Ro

seb

el To

ur

No

v.

21

, 2

00

4

2 Rosebel – Analyst Visit

CAMBIOR

• Réjean Gourde Senior Vice President – Guiana Shield

• Robert LaVallière Manager – Investor Relations

ROSEBEL

• Denis Miville-Deschênes General Manager

• Paul Johnson Mine Manager

• Samir Chefai Mill Superintendent

• Réjean Sirois Geology Superintendent

• Myriam Figueiredo Exploration

3 Republic of Suriname

• A former Dutch colony – Independence in 1975

• Capital: Paramaribo

• Population: 435,500 inhabitants

Languages: Dutch, English (widely spoken),Sranan Tongo and local dialects

• Presidential system

51 elected members

Next national election: May 2005

President: Dr. Ronald R. Venetiaan

• Literacy: 93%

4 Political Situation – Republic of Suriname

• Per capita GDP - US $3,500 (2002 est.)

• Primary exports - alumina

crude oil

lumber

shrimp/rice/bananas

• GDP growth - 1.2% (2002 est.)

• Major foreign companies - Alcoa

BHP-Billiton

Currency - Surinamese Dollar

SRG per US $: 2.70 (sept. 2004)

5 Climate

• Tropical; warm (26°C) and high humidity (85-93%)

• Average rainfall is greater than 60 mm in the driestmonth(s)

Annual precipitation is 2,200 mm(highest precipitation May to July)

4 seasons:

• February - March, a short dry season

• April-July, a long rainy season

• August-November, a long dry season

• December-January, a short rainy season

• CBJ experienced in climate - similar to Omai

6 Rosebel Mine _ Suriname

Rosebel

PARAMARIBO

PARANAM

ZANDERIJAIRPORT

NJOENGJACOBKONDRE Brokopondo

Reservoir

BROKOPONDO

BROWNSWEG

Atlantic Ocean

SaramaccaRiver

SurinameRiver

KWAKUGRON

0 25

km

Hydroelectricplant

18 kmHeadley's

Reef

ThunderMountain

OMAI ROSEBEL

Georgetown

Paramaribo

Cayenne

SouthAmerica

GUYANA

SURINAMEFRENCHGUIANA

Atlantic Ocean

CAMP

CAIMAN

A new mining districtfor Cambior

7 History

• Exploration / Exploitation on-going in area forthe past 100 years

• Golden Star Resources (GSR) acquired option fromGrassalco in 1992

• Cambior acquired 50% interest in 1994

• Cambior acquired GSR’s 50% interest in 2002

• Cambior

Participated in exploration program 1994-1997

Three major studies completed

• 1997 – Feasibility

• 2001 – Soft / Transition ore study

• 2002 – Updated feasibility

RosebelGeological Information

Guiana Shield9

VENEZUELA

SURINAME

GUYANA

FRENCHGUIANA

BRAZIL

BRAZIL

BRAZIL

COLOMBIA

CiudadBolivar

Georgetown

Paramaribo

Cayenne

Manaus Amazon

Orenoque

SouthAmerica

0 500

km

60°W

60°W

10°N

0°

Middle Proterozoic Sediments

Undifferentiated

Lower Proterozoic Greenstone Belt

Mesozoic and Cenozoic Sediments

Granite and Gneiss

Imataca Archean Complex

Major Gold Deposits

Las Cristinas8.0 M oz

Omai4.0 M oz Rosebel

3.2 M oz

Yaou-Dorlin1.0 M oz

Camp Caiman1.9 M oz

Rosebel Mine – Property Plan

0.9 M oz1.223Indicated Mineral Resources

2.4 M oz1.647Probable Mineral Reserves

GoldContained

Gradeg Au/t

TonnageM tonnes

Gold @ $350/oz

Excellent Potential toIncrease Reserves

10

Exploration Zones

Property Limits

Planned Open Pits

Nieuw Koffie Kamp

Rosebel

Monsanto

Hill

Roma

"J"

