NEWS ROUNDUP — Cambior increases Omai interest

The majority owner of the producing Omai gold mine in Guyana has increased its interest by 5%.

Cambior (TSE) has exercised an option granted by Golden Star Resources (TSE) and will pay $2 million to Golden Star to boost its interest to 65%. Cambior, Golden Star and the Guyanese government (a minority shareholder) poured the first gold bar at Omai on Feb. 1. The mine, about 100 miles inland, is expected to yield about 260,000 oz. this year at a cash cost of around US$200 per oz.

Meanwhile, Cambior, with interests in numerous producing mines, is budgeting about $8.3 million for surface exploration work this year. Of that, about $1.83 million will be spent in Canada, with the search for gold accounting for about 60% of the expenditures.

Some $2.2 million of the exploration budget will be spent in the U.S. on properties in Arizona, Nevada and New Mexico.

In Latin America, about $4 million will be spent on copper and gold projects in Mexico and Chile. Cambior has exploration offices in Hermosillo, Mexico, and Santiago, Chile.