Campbell Resources Announces Third Quarter Financial Results



    IMPROVED OPERATING RESULTS, MERRILL PIT START-UP HIGHLIGHT SUCCESSFUL
    QUARTER

    MONTREAL, Nov. 8 /CNW Telbec/ - Campbell Resources Inc. (the "Company")
("Campbell") (TSX: CCH, OTC Bulletin Board:   CBLRF) today announced financial
results for the third quarter and nine month-period ended September 30, 2007.
Achievements during and subsequent to the period included:

    
    - Closing a $4 million financing to fund completion of development of the
      high-grade Corner Bay copper project near Chibougamau, Québec;
    - Receiving the final permits from the Quebec Ministry of Environment to
      allow mining of the Merrill Pit in line with the Company's strategy of
      developing satellite deposits to provide additional feed for the Copper
      Rand Mill;
    - Beginning production at the Merrill Pit;
    - Signing, through wholly-owned subsidiary Meston Resources Inc.,
      ("Meston"), a memorandum of understanding for the sale of the Joe Mann
      Mine property;
    - Making significant progress on Corner Bay development, completing
      540 meters of the 700 meter decline by quarter end;
    - Significantly increasing metal production at the Copper Rand Mine over
      the second quarter of 2007 as follows: gold by 97%, copper by 66% and
      silver by 75%;
    - Increasing Company-wide metal production over the second quarter of
      2007 as follows: gold by 2%, copper by 56% and silver by 19%;
    - Improving development performance from 19 feet per day in the first
      quarter to 31 feet per day in the third quarter;
    - Commissioning of the paste backfill plant;
    - Completing the back filling of mined-out areas.

    "The third quarter of 2007 was a significant quarter for Campbell during
which we achieved a number of milestones that put us on track for continued
improving results going forward," said André Fortier, Campbell's President and
Chief Executive Officer. "We are beginning to see increased production as a
result of the initiatives we have implemented at the Copper Rand mine. The
permitting and successful start-up at the Merrill Pit is an important part of
our strategy to provide additional profitable feed for the Copper Rand mill.
This capitalizes on available capacity and lowers unit costs. Further to this
strategy, development is proceeding well at the Corner Bay deposit and we
expect to begin mining and processing the higher grade ore from Corner Bay in
the fourth quarter."

    Financial Results

    For the third quarter of 2007, Campbell recorded a net loss of
$3.9 million, or $0.01 per share, on net metal sales of $12.5 million,
compared with a net loss of $4.9 million, or $0.04 per share, on net metal
sales of $2.1 million for the same period in 2006. The weighted average number
of common shares outstanding during the third quarter of 2007 was
409.2 million, compared to 110.3 million for the same period in 2006. Cash
used by operating activities was $0.03 million in the third quarter of 2007,
compared to cash provided by operating activities of $1.2 million for the same
period of 2006.
    The third quarter results include revenues from the first shipment of
August 3rd, representing a total 6,334 dry tons of concentrate. A total of
2,626 dry tons of concentrate remain in inventory at the Port of Québec. This
$4.4 million of inventory, valued at lowest of cost and net realizable value,
is not reflected in the revenues. Prepayments for this inventory in the amount
of $3.9 million were received from Ocean Partners.
    For the first nine months of 2007, the net loss was $10.0 million, or
$0.03 per share, on net metal sales of $15.2 million, compared to a net loss
of $9.0 million, or $0.08 per share, on net metal sales of $7.9 million for
the corresponding period in 2006. For the first nine months of 2007, the
weighted average number of common shares was 385.2 million, compared to
110.3 million for the same period of last year. Cash used in operating
activities was $2.7 million for the first nine months of 2007, compared to
$0.4 million for the same period in 2006.

    Operating Costs

    Operating costs for the third quarter of 2007 were $14.7 million, compared
to $3.6 million in the same period of 2006. For the first nine months of 2007,
operating costs were $24.3 million, compared to $9.8 million for the
corresponding period in 2006. The increase in operating costs in the third
quarter of 2007 and the first nine months of 2007 is primarily due to the
inclusion of production costs from the Copper Rand Mine which had been
capitalized for the same period of 2006 as Copper Rand had not yet achieved
commercial production. Costs in 2007 reflect the cost of development headings
at Copper Rand in order to diversify the ore sources at Copper Rand, and a
more comprehensive maintenance program for mobile and fixed equipment that has
been implemented to maximize productivity.

