Campbell Resources Increases Its Participation In Corporation Copper Rand To 26%.

Business Editors

MONTREAL--(BUSINESS WIRE)--July 25, 2001

Campbell Resources Inc. (NYSE:CCH)(TSE:CCH.) has acquired an additional 10% interest in Corporation Copper Rand (CCR) following the decision by SOQUEM INC. and the Societe de developpement de la Baie James (SDBJ), in accordance with the terms of their original investment, to exchange part of their interest in CCR into MSV Resources Inc. (MSV) convertible debentures, owner of the Copper Rand 5000 Project, situated in Chibougamau, Quebec. Campbell Resources now holds 26% of the capital in CCR through MSV, its wholly owned subsidiary.

MSV remains the Project's manager.

MSV is issuing, in consideration of this interest, convertible debentures totaling $2,500,000 bearing interest at a base rate of 8% annually plus added interest based on metals prices and CCR's production volume. These debentures are convertible into common shares of Campbell at a price of $1.025 per share.

CCR was created to facilitate the $45,000,000 financing of the Copper Rand 5000 Project. Following this exchange, the Solidarity Fund QFL holds 28% of the capital in CCR whereas the SDBJ and SOQUEM each hold 23%. Investissement-Quebec has granted CCR a term loan of up to $22 million.

Work on modifying the project's hoisting system and preparations for the deepening of shaft no. 4, begun in April, will be completed in a few weeks, on schedule. The shaft deepening contract has been awarded to Ross Finlay of Val d'Or, Quebec and work will begin shortly.

Measured and indicated resources for the Copper Rand project total 1.9 million tons grading an average of 1.55% Cu and 0.097 oz/t Au with a cut-off net smelter return of $35 per tonne. (Previously disclosed: March 28, 2001 Press Release and Joint Management Proxy Circular of May 10, 2001). The planned operation has a minimum life of 4.75 years and the deposit remains open laterally and at depth with a possible extension toward the Cedar Bay mine located 4,000 feet west of the Copper Rand mine. Pre-production at Copper Rand is expected to commence in the fourth quarter of 2002 with production commencing in January 2003 at a rate of 1,550 tons per day. It is currently estimated that 58 million pounds of copper and 166,000 ounces of gold will be produces over the current life expectancy of the mine.

With assets in the order of $4.1 billion, the Solidarity Fund QFL is an investment fund that relies on the savings of Quebecers, primarily through its RRSP, to help create and maintain jobs in Quebec-based companies and to further Quebec's economic growth. As at December 31, 2000, the Fund had close to 432,000 shareholders and to date has helped, on its own or with other financial partners, to create, preserve or maintain over 90,000 jobs.

The Societe de developpement de la Baie James (SDBJ), a Quebec government-owned economy-based corporation, has the mission to further the development of natural resources of the James Bay territory other than hydroelectrical resources within a perspective of sustainable development. For that purpose it may instigate, support and participate in the conduct of investment projects by fostering concert action among the various stakeholders of the region. Henceforth the SDBJ can invest risk capital in business concerns of the James Bay territory and for that purpose has an investment fund of forty million dollars.

SOQUEM INC. is a division of SGF Mineral inc., which is a subsidiary of the SGF. The mission of the SGF is to carry out economic development projects in co-operation with partners and in accordance with accepted requirements of profitability, in particular in the industrial sector.

Investissement Quebec is a government corporation with a full range of resources to both attract foreign investment and support the development of Quebec-based companies of all sizes in order to create jobs. It makes use of significant financial levers to promote investment projects that meet the government's economic development priorities.

Campbell Resources is a mining company focusing mainly in the Chibougamau region of Quebec, holding interests in gold and gold-copper mining properties.

Forward-Looking Statements

Certain information contained in this release contains "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and is subject to certain risks and uncertainties, including those "Risk Factors" set forth in the Campbell's current Annual Report on Form 10-K for the year ended December 31, 2000. Such factors include, but are not limited to: differences between estimated and actual mineral reserves and resources; changes to exploration, development and mining plans due to prudent reaction of management to ongoing exploration results, engineering and financial concerns; and fluctuations in the gold price which affect the profitability and mineral reserves and resources of Campbell. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Campbell undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect unanticipated events or developments.