CAMPBELL RESOURCES ANNOUNCES ITS FIRST QUARTER RESULTS 2004

Montreal, May 12, 2004 - Campbell Resources Inc. (TSX: CCH, OTC Bulletin Board: CBLRF) recorded a loss of $1,796,000 or $0.02 per share in the first quarter of 2004 compared with a restated loss (following the application of the recommendations of Section 3110 of the CICA Handbook) of $2,041,000 or $0.05 per share for the same period of 2003 resulting mainly from an average gold grade of 0.204 oz Au/ton produced compared to a grade of 0.253 oz Au/ton in the first quarter of 2003.

Metal sales for the first quarter of 2003 were $4.4 million ($4.6 in 2003). The average sale price for gold during the quarter was US$409 per ounce (CAN$537) compared to an average market price of US$357.86 per ounce (CAN$546.20) for the same period in 2003. The higher price of gold was offset by the higher exchange rate for the Canadian dollar.

As at March 31, 2004, the company's assets were $165.6 million compared to $159.8 million at December 2003. The increase is attributable to private placements completed in the first quarter of 2004 for net proceeds of $8.1 million of which $5.0 million have already been invested in Campbell's mining properties.

OPERATIONS

At the Joe Mann Mine, production in the first quarter of 2004, totalled 46,323 tons of ore grading an average of 0.204 oz Au/ton compared to 49,011 tons of ore grading an average of 0.253 oz Au/ton for the same period in 2003. Production for the first quarter was 8,642 ounces of gold and 168,253 pounds of copper compared with 11,370 ounces and 195,052 pounds respectively in 2003. The cash operating cost per ounce in the first quarter of 2004 was US$455 per ounce compared to US$371 for the same period in 2003 (CAN$598 and CAN$566 respectively). Development operations were undertaken in the West Zone with production activities to begin early in the second quarter. As well, a 175-foot raise and a first sub-level were completed in this quarter.

In the first quarter, development crews completed a 1100-metre ramp leading to level 4730 and accessing the mineralized zones of the Copper Rand mine (76%) and are now preparing the infrastructures required to support mining activities at this level. The sinking of ventilation raise emergency exits and backfill shafts are currently under way and work has resumed on rehabilitation of the concentrator.

OUTLOOK

According to Mr. Fortier, President and Chief Executive Officer: "Since the resumption of activities at the Joe Mann Mine in April 2002, operations have shown a deficit. However, development activities have led to the discovery of the West Zone, now in operation, with an expected yield more than 25,000 tonnes grading an average of 0.39 oz Au/ton by year's end. The West Zone has already impacted results for April with an average grade of 0.29 oz Au/t, a substantial increase from the average grade in the first quarter. Exploration results, announced last week, on the Nohart, 2800 and 3100 zones of the Meston property, accessed through the Joe Mann Mine installations, lead us to believe in the possibility of a new economically feasible zone for the Joe Mann Mine."

"Improved results are forthcoming for the Joe Mann Mine and once operations resume at the Copper Rand mine in November 2004, improvement should be significant. Exploration programs at the Joe Mann Mine and surface drilling on the Meston property will continue. Exploration activities are also planned at the Copper Rand project. Our objective is to ensure Campbell Resources will continue to grow in the coming years."

Certain information contained in this release contains "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and is subject to certain risks 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, 2002. 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 price which affect the profitability and mineral reserves and resources of Campbell. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Campbell undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect unanticipated events or developments.

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For more information :

Campbell Resources Inc.
André Fortier, President and Chief Executive Officer
Tel.: 514-875-9037
Fax: 514-875-9764
afortier@campbellresources.com

Renmark Financial Communications Inc.
Henri Perron, hperron@renmarkfinancial.com
John Boidman, jboidman@renmarkfinancial.com
Tel.: 514-939-3989
Fax: 514-939-3717
www.renmarkfinancial.com

INFORMATION REGARDING TELECONFERENCE:

Date: Wednesday, May 12, 2004 - 4:00 pm
Location: Montreal

To dial-in to the Teleconference please call 1-800-814-4862

For more information please contact us at (514) 939-3989
or by e-mail : Henri Perron : hperron@renmarkfinancial.com or
John Boidman : jboidman@renmarkfinancial.com

Rebroadcast of the teleconference will be available as of May 12th, 18h00 through May 19th 23h59 by dialing 1-877-289-8525 (access code 21049742#).

CAMPBELL RESOURCES INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Expressed in thousands of Canadian dollars)

	March 31	December 31
	2004	2003
	$	$
ASSETS
Current assets
Cash and short-term deposits	7,406	4,752
Restricted cash	256	234
Short-term investments	105	536
Receivables	1,142	2,125
Settlements receivable	1,864	2,128
Notes receivable	-	590
Inventories of ore and supplies	5,785	4,699
Prepaid	614	635
	17,172	15,699
Amount receivable from Copper Rand /Portage Restortion Fiduciary Fund	2,961	2,918
Notes receivable	26,145	26,145
Restricted deposits and swap agreement	49,241	49,173
Future income tax	1,453	1,516
Mining interests	63,838	59,669
Accrued benefit assets	2,641	2,460
Other assets	2,116	2,193
	165,567	159,773
LIABILITIES
Current liabilities
Accounts payable	4,545	4,829
Accrued liabilities	3,702	3,302
Current portion of long-term debt	296	490
	8,543	8,621
Asset retirement obligations	7,218	7,112
Long-term debt	59,820	59,589
Future income taxes	2,153	2,216
Deferred royalty	29,725	30,373
Other liabilities	300	314
Non-controlling interest	5,743	5,745
	113,502	113,970
SHAREHOLDER'S EQUITY
Capital stock	61,556	55,429
Warrants and stock options	2,232	301
Deficit	(11,723)	(9,927)
	52,065	45,803
	165,567	157,773

CAMPBELL RESOURCES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three months ended March 31
(Expressed in thousands of Canadian dollars)

	2004	2003
	$	$
		Restated
Metal sales	4,396	4,628
Expenses
Mining	4,847	5,101
General administration	478	418
Depreciation and amortization	1,190	1,4900
Care and maintenance	84	75
Exploration	207	-
	6,806	7,093
Loss before the following items	(2,410)	(2,465)
Interest expense on long-term debt	(125)	(237)
Interest income	437	449
Amortization of deferred charges	(66)	(66)
Loss from operations	(2,164)	(2,319)
Other income (expense)
Other income	406	845
Loss on repurchase of royalty	-	(559)
	406	286
Loss before taxes and non-controlling interest	(1,758)	(2,033)
Income and mining tax	(40)	(8)
	(1,798)	(2,041)
Non-controlling interest	2	-
Net loss	(1,796)	(2,041)
Weighted average number of common share ('000)	89,050	44,479
Loss per share	(0.02)	(0.05)

CAMPBELL RESOURCES INC.
CONSOLIDATED STATEMENTS OF DEFICIT (UNAUDITED)
Three months ended March 31
(Expressed in thousands of Canadian dollars except per share amounts)

	2004	2003
	$	$
		Restated
Balance at beginning of period
As previously reported	9,927	8,992
Adjustment for change in an accounting policy with respect to asset retirement
obligations	-	(1,924)
Restated	9,927	7,068
Net loss	1,796	2,041
Balance at end of period	11,723	9,109