Cambior extends its drilling program at the Metates Project.MONTREAL--(BUSINESS WIRE)--Nov. 30, 1994--Cambior Inc. ("Cambior") is pleased to announce that a supplementary budget supplementary budget supplement n (Pol) → Nachtragshaushalt m or -etat m of US $3.5 million has been approved for spending during the fourth quarter of 1994 and the first quarter of 1995 on the Metates Project, located in the state of Durango in northern Mexico. To date, over $4.3 million has been spent on this property, including US $2.6 million invested during the first nine months of 1994. A total of 25,000 meters have been drilled to date, and a preliminary inventory indicates the presence of over 200 million tonnes of ore grading 1.2 grams of gold equivalent. Four drills are presently active on the site, and some 20,000 additional meters of drilling are planned. The program is aimed at exploring the recently discovered North Zone and also includes drilling of the Main Zone on a 100 meter grid. The North Zone shows a geochemical anomaly similar in size to that of the Main Zone. An extensive metallurgical testing program is also being carried out by various groups; initial tests indicate the nature of the ore to be refractory. The metallurgical testing program includes bio-oxidation tests on the various types of ore and on sulfide concentrates recovered from the ore. The results of this work are expected by the end of 1995. Cambior may complete the acquisition of a 50% interest in the project by finishing the work required to prepare a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. by April 1996 and by paying its partner, Industrias Luismin S.A. de C.V. ("Luismin") a cash sum of US $6.25 million at such date. Alternatively, Luismin may at that time call upon Cambior to finance the full amount of the project's development, in which case (i) the amount payable to Luismin will be reduced to US $5 million, (ii) Cambior's interest in the project will be increased to 70%, and (iii) the amount to be funded by Cambior, together with competitive return thereon, will be repaid to Cambior on a priority basis from 80% of project cash flow. 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 Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and on 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. (AMEX AMEX See: American Stock Exchange ) in the United States, under the symbols 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 , CBJ.WT and 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) . CONTACT: Cambior Inc., Montreal
Robert LaValliere, Manager, Investor Relations
514/878-3166
INDUSTRY KEYWORD: MINING REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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