Campbell, Nuinsco cash up for Corner Bay (July 23, 2007)

Campbell Resources (CCH-T, CBLRF-O) is planning to carry out bulk sampling of the Corner Bay copper deposit in the Chibougamau region of north-central Quebec now that Nuinsco Resources (NWI-T) has finished an earn-in.

Campbell has issued $4 million in convertible debentures to Nuinsco and to Ocean Partners, providing immediate cash for the program. The debentures bear 11.5% interest and can be converted into a share and half a warrant at 13. A full warrant can buy a Campbell share at 16 for two years.

Corner Bay has a measured and indicated resource of 446,000 tonnes grading 5.58% copper, plus 1.4 million tonnes in the inferred category grading 6.76% copper. It is open at depth.

Contractors have completed 350 metres of a planned 725-metre ramp at Corner Bay, with mining of the initial bulk sample, 42,000 tonnes, scheduled to start in the fall.