- YEAR-TO-DATE ORE PRODUCTION UP 78%
- DEVELOPMENT AT CORNER BAY REACHES 105-METRE LEVEL
- CREDIT FACILITY WITH NUINSCO INCREASED
MONTREAL, July 15 /CNW Telbec/ - Campbell Resources Inc. ("Campbell", the
"Company")(TSX: CCH, OTC Bulletin Board: CBLRF) today provided an update of
its operations for the second quarter ended June 30, 2008. During the quarter,
the Company increased its ore production by approximately 36% compared to the
second quarter of fiscal 2007.
In the second quarter Campbell's ore production reached 71,673 tons, up
from 52,739 tons during the same period in the previous year. For the first
six months of fiscal 2008, Campbell's ore production reached 163,193 tons, up
from 91,526 tons in the corresponding period in 2007, an increase of
"To date, results from the Corner Bay property have been extremely
encouraging," said André Fortier, Campbell's President and Chief Executive
Officer. "At the end of June we reached the 105-metre level and have now begun
to extract ore at what should be a highly productive mining ground. Output
will continue to increase at Corner Bay in the months ahead, and we anticipate
that this project will reach the break-even point within the next few months."
For the second quarter ended June 30, 2008, Campbell produced 37,303 tons
of ore at Copper Rand, yielding 1,199 ounces of gold and 1,025,137 pounds of
copper. At Merrill Pit, 24,375 tons of ore were produced, yielding 144 ounces
of gold and 198,814 pounds of copper. At Corner Bay, 9,995 tons of ore were
produced, yielding 556,768 pounds of copper.
In the second quarter of fiscal 2007, Campbell produced 24,656 tons of
ore at Copper Rand, yielding 969 ounces of gold and 922,132 pounds of copper.
At the Joe Mann mine, 28,083 tons of ore were produced, yielding 3,952 ounces
of gold and 122,065 pounds of copper. In September 2007, operations at Joe
Mann were halted and the mine was placed on care and maintenance. Production
at Merrill Pit did not begin until October 2007.
Full financial results for Campbell's second quarter and first six months
of fiscal 2008 will be released during the week of August 4, 2008.
Campbell also announced today that it has increased its secured revolving
credit facility with Nuinsco Resources Limited ("Nuinsco") from a maximum
aggregate amount of CDN$1,500,000 to a maximum aggregate amount of
This facility amends the original agreement of December 6, 2007. The
credit facility with Nuinsco bears interest, payable quarterly, at the rate of
12% per annum and is secured, as applicable, by a second and third ranking
immovable and movable hypothec on all present and future assets of Campbell
and its subsidiary Ressources MSV 2007 Inc. ("MSV 2007"). The principal amount
outstanding together with interest accrued thereon shall be payable on demand
out of the first cash flows generated from the Corner Bay mine.
The credit facility will be available as required to advance the
development and exploration program at the Corner Bay property.
About Campbell Resources
Campbell Resources Inc. concentrates on the development and exploitation
of copper and gold mining properties in the Chibougamau region of Quebec. The
geographical grouping of its operations allows Campbell to realize economies
of scale and to focus development within access to existing infrastructures.
Campbell's main operations include the Copper Rand and Merrill mines, the
Corner Bay property and the Copper Rand mill. Campbell's headquarters are
located in Montreal, Quebec.
Certain information contained in this release may contain
"Forward-Looking Statements" within the meaning of the Private Securities
Litigation Reform Act of 1995 and is subject to certain risks, assumptions 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, 2007, which
may cause actual future results to differ materially from those expressed or
implied in any forward-looking statement. 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 and copper prices which
affect the profitability and mineral reserves and resources of Campbell. The
key assumptions underlying the forward-looking statements contained in this
release are that the gold and copper prices remain equal to or above the
prices disclosed herein. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date hereof.
Forward-looking statements are expressly qualified in their entirety by this
For further information:
For further information: Campbell Resources Inc.: André Fortier,
President and Chief Executive Officer, (514) 875-9037, Fax: (514) 875-9764,
firstname.lastname@example.org; Renmark Financial Communications Inc.: Henri
Perron, email@example.com; Eric St-Pierre,
firstname.lastname@example.org; (514) 939-3989, Fax: (514) 939-3717;