Koolhoven

Pay Caro

East Pay Caro

Mayo Royal Hill

Mama Creek

Spin

Airstrip

Mill Site

NewlyAcquired

Ground

TailingsPond 20 km

25 km

11 Rosebel Mine - Suriname

MonsantoHill

Roma

J

Mama Creek

Spin

890000N

885000N

880000N

890000N

885000N

880000N

34

50

00E

35

00

00E

35

50

00E

36

00

00E

Rail R

oad

Airstrip

Granite

Armina Volcanics

Volcanics

Rosebel Sediments

Armina Sediments

Paramaka

Diabase Dykes

Open Pits

0.5 - 1.0 g Au/t

> 1.0 g Au/t

Geochemical Anomalies

TrendsExploredNot Explored

ExplorationZone

Rosebel Property Limits

Rosebel Property Limits

Koolhoven

Mayo

Royal Hill

Rosebel

Pay Caro

East Pay Caro

Nieuw Koffie Camp

Rosebel Camp

0 5

km

Ore Deposit Locations andGeochemical Anomalies

Rosebel Project

Fresh Rock

Saprolite

Transition

Laterite

Alluvium

Dumps and Tailings

Ore Zone

5-80 m

30-100 m

Mineralized Zones

Surficial

Rosebel ProjectTypical Mineralization Profile

13 Exploration Work ( 1992 – 1997 )

• Geophysical survey

• Regional prospecting

• Soil sampling

• Deep augering – 35,000 meters

• Trenching – 45,300 meters

• Diamond drilling – 108,000 meters

• More than 166,000 samples analysed

• QA/QC program

218

00E

220

00E

222

00E

224

00E

226

00E

228

00E

230

00E

232

00E

9600N

9400N

9200N

9000N

8800N

8600N

9600N

9400N

9200N

9000N

8800N

8600N

0.5 - 1.0 g Au/t

> 1.0 g Au/t

Trenches

Diamond Drilling

Old Workings

Access Roads

Secti

on

22750W

Pay Caro DepositPlan View

0 200

metres

Planned Pit Contour

ROSEBEL GOLD MINES N.V.

PC 059PC 060 PC 061

PC 092PC 113

PC 212

88

00

N

89

00

N

90

00

N

91

00

N

8700 N

Surface

-100 m

-200 m

Laterite

SaproliteSaprolite

Transition

TransitionRock

RockANDESITE

SEDIMENTS

3.1 / 7

2.3 / 12

2.2 / 17

4.2 / 17

4.2 / 17=

4.2 g Au/t over 17 m true width

Rosebel ProjectPay Caro DepositCross-section 22750W

S N

0.5 - 1.0 g Au/t

1.0 - 2.0 g Au/t

> 2.0 g Au/t

Conglo

mera

te0 50

metres

100

Planned Pit Outline

16 Computer Modeling

• 6 block models were created in 1997

• Ore zones are defined and modeled based onthe alteration, structure, grade and lithologicalassociation characteristics

• Laterite, saprolite, transition and hard rock limitswere also modeled in cross-sections

• 3D solids were created from cross-sections

• Block models were built from 3D solids

17 Estimation Parameters

• Method: Inverse distance squared technique (ID2)

• 5-meter length composites (capped)

• Ellipsoids are oriented according to each ore zone’sorientation

• Geological contacts are treated as hard boundaries

18 Estimation Parameters

Laterite 50 50 20

Measured Ore Zones 50 50 10 4 12 2

Host Rocks 25 25 5

Laterite 75 75 30

Indicated Ore Zones 75 75 20 3 12 2

Host Rocks 50 50 10

Laterite 100 100 30

Inferred Ore Zones 100 100 30 1 12 1

Host Rocks 75 75 10

Search radii (m) Minimum Maximum Maximumof compos. of compos. of compos.

Strike Dip Width per block per block per hole

19 Resource Estimates (1)

Pay Caro 2,137 1.3 3,077 1.7 10,185 1.7 7,293 1.7 22,693 1.7 1,222,400

East Pay Caro 558 1.4 1,582 1.4 2,628 1.2 4,355 1.4 9,123 1.3 387,300

Koolhoven/Bigi 1,356 1.1 2,546 1.2 5,465 1.3 633 1.3 10,001 1.2 399,500

Royal Hill 6,428 1.3 4,906 1.3 963 1.3 4,056 1.5 16,352 1.4 714,700

Mayo 2,249 1.1 3,053 1.5 871 1.7 2,181 1.5 8,354 1.4 379,600

Rosebel 1,252 1.0 861 1.6 406 1.4 1,551 1.5 4,070 1.3 179,800

TOTAL 13,981 1.2 16,026 1.4 20,519 1.5 20,068 1.5 70,594 1.4 3,283,300

Feas. Study(2002) 13,160 1.3 15,566 1.5 19,059 1.6 20,702 1.5 68,487 1.5 3,243,900

