Cambior Inc. Announces Record Fourth Quarter Production Results and Reserve Estimates for 1996.MONTREAL--(BUSINESS WIRE)--Jan. 23, 1997--Cambior Inc. (ME, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , 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 ) had record production of 155,000 ounces of gold during the fourth quarter of 1996. Gold production for the year increased by 13 percent to 502,000 ounces and a target of 550,000 ounces has been set for 1997. The company's gold mining reserves grew by 9 percent in 1996 to 6.1 million ounces in situ In place. When something is "in situ," it is in its original location. . Copper reserves total 11.2 million tonnes representing 25 billion lbs. of copper in situ. 1996 Fourth Quarter Production The three-month production record of 155,000 ounces of gold was attained at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. principally because of the excellent performance of the Omai mine where 93,000 ounces of gold were produced by an expanded mill that operated efficiently at an average of 20,500 tonnes/day. 1996 Annual Production For the year, Cambior Cambior Inc. was a Canadian based international gold producer with operations, development projects and exploration activities in the Americas. Cambior’s shares traded on the Toronto (TSX) and American (AMEX) stock exchanges under the symbol “CBJ”. produced 502,000 ounces of gold, compared to 446,000 ounces in 1995. Total zinc zinc, metallic chemical element; symbol Zn; at. no. 30; at. wt. 65.38; m.p. 419.58°C;; b.p. 907°C;; sp. gr. 7.133 at 25°C;; valence +2. Zinc is a lustrous bluish-white metal. It is found in Group 12 of the periodic table. production increased to 58,500 tonnes and total copper production rose to 8,300 tonnes. Cambior's share of production from the Niobec mine was 1.1 million kg 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. . The increase in gold production was primarily due to the resumption RESUMPTION. To reassume; to promise again; as, the resumption of payment of specie by the banks is general. It also signifies to take things back; as the government has resumed the possession of all the lands which have not been paid for according to the requisitions of the law, and the of production at the Omai mine during the first quarter, the successful completion of the Omai mill expansion during the second half of the year and increased gold production from the Bouchard-Hebert mine. In Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , Cambior's share of production from the Doyon mine of 105,000 ounces was similar to its 1995 output, despite the negative impact of an eight week strike in the second quarter of 1996. Gold production at Cambior's other Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. mines increased to 142,000 ounces in 1996 from 129,000 ounces in 1995. Total production of zinc and copper increased in 1996 with the start-up Start-up The earliest stage of a new business venture. of the Gonzague Langlois Langlois is a surname, and may refer to:
Reserves: Gold Gold reserves (excluding Metates and Yaou-Dorlin) increased by 9 percent during 1996 and are estimated at 6.1 million ounces in situ compared to the 1995 estimate of 5.6 million ounces in situ. Cambior was able to renew its reserves of 3.2 million ounces at the Omai mine and at its principal Canadian operations. Based on the September September: see month. 1996 reserve update, total proven and probable reserves at Gross Rosebel are 1.4 million ounces of gold in situ, of which Cambior's share is 700,000 ounces. In addition, the mineral inventory at Metates is estimated at 14 million ounces, of which Cambior's share is 7 million ounces. The mineral inventory at Yaou was updated in September 1996 to an estimated 900,000 ounces of gold, of which Cambior's share is 450,000 ounces. Reserves: Base Metals On the basis of major updates published during 1996, copper reserves at La Granja La Granja, Spain: see San Ildefonso. and El Pachon and other company operations and projects total 11.2 million tonnes, representing 25 billion lbs. of copper in situ. A significant increase in mining reserves at La Granja is expected by the end of the first quarter of 1997. Total zinc reserves are estimated at 1.2 million tonnes or 2.7 billion lbs. Production Targets for 1997 Cambior expects an