
February 28,  February 27,        Cdn $1.70     11,207         11,187
 2002         2003
May 16,       May 16,             Cdn $2.20      1,364          1,364
 2002         2003
May 16,       November 24,        Cdn $3.00     14,318         14,318
 2002         2003
----------------------------------------------------------------------
                                                34,206         33,125
----------------------------------------------------------------------

7. CONTRIBUTED SURPLUS

At their annual general and special meeting held on May 7, 2002, the Company's shareholders adopted a resolution to apply amounts available from the contributed surplus account ($23,047,000) to reduce the Company's accumulated deficit.

8. REVENUE PROTECTION PROGRAM

a) Gold sales and deliveries

The Company's gold sales and delivery commitments, with the financial counter-parties, as at June 30, 2002 are as follows:

----------------------------------------------------------------------
                       2002   2003   2004   2005   2006   2007   Total
                   (6 months)
----------------------------------------------------------------------
FORWARDS
   Quantity  (000 ozs)   90    298    221     87    102     56    854
   Average
    price       ($/oz)  294    285    305    303    323    350    302
PREPAID
 GOLD
 FORWARDS
 (Note 5)
   Quantity  (000 ozs)   26     52     52     52      -      -    182
   Average
    price       ($/oz)  235    235    235    235      -      -    235
VARIABLE
 VOLUME
 FORWARDS(1)(3)
   Minimum
    quantity (000 ozs)   31     68     34     68     29      -    230
   Average
    price       ($/oz)  332    336    338    342    346      -    339
SPOT
 DEFERRED
 (long)
   Ounces    (000 ozs)  (50)     -      -      -      -      -    (50)
   Average
    price       ($/oz)  315      -      -      -      -      -    315
----------------------------------------------------------------------
MINIMUM
 DELIVERY
 OBLIGATIONS
   Quantity  (000 ozs)   97    418    307    207    131     56  1,216
   Average
    price       ($/oz)  280    288    297    299    328    350    299
CALL
 OPTIONS
 SOLD(2)
   Quantity  (000 ozs)  147     10    104      -      -      -    261
   Average
    price       ($/oz)  300    300    301      -      -      -    301
VARIABLE
 VOLUME
 FORWARDS(1) (3)
   Variable
    quantity (000 ozs)   30     60     30     60     24      -    204
   Average
    price       ($/oz)  332    336    338    342    346      -    339
----------------------------------------------------------------------
TOTAL
 DELIVERY
 COMMITMENTS
   Quantity  (000 ozs)  274    488    441    267    155     56  1,681
   Average
    price       ($/oz)  296    294    301    308    331    350    304
----------------------------------------------------------------------


(1) The Variable Volume Forward (VVF) position is for a nominal
    quantity of 288,504 ounces maturing at fixed delivery dates from
    July 2002 to May 2006. The delivery dates and strike prices are
    fixed, but the quantity to be delivered during any specific month
    may vary from a minimum of 80% (shown as minimum quantity in the
    table) up to a maximum of 150% of the nominal quantity based on a
    spot gold price ranging from $276 per ounce to $360 per ounce.
    Monthly test dates are set between July 2002 and May 2004.

    Each increase of $1 per ounce in gold price above $276, at each
    monthly test date, will increase by 59 ounces per fixed period the
    minimum quantity of the VVF positions up to 5,000 ounces per
    period and has been recognized as a delivery commitment on the
    table.

(2) The Company's contingent delivery obligations under the call
    options sold contracts will only take effect if the gold price is
    above the strike price of the relevant contract at its maturity
    date.

(3) Certain call options sold, forwards and VVF positions, totaling
    622,068 ounces, include a swap of the gold lease rate for the
    duration of the contracts. Pursuant to the swap agreements, the
    Company pays the floating gold lease rate and the counter-parties
    pay a fixed rate of 1.25% per annum.

