News AP
IAMGold to Buy Cambior for $1.3B
Thursday September 14, 8:01 am ET
IAMGold to Buy Cambior for $1.3 Billion in Stock; Company to Have $3 Billion Market Cap


NEW YORK (AP) -- Canada's IAMGold Corp. said Thursday it is buying fellow Canadian miner Cambior Inc. for $1.3 billion in stock to create a gold producer with a market capitalization of $3 billion.
The combined company would produce 1.1 million ounces of gold per year with reserves totaling 9.7 million ounces, according to Toronto-based IAMGold

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Under terms of the deal, Cambior shareholders would receive 0.42 shares of IAMGold for each share of Cambior they own.

The deal values Longueuil-based Cambior at 4.83 Canadian dollars ($4.31) per share and has been approved by the boards of both companies. Cambior shareholders are expected to vote on the buyout no later than early November, needing approval by holders of 75 per cent of its stock.

Current IAMGold shareholders would own about 57 percent of the combined company with current Cambior shareholders owning 43 percent.

If the deal is not completed, Cambior has agreed to pay IAMGold a breakup fee of 45 million Canadian dollars ($40.2 million).

Shares of Cambior jumped 79 cents, or 24.2 percent to $4.05 in electronic pre-market trading on the INET after closing Wednesday at $3.26 on the American Stock Exchange

I had some Cambior about 6 years ago- that was when they imploded because of hedging-
now just been watching it-

Good luck if you own some!

thanks ant. Good to see cambior back up.

Jim Sinclair says in 100 days or less gold will trade at $480.-
Hope so, it should be interesting to see if it does-

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I am following this junior in Ecuador, ARU.V- They did their financing at $2.25 and are now $1.25, but their results keep getting better-

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Latest news release-
http://biz.yahoo.com/ccn/040505/16918ecdb25359e1141adbf217aa348e_1.html

Report on Cambior 4th quarter
Cambior's fourth quarter EPS of $0.02 was in-line with expectations. The company announced its production results on January 14, leaving room for few surprises. The fourth quarter saw a slight recovery in output from Doyon/Mouska and Omai. Gros Rosebel started mill operations on a sustained basis on February 11. We, along with Cambior, continue to forecast production of 245 K oz from the asset this year. We continue to view Cambior as one of the more attractively valued producers. The shares are currently trading at a 7%-discount to our 0% NAV of $3.33/sh. Our target of C$5.25 represents only a 20%-premium to 0% NAV compared with an intermediate average of 45%. As Gros Rosebel delivers into its targets and the company continues to grow earnings and cash flow, we will revisit our target with a positive outlook. In the meantime, we reiterate our Overweight recommendation and maintain our C$5.25 target price." (February 19, 2004)
-GEORGE ALBINOORION SECURITIES INC.

"I like Cambior* Inc. because of its value. It's very cheap on a price-to-cash flow basis. The company has experienced some problems, specifically its hedge book and high cash costs at some of its mines. I expect the company to exit the year with much lower costs, higher production, and almost very little in the way of a hedge book. The opening of the new mine next month in Surinam, the company's lowest-cost mine, will help bring costs down. I also expect the company to unwind its hedge book this year. Cambior has an excellent balance sheet with a large net cash position. We anticipate the company will either use some of its cash to eliminate its hedge book, or pre-deliver some future gold sales in order to cover it. Cambior also has some very interesting exploration going on at various mines. This could add a lot of value very quickly, because these discoveries will require very little capital in order to add production." (January 27, 2004) Disclosure: *Does the analyst or a member of the analyst's household have a financial interest in the securities of any of these companies? YES Which one? Cambior Is it a long or short position? LONG What type of security is it? COMMON
-DAVID STEINSPROTT SECURITIES

"Cambior trades at less than 7x 2005E CFPS making it by far the cheapest mid-tier gold producer. While its hedge book, declining production profile and high cost base have in the past warranted a discount, all three of these issues are improving, and therefore we see Cambior continuing to close the valuation gap with its peers in 2004. Our C$7.00 target implies an 11.4x multiple, which would still make Cambior the cheapest mid-tier producer using this metric." (January 12, 2004)
-DAVID STEINSPROTT SECURITIES

"Cambior offers the best valuation within the tier and should benefit by the successful startup of its new Rosebel property in Q1 and details about Camp Cayman." (January 5, 2004)
http://finance.messages.yahoo.com/bbs?.mm=FN&action=m&board=7078966&tid=cbj&sid=7078...