    Production Results

    Ore production at the Copper Rand mine during the third quarter 2007 was
47,758 tons, producing 1,909 ounces of gold, 1,533,065 pounds of copper and
3,868 ounces of silver. This represents a significant improvement both
sequentially over the second quarter of 2007 (a 94% increase in tons, a 97%
increase in gold production, a 66% increase in copper production, and a 75%
increase in silver production) and compared with the third quarter of 2006 (a
165% increase in tons, a 185% increase in gold production, a 161% increase in
copper production, and a 126% increase in silver production).
    For the first nine months of 2007, Copper Rand produced 3,350,403 pounds
of copper, 3,761 ounces of gold and 8,428 ounces of silver, representing a 40%
increase, 31% increase and a 23% increase, respectively, over the first nine
months of 2006.
    On a consolidated basis, tonnage mined at the Copper Rand and Joe Mann
mines increased by 33% during the current quarter, compared with the second
quarter of 2007. As a result over the same period, aggregate gold production
increased by 2% to 5,030 ounces, copper production increased by 56% to
1,625,926 pounds and silver production increased by 19% to 5,830 ounces.
During the quarter, production from the Joe Mann mine ceased, with the mine
being placed on care and maintenance. As well, the Company signed, through its
wholly-owned subsidiary Meston Resources Inc., a memorandum of understanding
with Gold Bullion Development Corp. for the sale of the Joe Mann Mine
property. Completion of this transaction is pending. Production revenue lost
by the closure of Joe Mann is expected to be more that offset by revenues from
the Merrill Pit and Corner Bay.

    Outlook

    The Company is pleased to see the positive impact that initiatives
implemented during the course of the year have had on tonnage and metal
production at the Copper Rand mine. During the third quarter, the Company
began to execute its strategy of mining satellite deposits in the Chibougamau
mining camp to supplement production with the permitting and start of
development of the Merrill Pit. With the processing of high-grade ore from the
Corner Bay deposit scheduled to begin in the fourth quarter, the Company
expects further improvements in both production and costs going forward. The
initial 42,000 ton bulk sample carries an average grade of 3.7% copper and a
mining rate of 450 tons per day is expected. In addition, management continues
to evaluate opportunities to acquire additional ore sources in and around
Chibougamau.

    Copper Rand

    The Company continues to make significant progress at the Copper Rand
mine, and the impact of the introduction of Alimak mining and other
initiatives to increase productivity can be seen in the improved tonnage
milled and increased metal production during the third quarter. The Copper
Rand Mine has historically operated with one stope. The objective is to have a
minimum of three stopes by the first quarter of 2008. Tons of ore milled have
increased consistently during 2007, from 22,043 tons in the first quarter, to
24,656 tons in the second quarter, to 47,758 tons in the current quarter.
Underground development has also consistently improved during the year, rising
from an average of 19 feet per day in the first quarter to 23 feet per day in
the second quarter to 31 feet per day in the current quarter. Preparation of
additional Alimak stopes is ongoing in an effort to increase the number of
working faces in the mine. The paste fill system is now operating at full
capacity, which will continue to help stabilize ground conditions going
forward.

    Corner Bay

    Development for extraction of a bulk sample at the Corner Bay deposit is
progressing quickly with expenditures to date under budget. CMAC-Thyssen
employees have excavated 540 meters of the ramp and adjacent openings to date.
The first tonnage from Corner Bay should be milled at the Copper Rand Mill in
November. While extracting the 42,000-ton bulk sample, the Company will apply
for permitting to continue mining.

    Merrill Pit

    Following the receipt of environmental permits in September, the Company
moved quickly to initiate production from the Merrill Pit. To date,
75,000 tons of ore have been blasted and 18,000 tons milled grading
0.43% copper and 0.014 ounces per ton gold. With the successful start up of
this operation the Company intends to produce 30,000 tons of ore per month
from Merrill Island, a 50% increase over the initial tonnage planned. Grades
above 0.30% Cu are profitable at this operation. In addition to the
concentrate being produced, the Merrill tonnage is leaving positive impact on
backfilling at the Copper Rand Mine and on milling costs for the Copper Rand
Mill.

    Joe Mann

    Joe Mann has ceased operations in September. The mine is currently held on
a care & maintenance basis prior to the conclusion of a final agreement for
the sale of the mine. Production revenue lost by the closure of Joe Mann is
expected to be more that offset by revenues fro the Merrill Pit and Corner
Bay.

    About Campbell Resources Inc.

    Campbell Resources Limited is a mining company focusing mainly in the
Chibougamau region of Québec, holding interests in gold and gold-copper
exploration and mining properties. The Company's shares trade on the Toronto
Stock Exchange under the ticker symbol CCH.

    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 20-F
for the year ended December 31, 2006. 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.



