Read Larry Connors' blog – Short Term Trading Strategies
"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 André 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.
%SEDAR: 00001579EF
SOURCE: CAMPBELL RESOURCES INC.
Campbell Resources Inc.: André Fortier, President and Chief Executive Officer, (514) 875-9037, Fax: (514) 875-9764, afortier@campbellresources.com; Alain Blais, Vice-president, (418) 748-7691, Fax: (418) 748-7696, ablais@campbellresources.com; Renmark Financial Communications Inc.: Henri Perron, hperron@renmarkfinancial.com; Eric St-Pierre, estpierre@renmarkfinancial.com, (514) 939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
15260 Ventura Blvd., Ste. 2200
Sherman Oaks, CA 91403
© Copyright 2009 The Connors Group, Inc.