Tonnes Au Tonnes Au Tonnes Au Tonnes Au Tonnes Au Ounces (000) (g/t) (000) (g/t) (000) (g/t) (000) (g/t) (000) (g/t) Contained

Deposit Laterite Saprolite Transition Rock Total Gold

(1) Measured and indicated resources @ $350 – 2003/12/31

20

Total Mineral Reserves – 2003/12/31

Mining

Pay Caro 13,266 4,665 1.6 29,406 8,790 1.9 9,073 3,287 2.0 51,745 16,742 1.8 3.1 975

East Pay Caro 4,406 2,052 1.4 8,696 2,199 1.3 4,228 1,774 1.6 17,330 6,026 1.4 2.9 269

Koolhoven 6,920 2,349 1.3 7,756 2,130 1.60 0 0 0.0 14,677 4,478 1.5 3.3 209

Royal Hill 18,067 9,585 1.4 2,154 618 1.4 5,879 1,723 1.6 26,100 11,926 1.4 2.2 539

Mayo 11,149 4,256 1.4 1,653 581 2.0 1,766 542 2.0 14,568 5,379 1.6 2.7 270

Rosebel 3,594 1,767 1.3 894 300 1.5 1,228 548 1.7 5,715 2,615 1.4 2.2 119

TOTAL 57,402 24,674 1.4 50,560 14,617 1.7 22,174 7,874 1.8 130,136 47,165 1.6 2.8 2,382

Feas.Study 46,450 21,241 1.5 35,280 11,749 1.8 9,737 3,918 1.9 91,467 36,908 1.6 2.5 1,932

Soft Rock Transition Ore Hard Rock Total Strip Gold

Site Waste Ore Grade Waste Ore Grade Waste Ore Grade Waste Ore Grade ratio contained

(000 t) (000 t) (g Au/t) (000 t) (000 t) (g Au/t) (000 t) (000 t) (g Au/t) (000 t) (000 t) (g Au/t) (000 oz)

Mineral reserves calculated at a gold price of $350/oz

21 Mining - Production Schedule

Fleet equipment similarto Omai

• Truck and shovel operations

• Developed under the followingguidelines

Expose hard rock as soon aspossible

Soft rock mill feed for first18 months

High grading soft rock first18 months

Milling 14,000 tpd - 18 months

• Initiate exploration program in2003-2004 to seek additionalsoft rock reserves

22 Processing Plant

• Simple flowsheet

• Largely based on experienceat Omai

• Low operational risk

• Transfer “A” Circuit from Omai

Rosebel Flowsheet23

Conveyor

Gyratory Crusher

Ore From Pits

LateriteSaprolite

Fresh Carbon

Bypass

Knelson

Concentrator

SAG Reject

Stockpile

Crushed Ore

Stacker

Cyclones

Cyanide

Lime

Gravity Sizing

Screens (2X)

SAG Mill

SAG Mill

Discharge Screens (2X)

SAG Mill

Discharge Pump Box

Ball Mill

Discharge Pump Box

Ball Mill

Acid

Wash

Vessel

Loaded

Carbon

Bin

Horizontal Carbon

Sizing Screen

6 CIL Tanks

Loaded Strip

Solution Tank

Heat

Exchanger

Carbon

Strip

Vessels

Heater

Carbon

Drain

Screen

Gravity Tailings

Pump Box

Reichert

Cones (4X)

Electrowinning

Cells (2X)

Cathode

Gold

Calcination

Oven

Barren Strip

Solution Tank

Reclaim Barge

Tailings

Pumps (8X)Process Air

Mill Reclaim Water

Linear Trash

Screen

2 Leach Tanks

Lime and

Flocculant

Thickener

Process

Water

Tank

Treated Water

Tailings Pond

Flux

Concentrate

TableKilnGold Bar

Induction

Furnace

Loaded

Carbon

Screen

Fresh Water

Pond

Effluent

Treatment

Plant

Fines to Leach Circuit

24 Tailings Facility

• Designed by Golder & Associates

QA/QC and design for pond No. 2 at Omai

Expertise in similar environment

• Storage capacity for 46 million tonnes

• Possible to increase storage to 80 million tonnesby raising dam by 10 metres (to 30 metres)