    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    (Expressed in thousands of Canadian dollars)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                   September 30  December 31
                                                           2007         2006
    -------------------------------------------------------------------------
                                                              $            $

    Assets

    Current assets
      Cash and cash equivalents                             216        1,964
      Restricted cash                                     1,091        2,784
      Short-term investments                                727          792
      Receivables                                         2,933        1,591
      Settlements receivable                                  7        5,413
      Restricted deposits and exchange agreement              -       50,000
      Production inventories                              4,923          401
      Supply inventories                                  3,798        3,844
      Prepaids                                              757        1,194
    -------------------------------------------------------------------------
                                                         14,452       67,983

    Amount receivable from Copper Rand/Portage
     Restoration Fiduciary Trust                          2,945        2,826
    Restricted cash                                       1,158        1,158
    Future income tax assets                              1,462        1,484
    Property, plant and equipment                        41,367       37,135
    Accrued benefit asset                                 4,663        4,427
    Deferred charges and other assets                       179          129
    -------------------------------------------------------------------------
                                                         66,226      115,142
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities

    Current liabilities
      Short term loan                                         -        3,891
      Accounts payable                                   12,471       13,973
      Accrued liabilities                                 5,762        5,475
      Prepayments for concentrate inventory shipped       3,893            -
      Current portion of long-term debt                  16,150       65,287
    -------------------------------------------------------------------------
                                                         38,276       88,626

    Asset retirement obligations                          7,008        7,804
    Long-term debt                                        2,349           70
    Future income tax liabilities                         6,617        6,636
    -------------------------------------------------------------------------
                                                         54,250      103,136
    -------------------------------------------------------------------------

    Shareholders' equity

      Capital stock                                      93,618       85,572
      Warrants, stock options and conversion rights       9,555        9,263
      Contributed surplus                                 3,996        1,996
      Deficit                                           (95,078)     (84,825)
      Accumulated other comprehensive income               (115)           -
    -------------------------------------------------------------------------
                                                         11,976       12,006
    -------------------------------------------------------------------------
                                                         66,226      115,142
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    (Expressed in thousands of Canadian dollars except per share amounts)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                      Three months ended   Nine months ended
                                           September 30        September 30
                                    -----------------------------------------
                                          2007      2006      2007      2006
    -------------------------------------------------------------------------
                                                                 $         $
    Gross metal sales                   14,201     2,267    17,397     8,751
    Treatment charges and
     transportation                      1,751       171     2,155       805
    -------------------------------------------------------------------------
    Net metal sales                     12,450     2,096    15,242     7,946
    -------------------------------------------------------------------------

    Expenses
      Operating                         14,694     3,584    24,323     9,770
      Depreciation and amortization        814       574     2,203     2,115
      General administration               539       676     1,901     1,992
      Stock-based compensation             336       496       336       496
      Reorganisation and CCAA costs         74       693       281     1,282
      Care and maintenance                  15        74        91       195
      Exploration                            -         7         -      (151)
    -------------------------------------------------------------------------
                                        16,472     6,104    29,135    15,699
    -------------------------------------------------------------------------

    Loss before the following items      4,022     4,008    13,893     7,753

    Interest expense on short-term loan    (24)     (149)     (185)     (373)
    Interest expense on long-term debt    (712)     (243)   (1,280)     (679)
    Interest income                          9       138        37       154
    -------------------------------------------------------------------------
    Loss from operations                 4,749     4,262    15,321     8,651

    Other income (expense)
      Other income                         809      (631)    5,295      (242)
    -------------------------------------------------------------------------

    Loss before taxes                    3,940     4,893    10,026     8,893

    Income and mining tax                    -        (9)        -       (62)
    -------------------------------------------------------------------------

    Net loss                             3,940     4,902    10,026     8,955
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Weighted average number of
     common shares ('000)              409,205   110,349    385,151  110,349
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Loss per share undiluted and
     diluted                              0.01      0.04       0.03     0.08
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    CONSOLIDATED STATEMENTS OF CONTRIBUTED SURPLUS AND DEFICIT (UNAUDITED)
    (Expressed in thousands of Canadian dollars)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                      Three months ended   Nine months ended
                                           September 30        September 30
                                    -----------------------------------------
                                          2007      2006      2007      2006
    -------------------------------------------------------------------------
                                                                 $         $
    Contributed surplus

    Balance, beginning of period         3,991     1,404     1,996     1,404

    Conversion rights expired                -       459         -       459
    Warrants expired                         -         -     1,995         -
    Stock options expired                    5        47         5        47
    -------------------------------------------------------------------------
    Balance, end of period               3,996     1,910     3,996     1,910
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Deficit

    Balance, beginning of period,
     as previously reported             91,138    47,683    84,825    43,630
    Financial Instrument-recognition
     and measurement                         -         -       227         -
    -------------------------------------------------------------------------
                                        91,138    47,683    85,052    43,630

