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Aug 07, 2008 (M2 PRESSWIRE via COMTEX) -- CBLRF | Quote | Chart | News | PowerRating -- (OTCBB:CBLRF) Campbell Resources Inc. - Campbell Resources announces second quarter 2008 financial results

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(OTCBB:CBLRF) Campbell Resources Inc.

Wednesday August 6, 9:30 am ET

YEAR-TO-DATE LOSS FROM OPERATIONS REDUCED BY APPROXIMATELY 29%

YEAR-TO-DATE COPPER PRODUCTION INCREASED BY APPROXIMATELY 97%

MONTREAL, Aug. 6 - Campbell Resources Inc. recently announced financial results for the second quarter and first six months of fiscal 2008 ended June 30, 2008. During and subsequent to the period, the Company realized a number of achievements:

- Increased year-to-date ore production by approximately 78% - Increased year-to-date copper production by approximately 97% - Reduced year-to-date loss from operations by approximately 29% - Reached 105-metre level at Corner Bay - Identified vertical continuity of high-grade mineralized zone at Copper Rand - Completed $3.54 million financing - Increased credit facility with Nuinsco Resources Limited to a maximum aggregate amount of $5.0 million

"The results for the second quarter show ongoing improvement," said Andre Fortier, Campbell's President and Chief Executive Officer. "Production continues to increase year-over-year and we are making steady progress in reducing our losses from operations. At Corner Bay, the 105-metre level was reached during the second quarter and some 10,000 tons of mineralized material were extracted. However, progress has been slower than expected because of operational and financial challenges. Copper production levels were down at Copper Rand during the second quarter, largely due to lower copper grade in the ore and to breakdowns to transportation equipment. From a financial perspective, working capital deficiencies have also made it more difficult for the Company to operate as effectively as possible. The reality is that these challenges will persist until positive cash flow is generated, which should occur in the fourth quarter of this year."

FINANCIAL RESULTS

As of January 1, 2007, results from the Copper Rand mine have been included in the consolidated operating results. Prior to this, Copper Rand mine was considered to be in the preproduction development stage and as such all costs, net of revenue from development ore, were deferred as mine development costs.

As of September 11, 2007, operations at Joe Mann mine ceased and the mine was put on care and maintenance. The Joe Mann mine was Campbell's principal gold-mining operation.

In October 2007, the Company commenced production at Merrill Pit.

In the second quarter of 2008, Campbell operations produced 71,673 tons of ore yielding 1,434 ounces of gold and 1,780,718 pounds of copper. In the second quarter of 2007, 52,739 tons of ore were milled, yielding 4,921 ounces of gold and 1,044,197 pounds of copper.

For the first six months of fiscal 2008, Campbell operations produced 163,193 tons of ore yielding 4,024 ounces of gold and 3,947,785 pounds of copper. In the first six months of fiscal 2007, 91,526 tons of ore were milled, yielding 8,823 ounces of gold and 2,005,838 pounds of copper.

A total of 2,439 ounces of gold and 2,328,460 pounds of copper were sold in the second quarter of 2008 compared to 1,719 ounces of gold and Nil pounds of copper for the same period of 2007. The average market price for gold in the second quarter of 2008 was $905 per ounce compared to $732 per ounce for the same period in 2007. The average market price for copper in the second quarter of 2008 was $3.87 . In the second quarter of 2008, the average sale price for gold was $903 per ounce compared to $723 in the same period of 2007. For copper, the average sale price was $3.70 per pound in the second quarter of 2008.

Net metal sales for the second quarter of 2008 reached $9.0 million compared to $1.4 million for the same period last year. For the first six months of fiscal 2008, net metal sales totalled $9.7 million, compared to $3.1 million in the corresponding period in 2007.

As per the contract for the sale of concentrate between Campbell and Ocean Partners UK Limited , revenues for concentrate inventory shipped cannot be recognized until the transfer of ownership is completed when the concentrate is delivered to the discharge port. As at June 30, 2008, $7.1 million of inventory valued at lowest of cost and net realizable value was stored at Port of Quebec. On this amount of inventory, provisional payments in the amount of $6.6 million were received from OP. The contract was amended in March 2008 to allow the Company to borrow money on concentrate to be shipped. As at June 30, 2008, the credit facility was not used.

The loss from operations totalled $4.1 million in the second quarter of 2008, compared to $5.0 million loss in the prior period. For the first six months of 2008, the loss from operations totalled $7.5 million, compared to a $10.6 million loss from operations in the corresponding period in 2007, a reduction of approximately 29%.

