Campbell Resources announces closing of Copper Rand mine
09 Setembro 2008 - 5:37PM
PR Newswire (US)
MONTREAL, Sept. 9 /PRNewswire-FirstCall/ -- Campbell Resources Inc.
(the "Company") ("Campbell") (TSX: CCH, OTC Bulletin Board: CBLRF)
today announced that it will be discontinuing mining operations at
its Copper Rand mine by December 31, 2008. Campbell has 100%
ownership of the Copper Rand mine, an underground copper and gold
mine located near the town of Chibougamau, Quebec. "For the past
three years, Campbell has devoted a great deal of effort, expertise
and financial resources into trying to make Copper Rand a
profitable operation," said Andre Fortier, Campbell's President and
CEO. "Despite the considerable improvements achieved, the operation
has continued to accumulate operating deficits quarter after
quarter. As a result, we have determined that the operation cannot
meet the production levels required to ensure its economic
viability." Effective immediately, all development work and diamond
drilling activities will cease at the Copper Rand mine. Mining
activities will be concentrated in two areas that are already
developed, one of which is of higher ore grade. Overall, manpower
resources will immediately be reduced by forty-five (45) from a
total of 169 employees currently working at the Copper Rand Mine
and Mill and further reductions will occur as working areas are
closed. By the end of the year, manpower at Campbell will total
approximately 50 employees. "The decision to close the Copper Rand
mine is an extremely difficult one, but we are convinced that this
is the only reasonable course of action at this time," Mr. Fortier
said. "We will now be dedicating our resources to the ongoing
development of the higher-grade Corner Bay project and operations
at the Copper Rand mill and to pursuing other opportunities in the
Chibougamau camp. Until now, this has basically been ignored as we
focused on the Copper Rand mine. Chibougamau is a very desirable
mining camp with many opportunities available." 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 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 cautionary statement.
DATASOURCE: CAMPBELL RESOURCES INC. CONTACT: Campbell Resources
Inc.: Andre Fortier, President and Chief Executive Officer, (514)
875-9037, Fax: (514) 875-9764, ; Alain Blais, Vice-president, (418)
748-7691, Fax: (418) 748-7696, ; Renmark Financial Communications
Inc.: Henri Perron, ; Eric St-Pierre, , (514) 939-3989, Fax: (514)
939-3717, http://www.renmarkfinancial.com/
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