Campbell increases resource at Corner Bay (November 28, 2005)

Exploration by Campbell Resources (CCH-T, CBLRF-O) at the Corner Bay project southeast of Chibougamau, Que., has established a new resource figure on the copper deposit.

Campbell now estimates the measured and indicated resource 1.3 million tonnes grading 4.47% copper at the deposit, based on a 2% copper cutoff grade. Another 869,000 tonnes grading 5.96% copper are inferred.

Pushing the cutoff grade to 3% brings the measured and indicated resource down to 891,000, but bumps the grade to 5.31% copper. The inferred resource shrinks to 589,000 tonnes, with the grade rising to 7.47% copper.

The previous resource calculation put the measured and indicated resource at 832,000 tonnes at a grade of 5.27% copper, with 283,000 tonnes of inferred resources running 5.41%.

The new resources include mineralization intersected at depth below the previously defined resource. Mineralization has now been intersected at vertical depths down to 1,200 metres, and on both the east and west sides of a diabase dyke that had previously been thought to be the western boundary of the mineralized zones.

Drilling earlier this year intersected several mineralized copper veins in altered and brecciated gabbro of the Dore Lake intrusive complex. The best intersection ran 9.27% copper over 16.1 metres.

Campbell also received an extension on creditor protection under the Companies’ Creditors Arrangement Act, which had been granted June 30 and extended once before in October. A meeting of Campbell’s creditors is scheduled for Dec. 6, for a vote on a proposed plan of arrangement under which creditors would get $2.3 million in cash and around $450,000 in shares.