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Canada''s National Post notes Hailey''s barb at Barrick

Section: Daily Dispatches

12:30a EST Saturday, December 25, 1999

Dear Friend of GATA and Gold:

Here's a Canadian Press story about Cambior's digging
itself out of its hedging hole.

Merry Christmas from GATA, where we never sleep!

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Cambior restructures debt
while it scrambles to sell assets

MONTREAL, Dec. 23 (Canadian Press) -- Cambior Inc., a
gold producer that was burned badly by the gold price
recovery in October, has reached a restructuring
agreement with creditors that are owed $212 million US.

Loans will be extended to Dec. 31, 2000, while Cambior
raises money by selling gold or base metal assets, the
company said Thursday.

Cambior has agreed to make an interim payment of $75
million US to financial creditors by June 30.

When the gold price soared to $322 US an ounce in early
October, Cambior's price hedging program faced a
potential loss of $32.4 million US. That's because
Cambior had a commitment to sell about 900,000 ounces
at $287 US an ounce, among other contracts.

Cambior said the hedging portfolio has been reduced and
restructured. As of Wednesday, its gold hedging had
been reduced to 1.8 million ounces at an average price
of $333 US an ounce, including a deferred gain of $11
US an ounce, and the naked call position had been
reduced to 784,000 ounces at an average price of $349
US an ounce.

On Thursday, gold was quoted on the spot market at
$286.70 US an ounce.

The company is a diversified gold producer with
operations throughout North and South America. Its
holdings include the Doyon division in Quebec.

On the Toronto stock market Thursday, Cambior shares
closed at $1.55 apiece, up five cents. In late
September, the stock traded above $6.