Cambior Enters Into a New $250 Million Credit Facility Agreement.

MONTREAL--(BUSINESS WIRE)--July 28, 1998-- Cambior(ME:CBJ.) (TSE:CBJ.) (AMEX:CBJ)

All amounts in US dollars Cambior Inc. is pleased to announce that it has entered into a new five year Extendible Revolving Term Credit Facility with a group of major international financial institutions for up to $250 million or 750,000 ounces of gold. The banking syndicate was arranged by the joint book managers Chase Securities Inc and The Bank of Nova Scotia with The Chase Manhattan Bank of Canada as Administrative Agent and The Bank of Nova Scotia as Syndication Agent and included Barclays Bank, National Bank of Canada, ABN AMRO Bank, Citibank, Credit Suisse First Boston, Deutsche Bank, Royal Bank and Societe Generale. This facility replaces the previous $225 million revolving credit facility which had a repayment schedule starting in June 1998 and a final maturity of December 31, 2001.

The facility provides for full revolving availability of $250 million until June 30, 2000 and thereafter willreduce in semi- annual amounts of $30 million (90,000 ounces). The initial maturity date will be June 30, 2003. The reduction schedule of the credit facility may be extended annually by one year by agreement between Cambior and the Banks. This new facility also provides for a general streamlining of administrative requirements from the lenders and less restrictive covenants. The benefit of this facility will be to greatly improve the financial position of Cambior and defer the start of the repayment schedule until mid-2000. On a pro-forma basis for June 1998, the total liquidity available to Cambior would have increased from $77 million to $126 million.

Henry A. Roy, Senior Vice President and Chief Financial Officer of Cambior, stated: "In the context of the weak gold market, we are most pleased with this expression of confidence by such a strong and supportive syndicate of international banks. This facility also provides greater flexibility in managing our financial position by increasing the borrowing capacity and delaying the start of repayments until June, 2000. This facility also provides for a sound financial base to continue our investment program in order to reduce costs at our current operations, and to prudently develop low-cost heap-leach gold projects."

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 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.

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

    CONTACT:  CAMBIOR INC.
               Robert LaValliere (Investor Relations), 514/878-1282
               514/ 878-3324  (FAX)
               http://www.cambior.com
               E-mail: [e-mail]
               or
               CAMBIOR INC.
               Victoria Putnam (Investor Relations), 514/878-3166
               514/878-0635  (FAX)
               http://www.cambior.com
               E-mail : [e-mail]