improvement in gold production and has established a 1997 production target of 550,000 ounces. The Omai mine will benefit from a full year of operation of the mill expansion that has increased milling capacity from 12,000 tonnes/day to an average of 20,000 tonnes/day. Gold production at Omai is expected to increase to 340,000 ounces in 1997 compared to 255,000 ounces in 1996. In Canada, gold production is expected to record similar levels for all principal operations, except for the Chimo The term Chimo was widely used at one point in the Inuktitut language, which is spoken by the Inuit in northern Canada. According to folklore, when two people met on the Arctic tundra, they rubbed their chests in a circular motion and said, "Chimo" , meaning "Are you mine which was closed in December December: see month. 1996 and the Silidor mine which will close in the second half of 1997 because of depletion depletion n. when a natural resource (particularly oil) is being used up. The annual amount of depletion may, ironically, provide a tax deduction for the company exploiting the resource because if the resource they are exploiting runs out, they will no longer be able of their mining reserves. At its base metals operations, the Bouchard-Hebert mine is expected to operate at a full milling capacity of 2,600 tonnes/day in 1997 and produce 31,600 tonnes of zinc and 7,400 tonnes of copper. The Gonzague Langlois mine suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. operations in late 1996 but is expected to reopen re·o·pen tr. & intr.v. re·o·pened, re·o·pen·ing, re·o·pens 1. To open or be opened again: Officials reopened the airport after the snow was cleared. Schools reopen in September. in the second half of 1997 on the basis of an improvement in both mining methods and the zinc market. Cambior Inc. is an international diversified diversified (di·verˑ·s gold producer with operations, development projects and exploration activities in Canada, 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. , Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. , Guyana Guyana (gīăn`ə, –än`–), officially Co-operative Republic of Guyana, republic (2005 est. pop. 765,000), 83,000 sq mi (214,969 sq km), NE South America. , Suriname Suriname (s  rĭnäm`, –năm`), officially Republic of Suriname, republic (2005 est. pop. 438,000), 63,037 sq mi (163,266 sq km), NE South America, on the Atlantic Ocean. , Peru, Argentina Argentina (ärjəntē`nə, Span. ärhāntē`nä), officially Argentine Republic, republic (2005 est. pop. 39,538,000), 1,072,157 sq mi (2,776,889 sq km), S South America. and other
countries in the Americas. Cambior shares trade on the Toronto,
Montreal and the American (AMEX) stock exchanges under the symbol
"CBJ." -0-
CAMBIOR'S PRODUCTION
GOLD (ounces) 4th Quarter
1996 1996 1995
__________ _______ _______
Omai(1) 92,833 254,950 175,080
Doyon(50 percent)(2) 26,993 105,055 109,386
Mouska 6,842 25,798 24,539
Silidor(45 percent)(3) 5,769 21,453 21,070
Chimo (4) 9,637 35,229 33,120
Sleeping Giant
(50 percent) 6,086 25,342 24,021
Bouchard-Hebert(5)
/Gonzague Langlois(6) 7,062 34,238 26,123
Valdez Creek (7) -- -- 32,750
_________ _______ _______
TOTAL 155,222 502,065 446,089
_________ _______ _______
BASE METALS
Bouchard-Hebert
Zinc (t) in concentrate 6,476 23,859 23,642
Copper (t) in concentrate 1,828 6,541 5,272
Gonzague Langlois
Zinc (t) in concentrate 6,208 34,681 --
Copper (t) in concentrate 298 1,749 --
Niobec (50 percent)
Nb (kg) 259,000 1,100,000 1,113,000
_________ _______ ________
(1) Omai was shut down due to a tailings dam failure in August 1995.
Operations resumed in February 1996.
(2) The Doyon mine was affected by an 8-week strike in the second
quarter of 1996.
(3) Mining activities at the Silidor mine will cease in the second
half of 1997.
(4) Mining activities at the Chimo mine ceased in December 1996.
(5) Gold and silver produced at Bouchard-Hebert and Gonzague
Langlois are reported in gold equivalent.
(6) The Gonzague Langlois mine (formerly known as Grevet) started
commercial production in the first quarter of 1996. Zinc production
was suspended in December 1996 due to the necessity of modifying the
underground mining method in certain sectors of the deposit and the
weakness of the zinc market.
(7) Valdez Creek ceased its mining operations in the third quarter
of 1995.
