The Cambior Story: Exploration

"Cambior currently has nearly 80 exploration properties, acting as operator on about 60 of these. The company's exploration budget has increased to over $11,100,000 for 1990. On-going efforts recently yielded a new gold discovery on the Douay- Vezza property, a joint venture project with Inco and Vior. Cambior continues to seek out new opportunities, recently acquiring an option agreement on the Sleeping Giant project in Quebec and four new exploration agreements in the United States, through its Reno office. Other nearly-concluded joint venture agreements have also given the company entries into Indonesia and Guyana.SummaryWhen it acquired SOQUEM's assets on August I, 1986, Cambior also acquired interests in 45 exploration projects. The subsequent mergers with Aiguebelle Resources and Sullivan Mines in 1987 brought the total number of exploration projects to 83, most of which are concentrated in northwestern Quebec. Cambior's strategy emphasizes gold exploration, and exploration activities were, therefore, initially limited to the Val d'Or and Rouyn-Noranda mining camps, where Cambior has a large portfolio of properties. Approximately $25.8 million has been spent on surface exploration in this area since the formation of the company, resulting in the discovery of the Mouska deposit and four sub-economic zones on the Porcupine, Forbex, Bloc Sud and Flavrian project s. In 1988, Cambior became involved in projects in the United States to which the company expects to allocate about 38070 of its 1989 exploration budget."