(4) At June 30, 2002, the estimated mark-to-market value of Cambior's
    gold sales and deliveries commitments calculated at a spot price
    of $319 per ounce ($301 per ounce at March 31, 2002 and $277 per
    ounce at December 31, 2001) is the following:

----------------------------------------------------------------------
                           June 30, 2002     December 31, 2001
                               $000                 $000
----------------------------------------------------------------------
Forwards and prepaid gold
 forward                    (37,944)              (1,016 )
VVF and call options sold
 (accounted for in the
 balance sheet as fair
 value of non-hedge
 derivatives)                (7,432)               5,330
----------------------------------------------------------------------
                            (45,376)               4,314
----------------------------------------------------------------------

As part of the mandatory hedging program, Cambior can roll forward its contracts up to the final maturity date of the 2001 credit facility and is not subject to margin calls.

b) Foreign exchange contracts

The Company's Canadian dollar hedging commitments as at June 30, 2002 are as follows:

----------------------------------------------------------------------
                                2003       2004       2005       Total
----------------------------------------------------------------------
Fixed Forwards
 US dollars ($000)            55,455     36,422     16,039     107,916
 Exchange rate                1.5565     1.5654     1.5571      1.5596
----------------------------------------------------------------------

The Company is committed, through foreign exchange contracts, to deliver US $107,916,000 at an average exchange rate of Cdn $1.5596. As at June 30, 2002, the fair value gain of the foreign exchange contracts was $1,556,000. This amount was not accounted for in the consolidated statement of operations as the commitments of the Company to deliver US dollars are treated as hedge instruments. During the second quarter, the Company repurchased the 2002 foreign exchange contracts without major impact.

9. COMMON SHARE PURCHASE OPTION

At their Annual General and Special Meeting, the Shareholders approved an increase in the number of Common Shares issuable under the Stock Option Plan of 3,500,000 Common Shares for a new maximum of 9,000,000 Common Shares.

In accordance with its Stock Option Plan, during the second quarter of 2002, the Company granted 1,385,000 options at an exercise price of Cdn $2.20 each to directors, officers and key employees.

10. ACCOUNTING FOR COMPENSATION PLANS

The Company measures compensation costs related to awards of stock options using the intrinsic value based method of accounting. The Company is required to make pro forma disclosures of net earnings (loss), earnings (loss) per share and diluted earnings (loss) per share as if the fair value based method of accounting had been applied. The fair value of options granted was estimated using the Black-Scholes option-pricing model, taking into account an expected life of 5 years, a semi-annual risk-free interest rate of 5.07% in 2002 (5.06% in 2001) and a volatility of 85% in 2002 (95% in 2001). A compensation charge is amortized over the vested period.

Accordingly the Company's net loss and basic and diluted net loss per share would have been increased on a pro forma basis as follows:

----------------------------------------------------------------------
                                    Second Quarter ended June 30,
                                  2002     2001       2002       2001
----------------------------------------------------------------------
                                Actual     Pro      Actual       Pro
                                          forma                 forma
----------------------------------------------------------------------
Net loss ($000)                 (3,090)  (3,293)   (10,885)   (11,192)
Basic and diluted net
 loss per share ($)              (0.02)   (0.02)     (0.12)     (0.12)
----------------------------------------------------------------------

----------------------------------------------------------------------
                                     First Half ended June 30,
                                  2002     2001       2002       2001
----------------------------------------------------------------------
                                Actual     Pro      Actual       Pro
                                          forma                 forma
----------------------------------------------------------------------
Net loss ($000)                (13,522) (13,832)   (11,810)   (12,381)
Basic and diluted net
 loss per share ($)              (0.11)   (0.11)     (0.13)     (0.14)
----------------------------------------------------------------------

The weighted average fair value of options granted in 2002 was $1.00 ($0.25 in 2001).

11. SEGMENTED INFORMATION

The Company operates four gold mines: Omai, located in Guyana; Doyon, which includes the Mouska mine, and Sleeping Giant (50% ownership through a joint venture), located in Quebec, Canada. The Company is also a 50% owner, through a joint venture, of the Niobec mine, a niobium operation located in Quebec, Canada.

