FORM 6-K/A
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the period ending May 15, 2002
CAMPBELL RESOURCES INC.
1155, UNIVERSITY, SUITE 1405,
MONTREAL, QUEBEC H3B 3A7
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F
Form 20-F x Form 40-F
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No x
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- N.A.
[Campbell Resources Inc. Logo]
PRESS RELEASE
For immediate release
CAMPBELL RESOURCES ANNOUNCES ITS RESULTS
FOR THE FIRST QUARTER OF 2002
MONTREAL, MAY 14, 2002 - CAMPBELL RESOURCES INC. (TSX-CCH, OTCBB-CBLRF)
announces a loss of $691,000 ($0.02 per share) for the first quarter of 2002
compared to a loss of $2,031,000 ($0.13 per share) for the same period last
year.
During the first quarter of 2002, Campbell continued the development and
exploration programs initiated at the Joe Mann Mine in November 2001. An amount
of close to $4 million was spent on these programs during this first quarter.
The exploration expenditures qualified for a $1 million grant from the Ministry
of Natural Resources. An additional amount of $1 million should be received
during the year under the same program. A total of 3,436 ounces of gold have
been produced of which a total 2,867 ounces were sold during the period.
Revenues amounted to $1.4 million.
The Company executed an airborne geophysical survey on its properties in
Chibougamau. In addition to the anomalies already known to its geologists, the
survey identified some 15 anomalies worthy of further explorations.
Development activities at the Copper Rand Mine realized good progress. Deepening
of the shaft proceeded without any significant problem. At March 31, 2002, a
total of $12,362,222 has been spent on the project by Corporation Copper Rand.
Through MSV Resources, Campbell is the operator and has a 26% interest in Copper
Rand. It is expected to complete the deepening of the shaft by the end of May
and to begin the development of the decline in July.
The care and maintenance expense in the first quarter of 2002 of $124,000
related to the properties in Mexico which were sold on January 31, 2002, and to
the maintenance of the mining claims on the properties in Quebec. For the same
quarter of the previous year, care and maintenance costs totalled an amount of
$1,331,000, including those related to the Joe Mann Mine.
LIQUIDITY AND CAPITAL RESOURCES
The negative cash flow from operations of $0.6 million in the first quarter 2002
is related to the investment made in the development and exploration programs at
Joe Mann Mine. This negative cash flow from operations for the same quarter of
the previous year was $1.6 million.
A loss of $274,000 in regard to the sale of Oro de Sotula, S.A. de C.V. was
accounted for this quarter. In March 2002, the Corporation entered into an
option agreement to sell its other Mexican subsidiary, Recursos Escondidos, S.A.
de C.V., holder of the Roca Roja Property, to International Coromandel Resources
Ltd. ("Coromandel"). It is expected that the sale will close by the end of May
2002. As consideration for the sale, the Corporation will receive 50,000 common
shares of Coromandel, a 1% net smelter returns royalty and a royalty of US$0.10
per ton of ore mined up to a maximum of US$2 million in respect of any future
operations on the property. Coromandel will assume full liability for proper
abandonment and reclamation of the Roca Roja property and will indemnify that
Corporation with respect to all environmental obligations. With the completion
of this sale, the Corporation's mineral properties will all be located in the
Province of Quebec.
The Company's principal sources of liquidity on a short term basis are the
future cash flows from the Joe Mann Mine and private placements amounting to
$5.9 million. The Company is subject to the normal risks and uncertainties
associated with mining, including fluctuations in gold prices, the relative
U.S./Canadian exchange rates, the ability of the Company to meet its production
estimates and any unforeseen environmental problems.
Campbell Resources is a mining company focusing mainly in the Chibougamau region
of Quebec, holding interests in gold and gold-copper exploration and mining
properties.
For additional information :
Andre Fortier Tel.: (514) 875-9037
President and CEO Fax : (514) 875-9764
Forward-Looking Statements
Certain information contained in this release contains "Forward-Looking
Statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 and is subject to certain risks and uncertainties, including those "Risk
Factors" set forth in the Campbell's current Annual Report on Form 20-F for the
year ended December 31, 2001. Such factors include, but are not limited to:
differences between estimated and actual mineral reserves and resources; changes
to exploration, development and mining plans due to prudent reaction of
management to ongoing exploration results, engineering and financial concerns;
and fluctuations in the gold price which affect the profitability and mineral
reserves and resources of Campbell. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
hereof. Campbell undertakes no obligation to release publicly any revisions to
these forward-looking statements to reflect events or circumstances after the
date hereof or to reflect unanticipated events or developments.
CAMPBELL RESOURCES INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Expressed in thousands of Canadian dollars)
MARCH 31 December 31
2002 2001
ASSETS $ $
Current assets
Cash and short-term deposits 1,143 2,761
Short-term investments at market value 22 22
Bullion settlements and other receivables 4,530 2,435
Notes receivable 569 1,037
Inventories 3,710 4,664
Prepaids 524 517
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10,498 11,436
Notes receivable 11,697 12,266
Investment 6,500 6,500
Restricted deposits and swap agreement 48,697 48,629
Future income tax assets 3,375 3,375
Mining interests 26,612 25,365
Accrued benefit assets 1,707 1,707
Other assets 1,044 1,078
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110,130 110,356
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LIABILITIES
Current liabilities
Accounts payable 5,204 2,482
Accrued liabilities 2,957 3,436
Future income tax liabilities 141 141
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8,302 6,059
Reclamation and site restoration accruals 7,297 8,084
Long-term debt 56,108 55,974
Future income tax liabilities 3,234 3,234
Deferred royalty 14,173 14,340
Other liabilities - 563
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89,114 88,254
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SHAREHOLDERS' EQUITY
Capital stock 25,550 24,620
Foreign currency translation adjustment 12 1,337
Deficit (4,546) (3,855)
------- -------
21,016 22,102
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110,130 110,356
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CAMPBELL RESOURCES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31,
(Expressed in thousands of Canadian dollars except per share amounts)
2002 2001
$ $
METAL SALES - -
-------- ------
Expenses
Mining - -
General administration 488 488
Depreciation and amortization 12 6
Restauration 67 -
Care and maintenance 124 1,331
-------- ------
691 1,825
-------- ------
Loss from operations (691) (1,825)
-------- ------
Other income (expense)
Other income 158 16
Metal sales adjustment previous year - (118)
Convertible debenture interest expense (146) (73)
-------- ------
12 (175)
-------- ------
Loss before taxes (679) (2,000)
Income and mining tax (12) (31)
-------- ------
NET LOSS (691) (2,031)
======== ======
LOSS PER SHARE (0.02) (0.13)
======== ======
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CAMPBELL RESOURCES INC.
Per:/s/ "LORNA D. MACGILLIVRAY"
---------------------------
LORNA D. MacGILLIVRAY
Vice President, Secretary and
General Counsel
DATE: May 24, 2002
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