April 21-23 European Gold Forum 2004
Zurich, Switzerland

Cambior Inc will be noticed very well after today's good news.

...

Martin Weiss this month in his newsletter is recommending a BUY for CBJ.

"Cambior (CBJ) began commercial production at its company's Rosebel mine, with a target of 245,000 ounces of gold at a low operating cost of $184 per ounce. Hold. Buy now if you don't already own shares."

His report is at safemoneyreport.com

Go CBJ!

...

UPDATE - Cambior bids to get all of big niobium mine
Wednesday April 21, 12:57 pm ET


(Recasts, updates share prices. Changes dateline, previous TORONTO. In U.S. dollars unless noted)
VANCOUVER, British Columbia , April 21 (Reuters) - Gold miner Cambior Inc. (Toronto:CBJ.TO - News) made a C$64 million ($47 million) friendly all-share bid for Sequoia Minerals Inc. (Toronto:SEQ.TO - News) on Wednesday, a move that would raise its stake in the world's third biggest niobium producer to 100 percent.



Canada's fifth biggest gold miner offered Sequoia shareholders 60 Canadian cents a share to get their 50 percent stake in the Niobec mine in Quebec, a strong generator of cash that Cambior will use to fund its gold operations.

The offer, a 28 percent premium on Sequoia's stock price of the past 20 trading days, sent Sequoia's stock 10 percent, or 5 Canadian cents, higher to 53 Canadian cents on Wednesday.

Cambior's stock was 6 Canadian cents weaker at C$3.58 on the back of a weaker gold price.

Niobium is a anti-corrosive, super-conductive specialty metal, which is used in applications from stainless steel arc-welding rods to pacemakers and artificial joints.

"Niobec provides us with stable cash flow that is complementary to our gold operations and our desire to be an unhedged gold producer," Bryan Coates, Cambior's vice-president of finance, told Reuters.

Last year, Cambior's 50 percent stake in Niobec accounted for $22.2 million, or 11 percent, of the miner's total revenue.

A hedge-book blow-out in 1999 nearly bankrupted Cambior, which is now furiously unwinding its forward gold sales. Anxious not to have to a hedge again -- a security measure often insisted on by lending banks -- Cambior is keen to boost cash-generative activities to help it fund its gold expansion.

The mid-sized producer last month poured its first gold at its new Rosebel mine in Suriname, a development that will help Cambior hike output by a third this year to 705,000 ounces.

Sequoia shareholders will receive one Cambior share for 6.3 Sequoia shares. Cambior will issue about 17.2 million common shares to Sequoia shareholders, who will vote on the deal before July.

($1=$1.36 Canadian)

April 21 Press Release ::


Cambior Inc. to Acquire Sequoia Minerals Inc.
Wednesday April 21, 8:12 am ET
All amounts are expressed in US dollars, unless otherwise indicated.


LONGUEUIL, Quebec--(BUSINESS WIRE)--April 21, 2004-- The respective Boards of Directors of Cambior Inc. ("Cambior") (AMEX:CBJ - News; TSX:CBJ - News) and Sequoia Minerals Inc. ("Sequoia") (TSX:SEC - News) unanimously approved a proposed merger transaction whereby Sequoia will merge with a wholly-owned subsidiary of Cambior. As a result, Cambior will acquire the remaining 50% interest in the Niobec mine owned by Sequoia and assume the full operatorship of the mine.
Business Terms

Under the merger agreement, Sequoia shareholders will receive one Cambior share for each 6.3 Sequoia shares. The exchange ratio implies a price of Cdn $0.60 for each share of Sequoia based on the closing price of both companies' shares on the Toronto Stock Exchange on April 19, 2004 and represents a premium of 27.7% of the average closing price of Sequoia during the last 20 trading days. Upon the successful completion of the transaction, Cambior will issue approximately 17.2 million common shares to the Sequoia shareholders. The agreement provides for a break-up fee of Cdn $2 million in the event that Sequoia terminates the proposed transaction to accept a superior offer.

-0-

The merger transaction is subject to:

(a) the satisfactory negotiation and conclusion of a formal merger
agreement;
(b) regulatory approvals;
(C) the completion of each company's due diligence review prior to
closing;
(d) its approval by Sequoia shareholders at a special meeting to be
held in the second quarter of 2004;
(e) its approval by the banking syndicate of each company;
(f) the conversion, before or immediately after the closing, of the
convertible debentures owned by Capital d'Amerique CDPQ inc.
(into 22,722,109 common shares of Sequoia), Fonds de solidarite
des travailleurs du Quebec (FTQ) (into 9,793,497 common shares
of Sequoia) and SGF Mines inc. (SGF) (into 9,088,844 common
shares of Sequoia); and
(g) the obtaining of a fairness opinion by Sequoia.