    Net loss (income)                    3,940     4,902    10,026     8,955
    -------------------------------------------------------------------------
    Balance, end of period              95,078    52,585    95,078    52,585
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
    (Expressed in thousands of Canadian dollars)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                      Three months ended   Nine months ended
                                           September 30        September 30
                                    -----------------------------------------
                                          2007      2006      2007      2006
    -------------------------------------------------------------------------
                                                                 $         $

    Net Loss                             3,940     4,902    10,026     8,955

    Other comprehensive income,
     net of income tax:
      Net change in unrealized loss
       on short term investments            36         -       115         -
    -------------------------------------------------------------------------
    Comprehensive income                 3,976     4,902    10,141     8,955
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)
    (Expressed in thousand of Canadian dollars)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                      Three months ended   Nine months ended
                                           September 30        September 30
                                    -----------------------------------------
                                          2007      2006      2007      2006
    -------------------------------------------------------------------------
                                                                 $         $

    Operating activities
    Net loss                            (3,940)   (4,902)  (10,026)   (8,955)
    Adjustments to reconcile net
     loss to net cash provided by
     (used in) operating activities
      Depreciation and amortization        814       574     2,203     2,115
      Loss (gain) on sale of
       short-term investment               153         -       258      (262)
      Gain on sale of property,
       plant and equipment                 (85)        -    (4,005)       (1)
      Devaluation of short-term
       investments                           -       596         -       606
      Excess of pension plan expenses
       over amount paid                     71         5       144        15
      Amortization of deferred charges
       and other assets                      -       241       129       364
      Deferred interest accrued on
       long term debt                      304        13       871        39
      Accretion of long-term debt          230        76       230       191
      Stock-based compensation             336       496       336       496
      Share issued in payment of
       services                             88        87       244        87
      Asset retirement obligation
       accretion expense                    58        71       184       212
    -------------------------------------------------------------------------
                                        (1,971)   (2,743)   (9,432)   (5,093)

    Change in non-cash working capital   1,937     3,941     6,749     4,652
    -------------------------------------------------------------------------
    Cash used in operating activities      (34)    1,198    (2,683)     (441)
    -------------------------------------------------------------------------

    Financing activities
      Increase (decrease) in
       short-term loan                  (2,000)   (1,696)   (3,891)   (3,597)
      Issuance of capital stock            500     7,805     7,605     7,805
      Issuance of share purchase
       warrants                              -     1,250         -     1,250
      Future mining taxes                    3     1,745         3     1,745
      Deferred charges                      80      (236)     (179)     (392)
      Increase (decrease) in
       long-term debt                    4,297    (3,931)    4,287    (3,937)
    -------------------------------------------------------------------------
    Cash provided by (used in)
     financing activities                2,880     4,937     7,825     2,874
    -------------------------------------------------------------------------

    Investing activities
      Restricted cash                        -    (2,019)   (3,053)   (2,244)
      Increase in property, plant
       and equipment                    (4,744)   (2,656)   (7,999)   (1,065)
      Acquisition of short-term
       investments                           -         -       (20)      (12)
      Proceeds on sale of short-term
       investments                         647         -     1,312       362
      Proceeds on sale of property,
       plant and equipment                 238    (1,000)    2,870       515
      Amount paid in excess of the
       pension plan expenses
       capitalized to mining properties      -      (221)        -      (665)
    -------------------------------------------------------------------------
    Cash (used in) provided by
     investing activities               (3,859)   (5,896)   (6,890)   (3,109)
    -------------------------------------------------------------------------

    Increase (decrease) in cash and
     cash equivalents                   (1,013)      239    (1,748)     (676)
    Cash and cash equivalents,
     beginning of period                 1,229       857     1,964     1,772
    -------------------------------------------------------------------------
    Cash and cash equivalents,
     end of period                         216     1,096       216     1,096
    -------------------------------------------------------------------------
    
    %SEDAR: 00001579EF




For further information:

For further information: Campbell Resources Inc.: André Fortier,
President and Chief Executive Officer, (514) 875-9037, Fax: (514) 875-9764,
afortier@campbellresources.com; Alain Blais, Vice-president and General
Manager of Operations, (418) 748-7691, Fax: (418) 748-7696,
ablais@campbellresources.com; Renmark Financial Communications Inc.: Henri
Perron: hperron@renmarkfinancial.com; Julien Ouimet:
jouimet@renmarkfinancial.com, (514) 939-3989, Fax: (514) 939-3717,
www.renmarkfinancial.com

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CAMPBELL RESOURCES INC.

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