GOLD MINING RESERVES AND MINERAL INVENTORY
CAMBIOR'S SHARE
December 31, 1996 December 31, 1995
MINING RESERVES Tonnes Grade Ounces Tonnes Grade Ounces
(000's) g Au/t in situ (000's) g Au/t in situ
Omai (100 percent)
- Guyana Proven
and probable 66,612 1.5 3,207,600 68,912 1.5 3,261,000
Doyon (50 percent)
- Quebec Proven
and probable 4,731 5.4 818,000 4,756 5.4 827,000
Possible 2,935 7.1 671,000 2,954 7.2 685,000
Silidor (45 percent)
(1) - Quebec
Proven and probable 54 5.2 9,000 283 4.7 42,000
Mouska - Quebec
Proven and probable 157 10.3 52,000 193 8.7 54,000
Possible 100 10.9 35,000
Sleeping Giant (50
percent) - Quebec
Proven and probable 289 11.2 104,000 313 10.5 106,000
Bouchard-Hebert (2)
- Quebec
Proven and
probable 9,204 1.8 526,300 10,452 1.8 602,000
(2) (2) (2) (2)
Gross Rosebel (50
percent) - Suriname
Proven and probable
reserves as of
September 1996 15,225 1.5 694,500 -- -- --
Chimo (3) -
Quebec Proven
and probable -- -- -- 438 4.3 61,000
TOTAL GOLD
RESERVES (4) 6,117,400 5,638,000
(4) (4)
MINERAL INVENTORY
Yaou (5) - French
Guyana
(100 percent) 10,316 2.7 875,900 -- -- --
Cambior
(50 percent) 438,000 --
Probable mining
reserves as of
September 1996
Metates (6) -
Mexico (100
percent) 434,000 1.0 14,100,000 434,000 1.0 14,100,000
Cambior
(50 percent) 7,050,000 7,050,000
(1) Silidor will cease operations in the second half of 1997.
(2) Gold equivalent using a gold-silver ratio of 75.24.
(3) Chimo ceased operations in December 1996.
(4) Including the possible mining reserves at Doyon and Mouska mines.
(5) Cambior has the option to acquire a 50 percent interest in the
project. Under a separate agreement with Cambior, Cambiex
Exploration Inc. has a right to earn 30 percent of Cambior's
interest in the project.
(6) Figures show a total mineral inventory in gold equivalent:
Cambior has the option to acquire 50-70 percent of the Metates
project from its partner Industrias Luismin S.A. de C.V.
BASE METAL AND MINERAL MINING RESERVES AND MINERAL INVENTORY
CAMBIOR'S SHARE
BASE METALS AND
MINERALS December 31, 1996
MINING RESERVES Tonnes Grade Copper Zinc
(000's) Zn+Cu=p.cent in situ in situ
(tonnes) (tonnes)
________ ____________ _______ _______
Bouchard-Hebert - Quebec 9,204 4.41 Zn 77,000 406,000
Proven and probable 0.84 Cu
39.7 g/t Ag
1.3 g/t Au
Gonzague Langlois - Quebec 10,106 8.07 Zn 45,000 816,000
Proven, probable and
possible 0.44 Cu
35.8 g/t Ag
0.1 g/t Au
Carlota - United States 95,854 0.44 Cu 467,000 ---
Proven and probable
Niobec (50 p.cent) - Quebec 5,919 0.73 Nb2O5 --- ---
p.cent
Proven and probable
La Granja (1) - Peru 1,300,000 0.61 Cu 7,930,000 ---
Proven and probable
El Pachon - Argentina
(50 p.cent) 441,000 0.62 Cu 2,721,000 ---
Proven and probable 0.015 Mo
p.cent
TOTAL 11,240,000 1,222,000
TOTAL
IN LB 24.8 billion 2.7 billion
December 31, 1995
Tonnes Grade
(000's) Zn+Cu=p.cent
______ ____________
Bouchard-Hebert - Quebec 10,542 4.31 Zn
Proven and probable 0.83 Cu
40.4 g/t Ag
1.3 g/t Au
Gonzague Langlois - Quebec 10,653 8.41 Zn
Proven, probable and possible 0.46 Cu
37.0 g/t Ag
0.1 g/t Au
Carlota - United States 95,854 0.44 Cu
Proven and probable
Niobec (50 p.cent) - Quebec 4,220 0.67 Nb2O5
p.cent
Proven and probable
La Granja(1) - Peru 724,941 0.69 Cu
Proven and probable
El Pachon - Argentina (50 p.cent) 343,680 0.63 Cu
Proven and probable
(1) Mining reserves estimate as of March 1996. Cambior has the
option to acquire 100 percent of the La Granja project from Minero
Peru S.A.
CONTACT: Cambior Inc. Geoffrey King Geoffrey King may refer to
Robert LaValliere, 514/878-1282 (Investor Relations Investor relations The process by which the corporation communicates with its investors. ) Victoria Putnam, 514/878-3166 (Investor Relations) http://www.cambior.com info@cambior.com |
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