Cambior Announces a Mortgage Loan Agreement on its 50% Interest in the Niobec Mine.

Business Editors

MONTREAL--(BUSINESS WIRE)--June 16, 2000

All amounts are expressed in US dollars

Cambior Inc. (TSE:CBJ.) (AMEX:CBJ) announces today that it has concluded an agreement with Jipangu Inc. and a financial institution for a mortgage loan on its 50 % interest in the Niobec mine for a minimum of $13 million and is in discussion with a second financial institution to increase the mortgage to a maximum of $16 million.

Cambior has obtained to date firm commitments for $10 million from Jipangu and $3 million from a financial institution. The facility will be available as a single drawdown at the close of the transaction, which is scheduled on or before June 30, 2000.

Interest on these loans has been fixed on a cash basis at a per annum rate of LIBOR plus 250 basis points. The LIBOR rate will be defined for periods of 30, 60 or 90 days at the Borrower's discretion.

The facility will have an original term of 4.5 years and will be repayable in 16 consecutive quarterly installments commencing on March 30, 2001. The final maturity date will be December 31, 2004.

The recourses of the lenders under this facility will be limited to Cambior's 50 % interest in the Niobec assets and in Cambior's share of the cash flow generated by the mine. Cambior will grant a security interest to the lenders over its interest in the Niobec mine.

Jipangu's facility fees will be paid by Cambior through the issuance of 2.5 million warrants to purchase common shares of Cambior exercisable at US$0.75 per share on or before December 31, 2000.

The closing of this transaction is subject to the negotiation and execution of definitive documentation, regulatory approval and the obtaining of the consent of Teck Corporation (holder of the other 50 % interest in the Niobec mine) and of the lenders under Cambior's Credit Facility.

Proceeds from this facility, together with a portion of Cambior's available liquidities, will enable Cambior to complete payment of the $17.2 million remaining to be repaid to meet its $75 million repayment obligation by June 30, 2000, to its lenders under its Credit Facility Agreement. Louis P. Gignac, President and Chief Executive Officer of Cambior, stated "Completion of the repayment of $75 million to our lenders on schedule by June 30, 2000 represents the achievement of an important milestone in the fulfillment of Cambior's financial obligations. We will continue our efforts and hope to complete the repayment or long-term restructuring of our remaining financial obligations during the summer."

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

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 include those disclosed under the heading "Risk Factors" in Cambior's Annual Information Form (AIF) filed with the Ontario Securities Commission, the Quebec Securities Commission, the United States Securities and Exchange Commission (Form 40-F) and other regulatory authorities.