snagged sum @ $0.375, based on NRTime Ex Price Change Volume Buyer Seller Markers
15:52:23 T 0.385 +0.01 9,000 79 CIBC 80 National Bank K
15:52:23 T 0.38 +0.005 10,000 79 CIBC 9 BMO Nesbitt K
15:52:23 T 0.38 +0.005 2,000 79 CIBC 89 Raymond James K
15:52:23 T 0.375 - 19,000 79 CIBC 80 National Bank K
15:46:22 T 0.375 - 2,500 19 Desjardins 80 National Bank
15:46:22 T 0.375 - 1,500 19 Desjardins 89 Raymond James K
15:46:03 T 0.375 - 3,500 7 TD Sec 80 National Bank K
15:46:03 T 0.375 - 11,000 7 TD Sec 7 TD Sec K
15:46:03 T 0.375 - 4,500 7 TD Sec 7 TD Sec K
15:43:07 T 0.375 - 21,000 79 CIBC 7 TD Sec K
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MONTREAL, Oct. 23 /CNW Telbec/ - Campbell Resources Inc. (the "Company")
("Campbell") (TSX: CCH, OTC Bulletin Board: CBLRF) reports that the Merrill
Island open pit is in operation with copper concentrate being shipped some six
weeks after obtaining the environmental permit authorizing the operation. With
the positive results achieved to date, the Company plans to increase monthly
production from Merrill Island by 50% over the initial proposed rate.
Drilling began on September 17th. On October 6th, the first blast was
completed to generate some 50,000 tons of ore to be crushed and trucked to the
nearby Copper Rand mill. Milling of the first ore from Merrill Island took
place on October 15th.
In the last week, some 6,600 tons of Merrill Island ore have been milled,
with grades averaging 0.459% Cu, 0.014 oz/t Au and 0.125 oz/t Ag. Mill
recovery was slightly above 90% for copper. A total of 160 tons of concentrate
averaging 17.4% Cu was produced during the week. With the success to date at
Merrill Island, Campbell is now planning to produce 30,000 tons of ore per
month from Merrill Island, up from the 20,000 tons per month initially
planned.
"We're very pleased with the smooth start-up at Merrill Island, which
represents the first part of our strategy to increase mill throughput and
lower unit costs," said André Fortier, Campbell's President and Chief
Executive Officer. "In addition to the Merrill Pit, development is moving
ahead rapidly at Corner Bay, and we expect to soon begin shipping the
42,000 ton bulk sample averaging 3.7% copper at a rate of about 450 tons per
day to the Copper Rand mill."
In addition to the concentrate being produced, the tonnage produced at
Merrill Island is having a positive impact on backfilling at the Copper Rand
mine and on milling costs for the Copper Rand mill. The paste fill plant has
progressed significantly towards its planned capacity of 60 tonnes per hour
during the last week. A total of 3,800 tonnes were thus sent underground at
Copper Rand during the week. Moreover, the substantial increase in ore treated
has a significant impact on reducing unit costs for the Copper Rand ore.
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After giving effect to the warrant exercise, Nuinsco Resources holds 41.65 million common shares of Campbell Resources, representing 10.08 per cent of the outstanding common shares of Campbell Resources, and convertible securities entitling it to purchase an additional 102,509,351 common shares of Campbell Resources. If Nuinsco Resources were to convert the debenture into units and exercise all of the outstanding warrants then held by it, Nuinsco Resources would own a total of 144,159,351 common shares of Campbell Resources, representing approximately 28 per cent of the outstanding common shares of Campbell Resources, calculated on a partially diluted basis assuming the exercise of all of the convertible securities held by Nuinsco Resources only (but not the exercise of any other securities convertible into common shares of Campbell Resources held by any other holder).
The Campbell Resources securities held by Nuinsco Resources were acquired for investment purposes. Nuinsco Resources may from time to time acquire additional securities of Campbell Resources, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current position.
In addition to its equity interest in Campbell Resources, Nuinsco Resources owns 50 per cent of the high-grade Corner Bay copper project near Campbell Resources's Copper Rand mine and mill in Chibougamau, Que. Corner Bay is currently being developed by Campbell Resources, with first ore expected in October, and will be Nuinsco Resources's first operating mine.