Cambior Announces its First Quarter Gold Production: In Line With Forecast.LONGUEUIL, Quebec This article is about the central municipality of Longueuil. For the agglomeration city, see Urban agglomeration of Longueuil. Longueuil (English pronunciation [lɑŋˈgɔɪ] -- Cambior Inc. (AMEX AMEX See: American Stock Exchange :CBJ CBJ Columbus Blue Jackets (NHL team) CBJ Central Bank of Jordan CBJ Conflict-Directed Backjumping CBJ Circuit Board Jack CBJ Code-Breakers Journal CBJ Class Broker for Java CBJ Color Bubble Jet )(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CBJ) All amounts are expressed in US dollars (unaudited) Cambior announces its first quarter gold production of 166,500 ounces, in line with its earlier forecast. First quarter gold production represents a 10% increase compared to the first quarter of 2004. Production results are as follows:
First Quarter Fourth Quarter
Gold mines (ounces of gold) 2005 2004 2004
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Rosebel 87,950 27,300 93,300
Omai 34,260 72,000 43,000
Doyon Division 37,100 43,500 31,300
Sleeping Giant Division (50%) 7,150 8,700 7,500
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TOTAL 166,460 151,500 175,100
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Non-gold mines(1) (in
millions of $)
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Niobium sales 12.6 6.1 12.4
Calcined bauxite sales 7.2 - 0.7
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(1) Sales from non-gold mines are preliminary. Final figures will be
released on May 12, 2005.
PRODUCTION HIGHLIGHTS Once again, the Rosebel mine in Suriname experienced a very strong quarter. A new milling record was established with some 1.8 million tonnes at an average grade of 1.55 g Au/t processed during the first quarter 2005. This represents an average throughput of 20,400 tonnes per calendar day compared to the previous record of 17,200 tonnes per day in the fourth quarter of 2004. Because of the increased processing rate, no further high grading The term high grading has uses in forestry, mining, and fishing relating to selectively harvesting goods. Also known as “cutting the best and leaving the rest” Mining is being performed at the mine and the average grade of the Pay Caro and Royal Hill pits is being processed at the mill. Gravity recovery improved and averaged 40% during the quarter combined with improvement in the stripping circuit, enabling Rosebel to reduce the gold-in-circuit inventory by 2,000 ounces. Phase 2 construction is progressing well and the effluent effluent waste from an abattoir carried away in liquid form. Disposal is a major problem because of the need to avoid pollution of waterways. See aerobic effluent treatment, anaerobic effluent treatment. treatment plant commissioned at the end of the quarter; the primary crusher-stacker-reclaim arrangement is scheduled to be available for production into June, one month ahead of schedule. Under-runs of $2 million are estimated in Phase 2 Construction. The Omai mine processed 1.3 million tonnes at 0.92 g Au/t from the low grade ore stockpiles accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. during the initial years of production. Recovery has remained above 90% in spite of the lower grade. Operations are normal, with costs affected by the high oil price in the first quarter. The Doyon Division focused entirely on its underground production during the first quarter and processed some 195,000 tonnes at a grade of 6.2 g Au/t supplied by both the Doyon and Mouska underground mines. These results represent a good improvement in tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. and grade over results from the previous quarter, but reflect the production cutback cut·back n. 1. A decrease; a curtailment: "The political effects of food cutbacks could be devastating" New York Times. 2. announced at the Doyon mine in September 2004. The Sleeping Giant Sleeping Giant may refer to: In geology:
v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. zones on the three additional levels generated by the mine deepening deep·en tr. & intr.v. deep·ened, deep·en·ing, deep·ens To make or become deep or deeper. Noun 1. deepening - a process of becoming deeper and more profound program is substantially completed and preparation of new production areas has been initiated. The Niobec mine is producing at maximum capacity and continues to enjoy a very strong market for ferroniobium. The investment program to improve recoveries in the concentrator and increase production is proceeding on time and within budget and should be completed in late September. A 20% increase in production is planned for the fourth quarter in order to maintain our world market share. The initial full quarter of production at OMAI Bauxite bauxite (bôk`sīt, bŏk`–), mixture of hydrated aluminum oxides usually containing oxides of iron and silicon in varying quantities. Mining Inc. (OBMI) was very successful with more than 44,000 tonnes of high-alumina calcined bauxite (RASC RASC Royal Astronomical Society of Canada RASC Reconfigurable Application Specific Computing RASC Royal Army Service Corps (British) RASC Royal Agricultural Society of the Commonwealth (UK) ) produced and sold or 18% above forecast. OBMI also implemented a price increase in January supported by a very strong demand for its products. A wholly-owned subsidiary of Cambior commissioned a new 14-megawatt power plant at Linden Linden, city, United States Linden, city (1990 pop. 36,701), Union co., NE N.J., in the New York metropolitan area; inc. 1925. During the first half of the 20th cent. to supply power to OBMI and the Government of Guyana for the Linden community. Power purchase agreements are in place to reimburse re·im·burse tr.v. re·im·bursed, re·im·burs·ing, re·im·burs·es 1. To repay (money spent); refund. 