GOLD NEWS Cambior Buys Back Gold from its Hedging Program

LONGUEUIL, Que. CAMBIOR INC. is working hard to reduce the amount of gold in its hedge books. Over the last month...

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LONGUEUIL, Que. CAMBIOR INC. is working hard to reduce the amount of gold in its hedge books. Over the last month the company repurchased 189,000 oz of gold from its gold hedging program at an average price of $342 per ounce. By the end of March, Cambior will have reduced its hedging commitments by 24% or 307,000 ounces of gold compared to its position at Dec. 31, 2002, leaving about 42% of its remaining production for 2003 unhedged.

This repurchase accelerates the company's already-stated objective of reducing its commitments to 800,000 ounces by the end of this year. To find out more about Cambior's gold hedging program contact Robert LaVallire, manager of investor relations, at [email protected], or see www.cambior.com to view recent investor presentations.

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