Cambior Inc.: Closing of the Gross Rosebel Transaction.

Business Editors

LONGUEUIL, Quebec--(BUSINESS WIRE)--May 21, 2002

All amounts are expressed in US dollars

Cambior Inc. (AMEX:CBJ) (TSE:CBJ.) is pleased to announce that it closed its acquisition of Golden Star Resources Ltd.'s 50% interest in the Gross 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, $2 million was paid at closing and three payments of $1 million each are to be paid no later than the second, third and fourth anniversary of closing.

According to the terms of the transaction, Golden Star holds a gold price participation right on future production from Gross Rosebel. Such right entitles Golden Star to receive a quarterly payment of an amount equal to 10% of the excess, if any, of the average quarterly market price above $300/oz for gold production from the soft and transitional rock portions and above $350/oz from the hard rock portion of the Gross Rosebel property, up to a maximum of 7 million ounces produced.

In connection with the Gross Rosebel Transaction, other transactions relating to the Guiana Shield were also completed:

-- Golden Star transferred to Cambior its rights in the Headley's Reef and
Thunder Mountain properties adjacent to the Gross Rosebel property; and

-- Cambior received all of the shares of OMAI Gold Mines Limited ("OGML") held
by Golden Star (Cambior now holds 95% of the OGML voting shares) in
consideration of the assumption by Cambior of a loan made to Golden Star by
OGML as well as other liabilities related to OGML.

Louis P. Gignac, Cambior's President and Chief Executive Officer, stated: "The Gross Rosebel project will benefit from a strong synergy with the Omai mine operations in the Guiana Shield and the Company intends to further optimize capital expenditures through the transfer of available equipment from the Omai mine. The development of this multi-pit mining project will increase our exposure to rising gold prices. An optimized feasibility study is scheduled for the third quarter of 2002. The Gross Rosebel project will allow the Company to maintain significant gold production in the Guiana Shield and will contribute to the reduction of the Company's consolidated direct mining cost to below $200 per ounce".

The Company is planning to begin construction on the Gross Rosebel project by the end of the year. The construction and development period is estimated at twelve months. Average annual gold production is forecast at 177,000 ounces at an average direct mining cost of $168 per ounce.

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 issued from the February 2002 Special Warrant Placement trade at the Toronto Stock Exchange under the symbol "CBJ.WT".

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.