Cambior Inc.: Increase in Mining Reserves at El Pachon and the Signing of The Pachon Cross-Border Protocol.

MONTREAL--(BUSINESS WIRE)--Jan. 14, 1997--CAMBIOR INC. (ME, TSE, AMEX CBJ., ME, TSE, AMEX CBJ.WTA.) Cambior Inc. is pleased to announce a major improvement in mining reserves at the El Pachon project to 882 million tonnes at 0.62 percent Cu representing 12 billion pounds of copper in situ. The El Pachon project is 50 percent owned by Cambior and located in Argentina, on the border with Chile. The governments of Argentina and Chile have signed a protocol agreement (El Pachon Cooperation Protocol) that will facilitate the efficient operation of the project. -0-

Mining Reserves

Mining Reserves    January 1997      March 1996

Proven and Probable  882 million       687 million
                       tonnes            tonnes
  Copper              0.62 percent Cu   0.63 percent Cu
  Molybdenum         0.015 percent Mo  0.014 percent Mo
Cutoff grade           0.4 percent Cu    0.4 percent Cu
Strip ratio          0.9:1             0.8:1

Geology

The El Pachon deposit is a typical porphyry copper deposit with chalcopyrite and molybdenum mineralization associated primarily with small veins of quartz within an intrusive host rock. Host rocks include principally andesite, diorite, tuff, and a siliceous breccia. The main intrusive is a diorite.

Argentina-Chile Cross-Border Agreement

To facilitate the exploitation of the El Pachon mining project, the governments of the Republic of Chile and the Republic of Argentina signed the El Pachon Cooperation Protocol at the beginning of January 1997. The agreement commits both governments to offer full border cooperation during the construction and operational phases of the mine and its infrastructure. Employees, goods, machinery and vehicles will be able to cross the common frontier as many times as necessary, by registering the entrances and exits of the delimited Area of Operations that contains all the infrastructure of the Cordillera Zone.

The Protocol becomes an annex of the "Acuerdo de Complementacion Economica No16 (ACE 16)" signed by both countries in 1991 and will be deposited by each government with the "Secretaria General de la Asociacion Latinoamericana de Integracion" (ALADI). The Protocol has the legal character of a treaty.

Feasibility Study and Project Update

The feasibility study, scheduled for completion by the end of March 1997, will take into account the increase of throughput to 100,000 tonnes per day. Metallurgical testwork, by using a coarse grind of 80 percent passing -200 microns, confirmed that flotation recoveries for copper vary between 85 percent and 92 percent depending on rock types. The diorite which is the main intrusive of the deposit has a flotation recovery for the copper of 92 percent. The flotation recovery for the molybdenum is in the order of 60 percent for all rock types. The copper concentrate also includes some precious metal credits (gold and silver). Capital cost and operating cost estimates will be updated following completion of the feasibility study.

Cambior is currently in discussions with the owners of the Los Pelambres Copper mine, located a few kilometres from El Pachon on the Chilean side, for the possibility of sharing some infrastructure.

Under the terms of its agreement, Cambior has earned a 50 percent ownership in the project from Compania Minera San Jose and has the responsibility for the development and operations of the project. Rothschild Natural Resources has been hired to support efforts in the search for equity funding, the marketing of the copper concentrate and the organization of project financing. Strategic Impact

The President and Chief Executive Officer of Cambior Inc., Louis P. Gignac, says "Work on the El Pachon feasibility study is progressing as anticipated and we have begun the process to solicit interests in equity participation and the marketing of copper concentrate. Preliminary indications are encouraging and we plan to firm up our development schedule with the benefit of the completed feasibility study and the results of the solicitation process."

Cambior is a major diversified gold producer with operations, development projects and exploration activities in North and South America. Cambior shares ("CBJ") are listed on the Toronto, Montreal and American (AMEX) stock exchanges.

CONTACT: Cambior Inc.

Robert LaValliere

(Investor Relations), 514/878-1282

514/878-3324 (FAX)

http://www.cambior.com

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or

Cambior Inc.

Victoria Putnam (Investor

Relations), 514/878-3166

514/878-0635 (FAX)

http://www.cambior.com

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Cambior Inc.

Geoffrey King (Press and Media), 514/878-8206

514/878-3324 (FAX)

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