----------------------------------------------------------------------
                                               Sleeping
                                   Omai      Doyon     Giant   Niobec
                                   $000      $000      $000    $000
----------------------------------------------------------------------
Second Quarter ended June 30, 2002
Revenues                         22,651     17,528     2,688    5,778
Financial expenses                  599         44        12        -
Depreciation, depletion and
 amortization                     2,981      3,455       373      222
Divisional earnings (loss)          182        850       423    2,120
Capital expenditures              1,787      1,911       307      239
----------------------------------------------------------------------
Second Quarter ended June 30, 2001
Revenues                         26,104     15,997     2,218    5,106
Financial expenses                1,242       (86)         -        -
Depreciation, depletion and
 amortization                     4,762      3,838       314      375
Divisional earnings (loss)         (920)      (250)      183    1,051
Capital expenditures              2,872      1,619       248      235
----------------------------------------------------------------------
First Half ended June 30, 2002
Revenues                         46,829     34,153     5,315   11,742
Financial expenses                1,317         44         3        -
Depreciation, depletion and
 amortization                     6,187      7,167       771      440
Divisional earnings (loss)        1,668      1,445       818    3,554
Capital expenditures              3,204      4,058       632      599
Property, plant and
 equipment                       55,204     91,078     4,324   12,778
Divisional assets                71,454     94,195     4,981   19,713
----------------------------------------------------------------------
First Half ended June 30, 2001
Revenues                         51,555     31,112     4,507    9,637
Financial expenses                2,939       (86)         -        -
Depreciation, depletion and
 amortization                     9,479      7,727       858      734
Divisional earnings (loss)       (2,490)    (1,725)      222    1,371
Capital expenditures              5,156      3,839       631      457
Property, plant and
 equipment                       67,319     98,505     4,608   12,449
Divisional assets                84,643    101,578     5,069   19,249
----------------------------------------------------------------------

----------------------------------------------------------------------
                                Discontinued    Corporate       Total
                                 Operations    and others
                                    $000         $000            $000
----------------------------------------------------------------------
Second Quarter ended June 30, 2002
Revenues                               -          116          48,761
Financial expenses                     -         (149)            506
Depreciation, depletion and
 amortization                          -          146           7,177
Divisional earnings (loss)             -       (2,800)            775
Capital expenditures                   -        4,213           8,457
----------------------------------------------------------------------
Second Quarter ended June 30, 2001
Revenues                               -          464          49,889
Financial expenses                     -          158           1,314
Depreciation, depletion and
 amortization                          -          148           9,437
Divisional earnings (loss)             -       (1,403)         (1,339)
Capital expenditures                 146         (706)          4,414
----------------------------------------------------------------------
First Half ended June 30, 2002
Revenues                               -          179          98,218
Financial expenses                     -         (203)          1,161
Depreciation, depletion and
 amortization                          -          292          14,857
Divisional earnings (loss)             -       (5,156)          2,329
Capital expenditures                   -        7,996          16,489
Property, plant and
 equipment                             -       39,826         203,210
Divisional assets                      -       82,439         272,782
----------------------------------------------------------------------
First Half ended June 30, 2001
Revenues                               -          597          97,408
Financial expenses                     -          612           3,465
Depreciation, depletion and
 amortization                          -          313          19,111
Divisional earnings (loss)             -       (4,057)         (6,679)
Capital expenditures                 514         (306)         10,291
Property, plant and
 equipment                        14,525       29,465         226,871
Divisional assets                 14,525       46,320         271,384
----------------------------------------------------------------------


    Reconciliation of reportable operating divisional earnings (loss)
to net loss is as follows:

