Cambior-Codelco Alliance in Peru.

Business Editors

LONGUEUIL, QUEBEC--(BUSINESS WIRE)--May 1, 2002

CAMBIOR (AMEX:CBJ) (TSE:CBJ.)

Cambior Inc. is pleased to announce the signing of a letter of intent establishing the terms and conditions for the creation of an alliance to carry out exploration and development works in three areas of Northern Peru.

Exploration Agreement

Under this agreement, Codelco may earn a 50% interest in mineral property interests held by Cambior and covering 22,000 hectares located in the La Granja area of the Cajamarca department by spending $1.5 million and completing 3,000 metres of drilling over a three-year period. The agreement also covers other property interests held by Cambior and covering 8,640 hectares located in the Huamachuco region of the La Libertad department by meeting the same conditions as those set out in respect of the La Granja area transaction mentioned above. Finally, Cambior and Codelco will also participate in a gold and base metal generative exploration joint venture in a third region of Northern Peru. Codelco will fund the first $400,000 of exploration, and additional expenses will thereafter be funded by both parties.

Codelco agreed to a firm commitment to spend at least $1.0 million in the first 18 months on the La Granja and Huamachuco property interests and agreed to pay Cambior a sum of $1,050,000 in three cash instalments: $50,000 at the signing of the definitive agreements, $100,000 18 months after such signing, and $900,000 on the third anniversary of such signing. The proceeds from these payments will be used by Cambior to fund exploration in Peru.

This alliance will allow Cambior to aggressively pursue its exploration programs on the land holdings it acquired over the last seven years in Peru and Codelco to initiate its exploration activities in Peru.

Development Agreement

Thirty days after the deposit of a pre-feasibility study concerning one or more of the deposits in particular, Cambior or Codelco can acquire an additional 10% interest by financing a feasibility study. The attribution of this option to Cambior or Codelco is made according to the metal prevalent in the deposit in question (gold and silver in the case of Cambior and copper and other associated base metals in the case of Coldeco). In the thirty days following the deposit of a feasibility study and the decision to begin production, the partner holding the 40% interest will have the option to contribute its share of the development and construction costs to bring the project into commercial production, or to convert its 40% interest into a 15% carried interest giving it the right to eventually receive its share (15%) of the cash flow from operations after the reimbursement of capital invested.

Codelco (Corporacion Nacional del Cobre), wholly-owned by the state of Chile, is the world's largest copper producer and one of the industry's most profitable companies.

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".

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 2000 Annual Report on Form 20-F filed as its Annual Information Form 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.

Note to Editors: All amounts are expressed in US dollars.