Cambior Reduces Gold Hedging Commitments.

Business Editors

LONGUEUIL, Quebec--(BUSINESS WIRE)--July 24, 2002

Cambior Inc. (AMEX:CBJ) (TSX:CBJ.TO) is pleased to announce that it has reduced its hedging commitments by 17% since the end of the second quarter of 2002, and 26% since the beginning of the year, by converting all its variable volume forward commitments, 434,000 ounces at $339 per ounce, into 227,000 ounces of fixed forward positions at an average price of $331 per ounce. This reduction was completed without any cash outlay by the Company.

The elimination of the variable volume forwards will reduce the quarterly fluctuation of the mark-to-market value of the non-hedge derivative instruments which has affected Cambior's results over the past year.

The updated revenue protection program is outlined in the attached table. Cambior is reducing its hedging commitments as per the modifications to its credit agreement with its lenders announced on June 12, 2002, whereby the requirement to hedge was reduced from 70% to 35% of production from its existing gold mines until 2005.

Louis P. Gignac, President and CEO of Cambior, stated "The reduction and the simplification of the hedge book are in line with our strategy and will allow a better understanding of our revenue protection program by investors and increase our exposure to the gold market".

Cambior Inc. is an international gold producer with operations, development projects and exploration activities throughout the Americas. Cambior's shares trade on the Toronto (TSE) and American (AMEX) stock exchanges under the symbol "CBJ". Cambior's warrants, "CBJ.WT" and "CBJ.WT.B", trade on the Toronto Stock Exchange.

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 2002 Annual Information Form filed with the securities commissions of all provinces in Canada, and with the United States Securities and Exchange Commission, as well as the TSE and the Amex.

REVENUE PROTECTION PROGRAM

The Company's gold sales and delivery commitments, with the financial counter-parties, as at July 24, 2002 are as follows:

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                       2002(1) 2003  2004   2005   2006   2007  Total
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FORWARDS
  Quantity   (000 ozs)  114    363    255    155    130     56  1 073
  Average price ($/oz)  303    294    309    317    326    350    308
PREPAID GOLD
 FORWARDS
  Quantity   (000 ozs)   26     52     52     52      -      -    182
  Average price ($/oz)  235    235    235    235      -      -    235
SPOT DEFERRED (long)
  Quantity   (000 ozs)  (50)   (50)     -      -      -      -   (100)
  Average price ($/oz)  315    313      -      -      -      -    314
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MINIMUM DELIVERY
 OBLIGATIONS
  Quantity   (000 ozs)   90    365    307    207    130     56  1,155
  Average price ($/oz)  277    283    296    296    326    350    297
CALL OPTIONS SOLD
  Quantity   (000 ozs)  125     10    104      -      -      -    239
  Average price ($/oz)  302    300    301      -      -      -    302
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TOTAL DELIVERY
 COMMITMENTS
  Quantity   (000 ozs)  215    376    411    207    130     56  1,395
  Average price ($/oz)  292    283    297    296    326    350    297
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    (1) For the remaining period from July 24 to December 31, 2002.