Cambior Makes Announcement.

MONTREAL--(BUSINESS WIRE)--Nov. 26, 1999--

Further to its press releases issued October 27 and November 12, 1999, Cambior Inc. (ME:CBJ.) (TSE:CBJ.) (AMEX:CBJ) ("Cambior") advises that the term of its Standstill Agreement executed on October 27, 1999 with its lenders and hedge counterparties has been extended by agreement among the parties. The Standstill Agreement will now remain in effect until December 10, 1999, subject to earlier termination under certain conditions. 6 Negotiations between Cambior and its lenders and hedge counterparties are continuing with a view to achieving definitive arrangements for the orderly fulfillment of Cambior's obligations to such parties over time (a "Definitive Plan").

The board of directors of Cambior remains firmly committed to maximizing shareholder value and continues to work with its financial advisors Bunting Warburg Dillon Read Inc. and management to pursue the most favorable course of action to this end. Cambior intends to pursue the sale of substantial gold or base metal assets, or both, or a corporate transaction or reorganization resulting in the sale of gold assets or base metal assets, or both. The board has instructed its financial advisors and management to proceed expeditiously with a process for eliciting offers from interested parties along these lines. This process is expected to result in a significant reduction of Cambior's debt and in the unbundling of Cambior's gold assets from its non-gold assets with a view to maximizing the value of these assets for the shareholders.

There can be no assurance as to the success of all or any of these efforts. Most if not all of the transactions to be considered would likely be subject to various approvals, including lender and hedge counterparty approval and regulatory approval, and other material conditions.

Likewise, while Cambior continues to believe that an agreement regarding a Definitive Plan can be achieved during the term of the Standstill Agreement, there can be no assurance that such an agreement will be reached. The failure to achieve such an agreement, or the early termination of the Standstill Agreement for any other reason, would be likely to have a material adverse effect on Cambior and its financial results, financial condition and prospects.

Cambior Inc. is an international diversified gold producer with operations, development projects and exploration activities throughout the Americas. Cambior's shares trade on the Toronto, Montreal 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.