Campbell boosts Joe Mann reserves

Proven and probable reserves at Campbell Resources‘ (CCH-T) Joe Mann mine in the Chibougamau region of Quebec have increased by about 35% from the end of 2002.

The increase includes 46,057 oz. of gold mined from 182,767 tons of ore running 0.25 oz. gold per ton during 2003. At the end of 2003, reserves were pegged at 859,100 tons averaging 0.26 oz. gold per ton, for 223,089 contained oz.

During the year, Campbell converted to reserves some 126,100 tons of resource running 0.48 oz. in the mine’s West zone. Consequently, the mine’s measured and indicated resources fell to 859,100 tons grading 0.26 oz from 856,200 tons of 0.31 oz at the end of 2002.

This year, Campbell has budgeted $2.5 million for a two-phase exploration program, which will include some 43,000 metres of drilling plus geophysical surveying, mapping, and sampling.

Of the total, $600,000 will be spent on sinking some 16,000 metres worth of exploration drilling below level 3450 on the Joe Mann Main zone and on West zone extensions.

At the Copper Rand, Campbell will spend $400,000 to sink more than 15,000 metres. Work resumed at the former producer last October after Campbell reached a deal to convert into shares $10 million of $16.5 million owed by the mine to Investissement Qubec. The conversion rate was $1.025 per share, and boosted Campbell’s stake in the mine to 76% from 26%.

By the end of 2004, Campbell plans to have Copper Rand’s ramp down to the 4,730-ft. level with a conveyor installed to transport ore and waste. Development work is slated for completion by 2005, by which time annual production of 40,000 oz. of gold is expected.

At last count, measured resources at Copper Rand totalled 61,300 tons averaging 1.15% copper and 0.135 oz. gold per ton. An additional 1.8 million tons of 1.56% copper and 0.096 oz. gold are included in the indicated category.

The second phase of exploration will see the company drill more than 12,000 metres to test MegaTEM anomalies adjacent to the Copper Rand, Henderson-1 and Jaculet mines. Exploration work is also planned on the Meston, Eastmain and Corner Bay properties.