2. To pay back or compensate (another party) for money spent or losses incurred. all operating costs operating costs npl → gastos mpl operacionales and pay back capital with a competitive financial return. The project was commissioned on time with a $1 million under-run. OUTLOOK Louis P. Gignac, Cambior's President and Chief Executive Officer, stated, "Cambior is executing its operating and development plan as announced earlier in the year and has met its first quarter targets. We are not aware of any negative factors that would preclude pre·clude tr.v. pre·clud·ed, pre·clud·ing, pre·cludes 1. To make impossible, as by action taken in advance; prevent. See Synonyms at prevent. 2. us from meeting or exceeding our remaining objectives. We have increased our focus on our operations and internal projects and reduced our efforts towards acquisitions. We believe that our assets offer better potential to increase shareholder value in the current market environment." ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS The Annual General and Special Meeting of Shareholders of Cambior Inc. will be held at the Hilton Bonaventure Hotel in Montreal, Quebec, at 11:00 a.m. on Thursday, May 12, 2005. Management will update its shareholders on the progress of its investments in advanced projects and exploration programs. FIRST QUARTER 2005 FINANCIAL RESULTS CONFERENCE CALL It is expected that Cambior will release its first quarter 2005 financial results on May 12, 2005 at the Annual General and Special Meeting of Shareholders. Accordingly, Cambior anticipates hosting a conference call on May 13, 2005 at 10:30 a.m., local time, to discuss its first quarter financial results. Financial analysts are invited to participate in the call by dialing 1-800-377-5794 in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Outside of North America, please dial (416) 641-6705. Media and all other interested individuals are invited to listen to the live webcast on the Cambior website at www.cambior.com or through CCNMatthews at www.ccnmatthews.com/cambior. The conference call will be available for replay for a period of 48 hours by calling (416) 626-4100, reservation # 21243690. The webcast will also be archived on the Company's website. Cambior Inc. is an international gold producer with operations, development projects and exploration activities throughout the Americas. Cambior's shares trade on the Toronto (TSX) and American (AMEX) stock exchanges under the symbol "CBJ". Cambior's warrants, "CBJ.WT.C" and "CBJ.WT.D" trade on the TSX. Caution Concerning Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains certain "forward-looking statements", including, but not limited to, the statements regarding the Company's production targets and expected impacts on its results, expected sales of niobium niobium (nīō`bēəm), metallic chemical element; symbol Nb; at. no. 41; at. wt. 92.9064; m.p. about 2,468°C;; b.p. 4,742°C;; sp. gr. 8.57 at 20°C;; valence +2, +3, +4, or +5. and calcined bauxite, expected mine operating costs and intended investment plans for exploration and development projects. Forward-looking statements express, as at the date of this press release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events or results. Forward-looking statements involve a number of risks and uncertainties and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. , mining industry risks, risks associated with foreign operations, environmental risks and hazards, uncertainty as to calculation of mineral reserves, authorizations or licences and other risks referred to in Cambior's 2004 Annual Information Form filed with the Securities Commissions of all provinces in Canada and with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission (under Form 40-F), as well as the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. .
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First Quarter Fourth Quarter ended
GOLD PRODUCTION STATISTICS ended March 31, December 31,
(unaudited) 2005 2004 2004
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Rosebel (100%)(1)
Production (ounces) 87,950 27,300 93,300
Tonnage milled (t) 1,840,000 669,200 1,580,000
Grade milled (g Au/t) 1.55 1.59 1.93
Recovery (%) 94 91 95
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OMAI (100%)
Production (ounces) 34,260 72,000 43,000
Tonnage milled (t) 1,275,100 1,389,400 1,414,500
Grade milled (g Au/t) 0.92 1.73 1.05
Recovery (%) 91 93 91
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Doyon Division (2)
Production (ounces) 37,100 43,500 31,300
Tonnage milled (t)
Underground mines 194,630 303,500 180,100
Pit and low grade
stockpile - 29,000 21,900
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Total 194,630 332,500 202,000
Grade milled (g Au/t)
Underground mines 6.2 4.6 5.5
Pit and low grade
stockpile - 1.0 1.3
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Average 6.2 4.2 5.0
Recovery (%) 96 95 97
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Sleeping Giant (50%)
Production (ounces) 7,150 8,700 7,500
Tonnage milled (t) 21,360 23,700 22,500
Grade milled (g Au/t) 10.7 11.8 10.7
Recovery (%) 97 97 97
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TOTAL GOLD PRODUCTION
(ounces) 166,460 151,500 175,100
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(1) Production began in February 2004.
(2) Includes the Doyon and Mouska mines. Production from Mouska was
temporarily suspended in late December 2003 to allow for shaft
deepening. Production resumed in October 2004.
Cambior Inc. (TSX:CBJ) (AMEX:CBJ) |
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