• Staged construction

• Independently reviewed by Cambior externalconsultants (Brawner & Morgenstern)

• In accordance with Mining Association of Canadaguidelines

25 Capital Expenditures (in $ millions)

Projects and Construction 71.3 60.3

Mining – Preproduction 16.3 18.8

General Services 10.1 8.7

Construction Contingency - 5.4

Operations Contingency - 1.5

Sub-total 97.7 94.7

Additional Mine Equipment (1.3) -

Additional Preproduction (2.3) -

Total 94.1 94.7

• Additional equipment brought early and paid in 2004

• Additional 1.2 M tonnes mined at $1.93 per tonne

Description Actual Feas. Costs Study

26 Mine Production

100 9,451 7,422 2,029Total Waste ( k t )

1.7 1.7 1.4Total Ore ( g Au/t )

4 434 338 96Hard waste(ktonnes)

40 3,753 3,193 560Trans. waste( K t )

56 5,264 3,891 1,373Soft Waste(Ktonnes )

14,894 11,908 2,986Total Combined(kt)

100 5,443 4,486 957Total Ore ( K tonnes )

1.8 1.8 1.9Hard Ore ( g Au/t )

1 73 66 6Hard Ore ( K tonnes )

1.8 1.8 1.7Trans. Ore (g Au/t )

25 1,348 1,185 162Trans. Ore (Ktonnes)

1.7 1.7 1.4Soft Ore (g Au/t )

74 4,023 3,235 789Soft Ore (K tonnes )

End Q3Feb.11,2004

%Mine LifeProductionPre-Prod.

27 Mine Ore Production

8% 30% 62%Mine Life: End of Q3

10% 34% 56%Production: Feb. 11, 2004

- - 100%Pre – Production

RoyalHill

East PayCaro

Pay Caro

Source ( % )

28 Ore Stockpiles Status

1.31,956 Grand Total

1.01,252 Sub-total

0.7840 Low GradeSoft & Transition

1.6329Contaminated with

WoodHigh GradeSoft

1.883 High GradeHard Rock

1.7704 Sub-total

1.7139 High GradeApron Feeder

1.7565 High GradeSoft & Transition

g Au/tK Tonnes

29 Production versus Mining Reserves ( $350 )

25%6%18%1.594,6211.68 5,443Mine Life (End Q3 )

30%7%22%1.614,0791.724,989Year 2004 ( End Q3 )

(25%)(10%)(16%)1.425421.28455Year 2003 (Oct to Dec )

Ouncesof Gold

g Au/tTonnesg

Au/tK

Tonnesg

Au/tK Tonnes

Variance (%)Mined

ReservesOre Mined

30 Production versus Mining Reserves ( $350 )

14%15%(2%)1.434731.66465Royal Hill

53%17%31%1.501,2301.761,606East Pay Caro

15%0%16%1.652,9181.653,372Pay Caro

Ouncesof Gold

g Au/tTonnesg Au/tK Tonnesg Au/tK Tonnes

Variance (%)Mined ReservesOre Mined

31 Mining Costs by Rock Types

1.061.161.231.411.231.270.950.99$ / tonneTotal Cost

0.030.020.030.020.030.020.030.02$ / tonne Geology

0.040.030.040.030.040.030.040.03$ / tonne Engineering

0.070.060.070.060.070.060.070.06$ / tonne

Admin.

Maintenance

0.080.050.080.050.080.050.080.05$ / tonne Admin. Mine

0.130.080.130.080.130.080.130.08$ / tonne

Minor Equip.

Maintenance

0.220.220.160.250.160.230.250.20$ / tonne Auxilliary

0.180.330.180.330.180.330.180.33$ / tonne Hauling

0.090.170.090.200.090.180.090.16$ / tonne Loading

0.130.100.320.260.320.180.000.00$ / tonne Blasting

0.100.100.140.130.140.110.080.06$ / tonne Drilling

Q3 2004

YTD

Feas.

