Campbell Resources Inc. announces completion of acquisition of Cerro Quema project in Panama.TORONTO, Ontario--(BUSINESS WIRE)--March 4, 1996--Campbell Resources Inc. of Toronto (CCII CCII Canadian Coalition for Influenza Immunization : TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , NYSE NYSE See: New York Stock Exchange , ME) announces that it has completed its previously announced acquisition of the Cerro Quema gold project in Panama through the acquisition of all of the shares of Minera Cerro Quema, S.A. from Cyprus Exploration and Development Corp., an affiliate of Cyprus Amax Minerals Co. for US$8,372,048. Cerro Quema is an advanced stage gold project with heap leachable reserves of 9.0 million tonnes grading 1.27 grams per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. , or approximately 370,000 contained ounces of gold. Campbell also announces that it is in the process of completing the related transactions with Compania de Exploration Mineral, S.A., a private Panamanian company which held a right of first refusal Right of First Refusal In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. with respect to the sale of the project and holds a net smelter royalty on the Cerro Quema property. With the completion of these transactions, Campbell will proceed quickly to complete a final feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. on the project with production targeted for the end of 1997. Campbell estimates that the capital costs for the development of the mine will be approximately US$28 million. The Cerro Quema project has an estimated six year life with production of approximately 50,000 ounces annually at a direct operating cost per ounce in the US$200 range. The acquisition of the Cerro Quema gold project will allow Campbell to reach production levels of 170,000 ounces of gold by 1998. CONTACT: Lorna D. MacGillivray, 416/366-5201 |
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