For the second quarter of 2008, Campbell recorded a net loss of $4.1 million or $0.01 per share, compared to a net loss of $4.3 million or $0.01 per for the same period in 2007. For the first six months, Campbell recorded a net loss of $6.2 million or $0.01 per share, compared to a net loss of $6.1 million or $0.02 per share for the same period in 2007.

OPERATING PERFORMANCE

Copper Rand Mine

The Copper Rand mine started commercial production on January 1, 2007. Production at Copper Rand in the second quarter of 2008 was 37,303 tons grading 0.040 Au oz/t , 1.49% Cu and 0.136 Ag oz/t with a recovery rate of 79.83% for gold, 91.97% for copper and 62.94% for silver. In the second quarter of 2007, production totalled 24,656 tons grading 0.048 Au oz/t , 1.92% Cu and 0.15 Ag oz/t with a recovery rate of 82.17% for gold, 97.54% for copper and 59.61% for silver.

For the first six months of fiscal 2008, Copper Rand produced 84,028 tons of ore yielding 2,830,133 pounds of copper, 3,488 ounces of gold and 9,039 ounces of silver, compared 46,699 tons of ore yielding 1,817,338 pounds of copper, 1,852 ounces of gold and 4,559 ounces of silver in the first six months of fiscal 2007.

There are currently three production areas at Copper Rand, identified as "44-4," "4850 depth extension" and "Lower H-2." Campbell has also identified the vertical continuity of higher-grade mineralized ore at the "Upper H-2" area which should be available by the end of 2008. Two additional areas are currently under evaluation . Those two additional sectors could provide ore feed to the Copper Rand mill in the second half of 2009. Campbell expects to be able to maintain current production levels at Copper Rand in the coming months.

Merrill Pit

The first tons of ore from Merrill pit were milled in October 2007. In the second quarter of 2008, a total of 24,375 tons of ore were milled, grading 0.45% copper , 0.008 oz/t gold and 0.087 oz/t silver . The recovery rate was 90.26% for copper, 73.53% for gold and 59.92% for silver. In the first six months of 2008, a total of 68,098 tons were milled, yielding 517,339 pounds of copper, 420 ounces of gold and 3,790 ounces of silver. A major breakdown to the crusher occurred in early March and operations at the pit only resumed in late April. Operations at the Merrill pit were suspended in June as the term of the mining contractor's agreement had expired. Campbell is currently in discussions with a new contractor and hopes to resume operations at Merrill in the third quarter.

Corner Bay Development

In the second quarter of 2008, 9,995 tons of mineralized material were extracted from Corner Bay and subsequently milled at the Copper Rand mill. The material graded 3.07% copper , 0.012 oz/t gold and 0.240 oz/t silver . The recovery rate was 90.83% for copper, 79.05% for gold and 68.38% for silver.

During the second quarter of 2008, $4.3 million net of revenues was invested in the development of the project. Development to the 105 metre level was achieved.

At a 3% Cu cut-off, Corner Bay has measured and indicated resources of 446,000 tonnes .

Joe Mann Mine

Production at the Joe Mann mine ceased on September 11. In the second quarter of 2007, Joe Mann produced 28,083 tons of ore. The yield was 3,952 ounces of gold, 122,065 pounds of copper and 2,670 ounces of silver. In the first six months of 2007, Joe Mann produced 6,971 ounces of gold, 188,500 pounds of copper and 4,234 ounces of silver.

On August 1, 2008, Campbell ceased pumping underground water which will result in the flooding of the mine over time.

OUTLOOK

"The Company continues development for extraction of a bulk sample at Corner Bay. Further, we are working to improve the efficiency of the Copper Rand mine and to achieve positive cash flow by year end. Revenues for fiscal 2008 should be substantially higher than those realized in 2007 and we expect to be able to meet the commitments related to the Plan of Arrangement for Meston Resources Inc. in the coming months," Mr. Fortier said.

Profile for Campbell Resources Inc.

Campbell Resources, Inc., through its subsidiaries, operates as a gold and gold-copper mining company primarily in the Chibougamau area in northern Quebec. The company holds interests in gold and gold-copper exploration and mining properties, including Corner Bay deposit, located near the Chibougamau Lake in the townships of Lemoine and Obalski, which consists of 16 contiguous claims covering an area of approximately 256 hectares; and Copper Rand, an underground copper mine located near the town of Chibougamau, which comprises five mining concessions and one mining lease covering an area of approximately 426 hectares, and 172 mining claims covering an area of 3,262 hectares. It also owns int...

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