Including the current outstanding common shares of Sequoia, the outstanding options and the above conversion of debentures, this merger transaction is based on 108.1 million common shares of Sequoia. This transaction is scheduled to close promptly following the special meeting of Sequoia shareholders.

Niobec Mine

The Niobec mine in northeastern Quebec, Canada, is currently jointly owned by the mine operator Sequoia (50%) and Cambior (50%), which is responsible for the worldwide marketing of the ferroniobium. Niobec is the only niobium producer in North America and the third largest in the world. Cambior's share of 2003 niobium sales from the Niobec mine totaled $22.2 million, representing 11% of Cambior's consolidated revenues, and operating cash flow was $8.2 million.

The Niobec mine has been in operation since 1976. The milling capacity of the Niobec mine is 3,500 tonnes per day. The current proven and probable mineral reserves of the mine (100%) are estimated at 148,000 tonnes of Nb205 contained and should provide at least 15 years of mine life at the current mining rate. The pyrochlore concentrate produced at Niobec is transformed into ferroniobium grading 66% niobium using an aluminothermic converter. Ferroniobium is added to steel as a micro-alloy element to improve its mechanical properties and corrosion resistance.

Louis P. Gignac, Cambior's President and Chief Executive Officer, stated: "The acquisition of the remaining interest in the Niobec mine is consistent with our growth strategy. We have been involved with this asset for more than 17 years as a joint venture participant. This asset benefits from stable market conditions, is a solid cash flow generator and has a substantial mineral reserve base with the potential for further increase. With the completion of this transaction, we intend to apply our innovation and continuous improvement approach to the operations and increase its value over time. We look forward to welcoming Sequoia shareholders to our shareholder base".

Jacques Bonneau, Sequoia's President and Chief Executive Officer, stated: "We are pleased with this transaction as our shareholders will benefit from Cambior's market share liquidity and growth potential."

Cambior Inc. is an international gold producer with operations, development projects and exploration activities throughout the Americas. Cambior's shares trade on the Toronto (TSX) and American (AMEX) stock exchanges under the symbol "CBJ". Cambior's warrants, "CBJ.WT.C", trade on the TSX.

Sequoia Minerals Inc. is a natural resource company whose focus is on the development of metals and industrial minerals in order to provide value-added products that meet the criteria of its customers worldwide with regard to performance and economic and ecological concerns. Sequoia's shares trade on the Toronto Stock Exchange under the symbol "SEQ".

Caution Concerning Forward-Looking Statements

This press release contains certain "forward-looking statements", including, but not limited to, the statements regarding the negotiation and the closing of the merger transaction, the anticipated benefits of this transaction for Cambior, Sequoia and their respective shareholders, and the incorporation of the full operatorship of the Niobec mine into Cambior's activities (including forward-looking statements relating to the Niobec mine itself, its reserves and niobium world markets). Forward-looking statements express, as at the date of this press release, Cambior's plans, estimates, forecasts, projections, expectations or beliefs as to future events or results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements; also, there is no warranty that all conditions precedent to the closing of the merger transaction will be fulfilled. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of niobium, mining industry risks, risks associated with mining operations, environmental risks and hazards, uncertainty as to estimation of mineral reserves, and other risks referred to in Cambior's 2002 Annual Information Form and in the Management Proxy Circular made in connection with the arrangement that led to Sequoia's creation and dated November 12, 2003, both filed with the Securities Commissions of all provinces in Canada, and with the United States Securities and Exchange Commission (as regards Cambior only), as well as the Toronto Stock Exchange and the American Stock Exchannge (as regards Cambior only).



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Contact:
CAMBIOR INC.
Robert Lavalliere
Manager - Investor Relations
(450) 677-2699
Fax: (450) 677- 3382
E-mail: info@cambior.com
Internet: www.cambior.com
OR
SEQUOIA MINERALS INC.
Jacques Bonneau
President and Chief Executive Officer
OR
SEQUOIA MINERALS INC.
Pierre Labbe
Vice President, Finance
(418) 694-1123
Fax: (418) 694-0331
Email : mail@sequoia.bz
Internet : www.sequoiaminerals.com

Welcome to Cambior Inc. Gold Mining

It is exciting to see this company moving forward into an international leader in gold production.

April 2004 is developing to be a keystone month for Cambior.

Welcome to this forum.

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