Campbell Resources Inc. proceeds with C$14.5 million shaft deepening project.

TORONTO--(BUSINESS WIRE)--Sept. 24, 1996--Campbell Resources (Trading symbol CCH: NYSE, TSE, ME) is pleased to announce that a positive feasibility study on the proposed 1,100 foot shaft deepening at the Joe Mann Mine has been completed.

The $14.5 million project to deepen the production shaft from its current depth of 2,680 feet to a depth of 3,780 feet was approved by the Board of Directors today. Campbell will finance this project internally from cash on hand of $57.2 million at August 31, 1996.

Construction will begin in December and will take up to 18 months to complete. The deepened shaft will allow access to mine the 1,512,000 tons of ore grading 0.267 oz. gold/ton, or 404,000 ounces of gold that have been identified through exploration drilling over the past two years, below the deepest currently developed mine level.

On September 14, 1996 the collective bargaining unit represented by Le Syndicat de Travailleurs-euses de la Mine Meston (CSN) consisting of 184 employees at the Joe Mann Mine, negotiated wage increases over the next three years at rates of 0.73%, 1.22% and 1.22%. This will have a cumulative impact of $412,000. At the same time, previously negotiated wage concessions were removed and wage levels were returned to pre-concession levels.

The Joe Mann Mine, located in the Chibougamau area of Quebec, is on schedule to produce 69,000 ounces of gold in 1996. Production reached 36,900 ounces in the first six months of this year. The shaft deepening will not interrupt or negatively impact ongoing production.

Subsequent to the three high grade intersections at depth on the West Zone (reported in a press release dated August 23, 1996) an additional three exploration diamond drill holes have been completed. Results provide further evidence for an economic orebody to the west of the shaft: -0-

Hole No.    Intersection    Gold    Copper     Distance    Depth
             (feet)          Grade   Grade      West        (ft.)
                            (oz.     (%)        of Shaft
                          gold/ton)             (ft.)

U-6499       6.0             0.670    0.28      2,000       3,000
U-6505       6.0             0.134    0.12        900       2,807
U-6537       6.0             0.323    0.12      1,850       3,100

-0-

Campbell Resources is a growth-oriented junior gold mining company which produces gold from the Joe Mann Mine in Quebec and the Santa Gertrudis Mine in Mexico. The Company also has a feasibility stage gold project in Panama.

CONTACT: Campbell Resources Inc., Toronto

Elaine Elligham, 416/366-5201

Fax: [phone]