MONTREAL, Feb. 21 /CNW Telbec/ - Campbell Resources Inc. (the "Company")
("Campbell") (TSX: CCH, OTC Bulletin Board: CBLRF) today announced that it is
successfully addressing the groundwater issue at its Corner Bay copper
project. The Company expects that development in ore will be initiated
"We were committed to mitigating the groundwater inflow at Corner Bay as
quickly as possible and are doing so with the help of a hydrogeologist, our
mining contractor CMAC-Thyssen and Nuinsco Resources, our partner on the
project," said Campbell CEO André Fortier. "As stated previously, the
groundwater issue is now under control and the addition of the high-grade ore
produced from Corner Bay, along with increasing production from Copper Rand
and the Merrill Island pit, will be another step forward in our strategy to
maximize mill throughput and lower overall unit costs."
Pumping capacity at the project was increased in order to reduce the
volume and the pressure of the water contained in the rock formation encasing
the ore zone, allowing CMAC-Thyssen to grout the openings in the formation.
Development will be initiated at both the 55 metre and 75 metre levels
simultaneously. Development of the main ramp will also continue. To date,
465 meters of the main ramp have been developed to a vertical depth of 85
At a 3% Cu cut-off, Corner Bay has measured and indicated resources of
446,000 tonnes averaging 5.58% Cu (181,000 @ 5.07% Cu measured and 265,000 @
5.93% Cu indicated); inferred resources total 1,441,000 tonnes averaging 6.76%
Cu (Ref.: GEOSTAT Technical Report, July 2006, available on SEDAR at
Ore from the Corner Bay mine will be trucked approximately 45 kilometres
and processed at Campbell's Copper Rand mill near Chibougamau, Quebec.
Following extraction of the 42,000 ton bulk sample, Phase II anticipates
mining an additional 500,000 tons of ore grading 4.5% copper over the
following three years. Corner Bay remains open at depth, where drilling has
returned intercepts grading up to 9.27% copper over 6.7 metres at 1,200
vertical metres, attesting to the potential for significant expansion of
resources. An exploration drilling program is planned for 2008 to further test
the extension at depth.
The Company also announces that it intends to complete a non-brokered
private placement (the "Private Placement") of 863,635 common shares at a
price of $0.11 per share for an aggregate of $95,000. The Private Placement is
exclusively made with five individuals (the "Subscribers"), of which three are
insiders of the Company.
All securities issued pursuant to the Private Placement are subject to a
4-month hold period. The Private Placement is subject to the approval by the
Toronto Stock Exchange.
The Private Placement is part of the annual compensation package of the
Subscribers. The value of shares issued to each Subscriber is equal to the
personal contribution limit for an RSSP in 2007, which is of $19,000.
Campbell Resources Inc. is a mining company focusing mainly in the
Chibougamau region of Québec, holding interests in gold and gold-copper
exploration and mining properties.
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 20F
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.
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; Julien Ouimet,
firstname.lastname@example.org, (514) 939-3989, Fax: (514) 939-3717;