CAMPBELL RESOURCES ACCEPTS A 2.3 MILLION DOLLAR PURCHASE OFFER FOR THE BACHELOR LAKE PROPERTY
Montreal, August 26, 2004 - Campbell Resources Inc. ("Campbell") (TSX-CCH, OTCBB-CBLRF) announces that it has received and accepted the purchase offer made by Metanor Resources Inc. ("Metanor") (TSX Venture: MTO, MTO.WT) for the Bachelor Lake Property ("Bachelor").
Metanor has offered to acquire the interest held by Campbell in the Bachelor Lake Property for a total amount of $2.3 million, payable as follows: a one hundred thousand dollar non-refundable deposit on acceptance of the purchase offer and a $2.2 million cash payment no later than September 30, 2004, date set for the signing of the transaction.
The final payment of $2.2 million is subject to a due diligence revue by Metanor.
Campbell Resources holds a 100% interest in the Bachelor Lake Property located in the Desmaraisville sector of Québec, subject to an option granted to Wolfden Resources Inc. whereby Wolfden can earn a 50% interest by spending $3 million on the property (Press release : June 18 and July 15, 2003).
This transaction is subject to approval of regulatory authorities.
Campbell Resources is currently operating the Joe Mann Mine with production at its Copper Rand Mine set to begin during the fourth quarter 2004. It is conducting a definition drilling program on its Corner Bay property and will resume drilling later this fall on the Meston property where it encountered encouraging results earlier this year.
Forward-Looking Statements
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, 2003. 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
Media : Cynthia Lane-Filiatrault : clane@renmarkfinancial.com
Tel.: 514-939-3989
Fax: 514-939-3717
www.renmarkfinancial.com