Cambior, Hope Bay complete land swap

Hope Bay Gold (HGC-T) and Cambior (CBJ-T) have completed a deal involving the swap of properties in French Guiana and Quebec.

Under the deal, Hope Bay acquires all of the shares of CBJ-France, a Cambior subsidiary with various rights and interests in several French Guiana exploration permits. In return, Cambior receives all of Hope Bay’s rights and interests in properties in the Abitibi region of Quebec.

CBJ-France holds the Montagnes Tortue exploration permits. Also, in April 2000, the company signed an option agreement with Cogema to earn a 75% interest in certain properties in French Guiana. CBJ-France can earn its interest by funding US$4 million in exploration over five years.

The deal covers the Changement, Ste-Marie, Maripa, Tibourou, Camp Hervo, Carrefour Belizon, PK 82, and Crique Saut permits, as well as the Orapu, Mt Guadeloupe and Trois Pitons permit applications. In all, these properties cover 284 sq. km that are contiguous with the Montagnes Tortue permits and host several known gold prospects and anomalies.

Previously, US$9 million in work identified 11 anomalous zones on the gold belt and workings at the Changement and Ste-Marie mines produced about 42,000 oz. gold.