Cambior Inc.: Sale of Zinc Assets for US$48 Million.

Business Editors

MONTREAL--(BUSINESS WIRE)--March 15, 2000

(TSE:CBJ.) (AMEX:CBJ)

All amounts are expressed in $US

Cambior Inc. ("Cambior") announces the signing of an Asset Sale and Purchase Agreement with Breakwater Resources Ltd. ("Breakwater") for the sale of its zinc assets for a consideration of US$48 million.

The agreement covers the sale of the Bouchard-Hebert and Langlois mining operations in the Abitibi region of Northwestern Quebec with related net working capital and metal hedging obligations. Breakwater has provided a down payment deposit of $2 million in support of this transaction. The remainder of the purchase price ($46 million) will be paid in cash at closing which is expected to occur on or about April 17, 2000 and will be subject to usual final net working capital adjustments. The agreement is subject to various standard conditions. In particular, Breakwater's obligations are subject to arranging financing on acceptable terms. Cambior's obligations are subject to obtaining written consents and the discharge of security interests in the Bouchard-Hebert and Langlois mines from its financial creditors and to the assignment of base metal hedging and other material contracts in favor of the purchaser.

These proceeds of $48 million, net of fees and related expenses of approximately $1 million, will be allocated as per the Creditor Agreements to the payment of accrued fees and interest ($5 million), the improvement of the gold hedging position ($8 million) and to the repayment of loans outstanding of $30 million.

The remainder ($4 million) will be retained by Cambior for its own working capital management. Thus, Cambior's debt due to its financial creditors will be reduced from $212 million to $182 million and the requirement to reduce obligations by $75 million before June 30, 2000 will have been partly met with these payments to financial creditors of $43 million, thereby leaving a balance of $32 million to be generated by June 30, 2000.

As part of its 1999 year-end valuation review, Cambior will reassess the value of all assets in the context of the asset disposition program and applicable market conditions. This review is expected to generate material write-downs for Cambior's assets.

The sale of the Bouchard-Hebert and Langlois operations will generate a pre-tax book loss of approximately $120 million which will be accounted into Cambior's 1999 year-end results.

Cambior intends to actively continue the process to reduce its debt leverage by focusing on the disposition of base metal assets. Cambior also intends to pursue all avenues to maximize shareholder value through corporate transactions and/or through the development of a focused gold company.

Cambior Inc. is a diversified international gold producer with operations, development projects and exploration activities throughout the Americas. Cambior's shares trade on the Toronto and American (AMEX) 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 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.