Study

Q3 2004

YTD

Feas.

Study

Q3 2004

YTD

Feas.

Study

Q3 2004

YTD

Feas.

Study

11,908140,27740513,6534,37847,0287,12567,688000 tProduction

AverageAverage

Hard

Rock

Hard

Rock

Transition

Rock

Transition

Rock

Soft

Rock

Soft

RockUnit

32 Mine Costs

1.061.02Cost per Tonnes Mined

11,908,0055,737,747Tonnes Mined

12,671,3805,869,402Total

12,671,3805,846,402Sub-total

438,963197,045Engineering

396,798187,433Geology & Grade Control

5,125,2792,492,752Mine Maintenance

6,710,3402,992,172Mine Operations

$$

YEAR TO DATETHIRD QUARTER 2004

33 Rosebel Mine — Great Start-up

96.62.016,400 493September

(%)(g Au/t)Average tpd(000 t)

93.42.114,200441May

92.91.914,100422June

93.71.715,300475July

94.01.517,200533August

93.31.815,000 3,487Total

91.42.015,100454April

91.31.814,400445March

90.91.211,800224February

Goldrecovery

GradeThroughput

34 Mill Production Statistics

• Tonnage Milled ( tonnes )

• Grade ( g Au/t )

• Gold Recovery ( % )

• Gold Production ( oz )

• Permanent Inventory ( oz )

• Gold Production ( oz )180,400

( 8000 )

188,400

93.3

1.80

3,487,000

Year to Date

Actual

35 Mill Production Statistics

• Tonnage Milled ( tonnes )

• Grade ( g Au/t )

• Gold Recovery ( % )

• Gold Production ( oz )

• Permanent Inventory ( oz )

• Gold Production ( oz )79,000

-

79,000

94.9

1.72

1,501,600

Third Quarter

Actual

36 Mill Operating Costs

2.66 2.65Total $/tonne milled

9,2813,983Total

856 364Freight

347 163Other Reagents

262 73Carbon

504 256Lime

1,216 516Cyanide

1,353 500Grinding Media

253 130Mill Liners

2,133 850Maintenance & Fuel

2,3581,132Salaries

3,4871,502Tonnage ( 000 t )

Actual000 $

Actual000 $

Year to Date Third Quarter

37

273,800 oz14,000 tpdYear 1

219,000 oz12,000 tpdYear 3

250,400 oz13,000 tpdYear 2

ThroughputFeasibility

Study Gold

Rosebel – Production

New Plan

• Current production of 17,000 tpd will be maintained

290,000-300,000 ounces/year

Original Plan

38 Capex: Crusher and Effluent Treatment Plant

•Total Investment: $ 18 M

•Commissioning: July 1, 2005

•Spent at the end of 3rd quarter: $ 4.7 M

•Committed end of 3rd quarter: $ 4.4 M

•On Budget

•On schedule

39 Capex: Production Increase

• Modifications required :

Additional trash screen

Increase carbon stripping capacity

Additional screen in leach tanks

Investment: $ 4.0 M

Delivery: 2nd quarter 2005

Max. processing capacity: 17,000 tpd +

Not limited by ore handling and grinding yet

Only 9 months in operation

40 Power Consumption and Costs

0,083 0,112Power Costs ($/kW-hr)

1,07 1,37Power Costs ( $/t )

3,739 2,050Power Costs ( 000 $ )

12,9 12,2Power Consumption( kW-hr/tonne )

44,89818,350Power Consumption( MW-hr )

3,487 1,502Tonnage ( 000 t )

ActualActual

Year toDate

ThirdQuarter

• Note: Third quarter – Payment of $720,000 on second powercontract for year to date fixed charge

41 Power Contract #1: Government - Hydro Power - 8 MW avg.

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

275 300 310 325 350 375 400

Gold Price ($/oz)

