Cambior buys Mobrun Mine Royalty and Audrey shares from Metall Mining.

MONTREAL--(BUSINESS WIRE)--Dec. 12, 1994-- Cambior Inc. ("Cambior") is pleased to announce that it has reached an agreement with Metall Mining Corporation ("Metall") with respect to the purchase by Cambior of (i) the 4% net smelter return royalty on production from the Mobrun Mine, located near Rouyn-Noranda in Northwestern Quebec, and (ii) the 1,250,000 common shares of Audrey Resources Inc. ("Audrey") held by Metall.

Cambior has agreed to purchase the royalty from Metall for a cash consideration of Cdn $11,000,000, payable in three installments, a first installment of $3,000,000 being payable upon closing, scheduled for December 23, 1994, a second installment of $3,500,000 due upon the first anniversary of closing and the final installment of $4,500,000 due upon the second anniversary of closing. The cash consideration for the above-mentioned share purchase amounts to Cdn $1,375,000, being $1.10 per share, and is payable upon closing of the royalty purchase. Cambior's participation in the share capital of Audrey will thus increase from 72.3% to 75% of the 45,479,801 common shares outstanding.

On January 24, 1994, Metall had advised Audrey of the exercise of its option to convert its undivided 50% interest in the Mobrun property into a 4% net smelter return royalty, pursuant to the terms of the joint operation agreement between them. Following Metall's withdrawal, Audrey pursued exploration and development work on its own and, on April 15, 1994, announced the approval of the feasibility study for the 1100 Lens Project by its Board of Directors and the obtaining from Cambior of the required financing with respect to the bringing into production of the 1100 Lens Project at a rate of 2,000 tonnes per day commencing in the first quarter of 1995.

Average annual production for the first five years of operation is estimated at 22,000 tonnes of copper concentrate grading 20%, 47,000 tonnes of zinc concentrate grading 54%, 358,000 ounces of silver and 23,800 ounces of gold.

The share purchase transaction described above is subject to regulatory approval.

Cambior is a major gold producer with operating and exploration activities in Canada, the United States, Guyana and various other countries in the Americas. Cambior's shares and warrants are listed on the Montreal and Toronto stock exchanges and on the American Stock Exchange (AMEX) in the United States, under the symbols CBJ, CBJ.WT and CBJ.WTA. Cambior currently holds 72.3% of the outstanding common shares of Audrey, which are listed on the Montreal and Toronto stock exchanges and trade on the NASDAQ market, under the symbols AUY et AUYMF for the NASDAQ market.

    Sources:         Cambior Inc.
                     Audrey Resources Inc.

CONTACT: Cambior Inc.

             Robert LaValliere, Manager Investor Relations
             514/878-3166

INDUSTRY KEYWORD: MINING REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or

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