Cambior Inc. and Golden Star Resources Limited - Omai Gold Mines Ltd. Awarded Two Adjacent Prospecting Licences in Guyana.MONTREAL--(BUSINESS WIRE)--Jan. 16, 1997--CAMBIOR (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 ., ME, TSE, AMEX CBJ.WTA WTA Washington Trails Association WTA Women's Tennis Association WTA World Transhumanist Association WTA Willingness to Accept WTA Winner-Take-All WTA Winner Takes All WTA World Toilet Association (Singapore) . ) GOLDEN STAR(AMEX GSR See Gigabit Switch Router. , TSE GSC GSC gas-solid chromatography. ) Cambior Inc. (Montreal) and Golden Star Resources Limited (Denver) are pleased to announce that Omai Gold Mines Limited has been granted exploration rights for two adjacent blocks of land, known as Quartz Hill and Omai River, in Guyana. New Mineral Policy in Guyana The award of these two prospecting licences was made within the context of the Mineral Policy recently announced by the Government of Guyana. This policy, as it applies to large scale mining operations, is essentially based on the Mineral Agreement for Omai Gold Mines that was signed in August 1991. However, the government will now impose a 10 percent consumption tax on fuel and will not seek a 5 percent free equity in new mining investment projects. The new policy will not change the terms relative to the Omai concession which will continue to be governed by the 1991 agreement. As for minerals that could be found on the Quartz Hill and Omai River properties, they would be subject to a 5 percent tax on fuel consumption when they are treated under the Omai concession. Exploration Licences The Quartz Hill and Omai River properties have a strategic location, adjacent to the Omai Gold Mines concession. Both properties cover an area of 50 km2 each and have promising gold exploration potential. They represent a strategic acquisition that will be integrated into the Omai mine concession, bringing the total area covered by Omai Gold Mines to 153 km2. A budget of $1 million is allocated in 1997 to cover data compilation, line cutting, reconnaissance mapping and geochemical and geophysical surveys on the Quartz Hill and Omai River properties as well as the Omai concession. The Omai mine, which is operated by Cambior, is one of the largest gold mines in South America. Cambior holds a 65 percent common share equity interest in Omai Gold Mines, while Golden Star holds a 30 percent interest and the Government of Guyana a 5 percent interest. Cambior Inc. 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. Golden Star Resources Limited is a gold and diamond exploration company with significant gold and diamond exploration interests in South America and Africa. Golden Star shares are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. ("GSC") and the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. ("GSR"). CONTACT: Cambior Inc. Geoffrey King (Media Relations), 514/878-8206 514/878-3324 (FAX) http://www.cambior.com info@cambior.com or Cambior Inc. Robert LaValliere (Investor Relations Investor relations The process by which the corporation communicates with its investors. ), 514/878-1282 514/878-3324 (FAX) http://www.cambior.com info@cambior.com or Cambior Inc. Victoria Putnam (Investor Relations), 514/878-3166 514/878-0635 (FAX) http://www.cambior.com info@cambior.com or Golden Star Resources Limited Richard A. Winters, 303/ 830-9000 1-800/553-8436 or Golden Star Resources Limited Gordon J. Bell, 303/ 830-9000 1-800/553-8436 |
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