$/kWh

$0.03

$0.04

$0.05

$0.06

$0.07

42 Power Contract #2: EBS

•Duration: 2 years from January 2004

•Power available: 5 Mw

•Price attached to heavy fuel oil

•Fixed charge component: $ 86,000/m

•Can extend contract at same price if sodesire

•Could install gensets if preferable

43 General Services

000$ 000$

7,394 3,379Gen.Services Total

3,487 1,502Tonnage Milled

2.12 2.25Cost per tonne milled

1,218 519Transportation

1,736 751Camp Management

812 350Human Resources

1,566 802Proc. & Logistics

2,062 957Administration

Actual Actual

Year toDate

ThirdQuarter

44 General Services

• Higher cost: Feasibility study: $1.60/year1-3

• Variance: Exchange rate

Insurance

Fuel

Transportation

Potable water

Community relations and projects

Road maintenance

45 Health & Safety

2Light Duty Assignment

29Severity

0.9Frequency

296Days Lost

9Lost Time accidents

2,015,000Man hours worked

Year 2004

46 Environment

•Environment Management System

•ISO 14001 and training

•Mine Closure Plan

•Effluent Treatment Plant

47 Our Social Challenges

• High expectations for developmentand Employment

• Low / non existing training andeducation

• Poverty and poor qualityof life

• Lack of trust

• Small Scale Mining

48 Our Objectives

• To identify, prevent, minimize andmitigate social issues

• To identify and constantly engagestakeholders

• To plan and manage together

• To promote sustainable developmentbeyond our presence

49 Our Tools

• Social Impact Assessment, 2002

• Social Baseline, 2004

• RGM Community Relations Plan

Policy for local hiring

Policy for local purchasing

Social Investment Strategy

Consultation Strategy…

50 Our Contribution

213197190180177Total

40000Brokopondo

22223Taporipa

11121Asigron

11111Compagniekreek

1314131312Marshall Kreek

1214141111Baling Soela

3737353635Klaaskreek

5643433836Brownsweg

1415141314NW Lombé

8870676464NKK

AugustJulyJuneMayApril

Local Hiring

51 Employment

Employees

•Exploration/Engineering 50-200

•Construction 1000-1400

•Production 800

•Explor./Constr. (2004-5) 300

52 Government

• Royalty on gold production: 2% in kind

• Royalty increase to 6.5% on portion above $425

• Foundation Development of Resources: 0.25%

• Redemption of shares ( $2.0 M )

• Dividend 5%

53

Exploration Program

54 Exploration Program 2004

55 Exploration Program 2004

56 Rosebel outlook

•Commissioning has been great

•Production capacity is higher

•Positive results on geology and blockmodel

•Work force of quality

•Position for growth

•Driven by exploration results

57 Rosebel outlook

•Limited work done on Mayo, Koolhovenand Rosebel

•Surface anomalies in Spin, Mama Creekand Roma

•Other targets from porknocking onHeadley’s Reef and Thunder Mountain

•Additional targets from geophysics onconcession

•Potential for development elsewhere inSuriname

58 Forward Looking Statements

This presentation contains certain "forward-looking statements", including but not limited to, the

statements regarding the Company’s overall objectives and strategic plans, use of hedging and non-

hedging derivative instruments, future commercial production, production targets, timetables, mine

operating costs, capital expenditures, work programs, exploration budgets and targets, mineral

reserve and resource estimates and outlook, and safety and sustainability initiatives. Forward-looking

statements express, as at the date of this presentation, the Company’s plans, estimates, forecasts,

projections, expectations or beliefs as to future events or results. Forward-looking statements involve

a number of risks and uncertainties, many of which are beyond the Company’s control, and there can

be no assurance that such statements will prove to be accurate. Therefore, actual results and future

events could differ materially from those anticipated in such statements. Risks and uncertainties that

could cause results of future events to differ materially from current expectations expressed or implied

by the forward-looking statements include, but are not limited to, factors associated with fluctuations in

the market price of precious metals, mining industry risks and hazards, uncertainty as to estimation of

mineral reserves and resources, requirements of additional financing risk related to hedging and non-

hedge-derivative instruments, risks of delays in construction, production or obtaining permits and

other risks more fully described in the Company’s Annual Information Form filed with the Securities

Commissions of all provinces in Canada, and with the United States Securities and Exchange

Commission (under Form 40-F), as well as the Toronto Stock Exchange and the American Stock

Exchange. The reader is cautioned not to place undue reliance on these forward-looking statements.

The Company does not undertake to update any forward-looking statement that is contained in this

presentation.