----------------------------------------------------------------------
                           Second Quarter           First Half
                           ended June 30,          ended June 30,
                          2002         2001       2002     2001
                          $000         $000       $000     $000
----------------------------------------------------------------------
Divisional
 earnings (loss)         3,575           64      7,485    (2,622)
Corporate and
 others                 (2,800)      (1,403)    (5,156)   (4,057)
----------------------------------------------------------------------
                           775       (1,339)     2,329    (6,679)
Non-hedge
 derivative losses
 and other              (3,701)      (9,467)   (15,630)   (5,037)
Income and mining
 taxes                    (164)         (79)      (221)      (94)
----------------------------------------------------------------------
Net loss                (3,090)     (10,885)   (13,522)  (11,810)
----------------------------------------------------------------------

    12. EARNINGS PER SHARE

    The following number of equity instruments was not included in the
computation of diluted earnings per share because to do so would have
been anti-dilutive for the periods presented.



----------------------------------------------------------------------
                            June 30, 2002        June 30, 2001
                              Number of            Number of
                             instruments          instruments
                                (000)                (000)
----------------------------------------------------------------------
Options                         5,661                4,979
Warrants                       33,125                6,300
----------------------------------------------------------------------
                               38,786               11,279
----------------------------------------------------------------------

    13. RECONCILIATION OF EARNINGS (LOSS) BEFORE NON-HEDGE DERIVATIVE
LOSSES AND EBITDA TO GAAP NET LOSS

    Earnings before interest, taxes, depreciation and amortization and
non-hedge derivative losses are summarized as follows:


----------------------------------------------------------------------
                         Second Quarter           First Half
                          ended June 30,        ended June 30,
                         2002      2001        2002       2001
                         $000      $000        $000       $000
----------------------------------------------------------------------
Net loss (GAAP)        (3,090)  (10,885)    (13,522)   (11,810)
Add :
Non-hedge
 derivative losses
 and other              3,701     9,467      15,630      5,037
----------------------------------------------------------------------
Earnings (Loss)
 before non-hedge
 derivative losses        611   (1,418)       2,108     (6,773)
Depreciation,
 depletion and
 amortization           7,177     9,437      14,857     19,111
Financial
 expenses                 506     1,314       1,161      3,465
Income and mining
 taxes                    164        79         221         94
----------------------------------------------------------------------
EBITDA                  8,458     9,412      18,347     15,897
----------------------------------------------------------------------

    14. RECONCILIATION OF ADJUSTED CASH FLOWS FROM OPERATING
ACTIVITIES TO GAAP CASH FLOWS FROM OPERATING ACTIVITIES

                                   Second Quarter          First Half
                                   ended June 30,      ended June 30,
                                    2002     2001      2002      2001
                                    $000     $000      $000      $000
---------------------------------------------------------------------
Cash flows from operating
 activities (GAAP)                   124    7,378     9,300    74,748
---------------------------------------------------------------------
Adjustments:
  Deferred revenue                     -        -         -   (55,000)
  Deferred revenue -
   Delivery of gold
   on the prepaid forward           3,055       -     6,111         -
---------------------------------------------------------------------
                                    3,055       -     6,111   (55,000)
---------------------------------------------------------------------
Adjusted cash flows from
 operating activities               3,179   7,378    15,411    19,748
---------------------------------------------------------------------
---------------------------------------------------------------------

    15. ADDITIONAL INFORMATION

    Foreign exchange rates were as follows:

---------------------------------------------------------------------
---------------------------------------------------------------------
Cdn $/US $                               2002                    2001
---------------------------------------------------------------------
---------------------------------------------------------------------
June 30             (Closing)          1.5162                  1.5140
March 31            (Closing)          1.5942                  1.5763
December 31         (Closing)               -                  1.5928
First Quarter       (Average)          1.5946                  1.5280
Second Quarter      (Average)          1.5549                  1.5409
First Half          (Average)          1.5744                  1.5344
---------------------------------------------------------------------
---------------------------------------------------------------------

    The number of common shares outstanding at the following dates
were:


---------------------------------------------------------------------
June 30, 2002                      154,634,000
March 31, 2002                     126,250,000
December 31, 2001                  104,904,000
---------------------------------------------------------------------