Cambior Secures New $65 Million Financing Commitment For Rosebel Gold Project.

Business Editors

LONGUEUIL, Quebec--(BUSINESS WIRE)--Nov. 21, 2002

Cambior(AMEX:CBJ)(TSX:CBJ.TO) is pleased to announce today that a commitment for a new credit facility has been received from a group of financial institutions for an amount of $65 million. The lead arranger for the facility is Scotia Capital and the banking syndicate is comprised of Standard Bank London Limited (syndication agent), the Bank of Nova Scotia, Societe Generale and NM Rothschild and Sons Limited. The loan may be further syndicated.

The credit facility consists of a non-revolving term loan for an amount of $55 million and a $10 million revolving credit facility, maturing on December 31, 2007. The term loan minimum repayments are scheduled as follows, with the initial reimbursement due on June 30, 2004:

-- 2004: $15 million ($5 million per quarter)

-- 2005: $16 million ($4 million per quarter)

-- 2006: $16 million ($4 million per quarter)

-- 2007: $8 million ($2 million per quarter)

Total: $55 million

The credit facility will bear interest at the London Interbank Offering Rate ("LIBOR") + 2.50% from the beginning of the construction of the Rosebel Project to the achievement of completion of the Rosebel Project as defined under the terms of the agreement. Thereafter, the interest margin above LIBOR will vary from 1.50% to 2.25% based on certain financial ratios.

This new credit facility will be used mainly to repay the $22 million balance under the existing credit facility and to finance the construction and development of the Rosebel Gold Project, located in Suriname. The additional funds required to finance the construction and development of Rosebel will come from available cash resources and operating cash flow generated from the Company's mining operations. As at September 30, 2002, Cambior had $35 million in cash resources.

Under the new credit facility, Cambior is required to maintain a Revenue Protection Program covering 30% of its expected production during the loan life period at a minimum price of $290 per ounce. The hedging commitment is subject to reduction following a decrease in the amount outstanding under the loan facility. As part of the Revenue Protection Program covenant, Cambior will have the right to roll forward its contracts up to the final maturity of the loan and the hedging lines will not be subject to margin calls. This covenant will allow Cambior to pursue its reduction of its Revenue Protection Program in accordance with its corporate strategy.

The agreement with the lenders is subject to the maintenance of various covenants and financial ratios similar to those currently in force. In addition, Cambior has agreed to repay up to $5 million from proceeds from the exercise of warrants in 2003 or new share issues.

The agreement with lenders is subject to Cambior securing necessary operating and development permits for the Rosebel Project from the Government of Suriname and subscribing to political risk insurance coverage for its investment in the project.

COMMENTARY

Louis P. Gignac, President and Chief Executive Officer of Cambior, stated that "we are pleased with the confidence expressed by the lenders in our Company and in the Rosebel Project. The new facility combined with our cash resources will provide us with the necessary funding to construct and develop the Rosebel Project in accordance with our timetable. The development of the Project will allow Cambior to maintain its current gold production profile while reducing our mine operating cost below $200 per ounce. We anticipate securing the additional requirements to allow for construction release of Rosebel before year end."

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

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 2001 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 TSX and the Amex.