"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
About Campbell Resources
Campbell Resources Inc. concentrates on the development and exploitation of copper and gold mining properties in the
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
SOURCE CAMPBELL RESOURCES INC.