Campbell Resources Completes Initial Royalty Financing

Montreal, January 18, 2002 - Campbell Resources Inc. (TSE-CCH, OTCBB-CBLRF) announces that it has closed the private placement of an initial tranche of $14,340,000 of royalty units (1,434 units) in the Joe Mann Mine and the Corner Bay project in Chibougamau, Quebec. Net of expenses, the Company raised $105,000 cash, $912,635 pursuant to promissory notes due on February 1, 2002, $201,200 pursuant to promissory notes due on or before August 15, 2002, $417,925 pursuant to promissory notes due on February 1, 2003 and $11,697,000 pursuant to promissory notes due on December 31, 2011. The promissory notes bear interest at 6.25% per annum payable annually. The notes may be prepaid without penalty at any time.

Montreal, January 18, 2002 - Campbell Resources Inc. (TSE-CCH, OTCBB-CBLRF) announces that it has closed the private placement of an initial tranche of $14,340,000 of royalty units (1,434 units) in the Joe Mann Mine and the Corner Bay project in Chibougamau, Quebec. Net of expenses, the Company raised $105,000 cash, $912,635 pursuant to promissory notes due on February 1, 2002, $201,200 pursuant to promissory notes due on or before August 15, 2002, $417,925 pursuant to promissory notes due on February 1, 2003 and $11,697,000 pursuant to promissory notes due on December 31, 2011. The promissory notes bear interest at 6.25% per annum payable annually. The notes may be prepaid without penalty at any time.

Under the terms of the transaction, the Company may sell up to a total of $47.4 million of royalty units. The aggregate royalty rate, based on the sale of the maximum number of royalty units, will be $8.00 per ton of ore produced from the Joe Mann Mine and the Corner Bay property in 2002 and 2003, $14.00 per ton in 2004 and $35.00 per ton commencing in 2005, reducing to $1.50 per ton after royalty reaches Payout. Unitholders must first apply their royalty receipts to any balances owed on the notes. Payout is defined as the return of the investment plus 10%. The Company has the right to repurchase the royalty units at fair market value, at any time after July 1, 2007 or at any time that the unit holders are in default.

In November 2001, Campbell announced the commencement of exploration and development work at the Joe Mann Mine. Progress to date on this exploration and development work will allow for the processing of approximately 10,000 tons of ore beginning on January 28, 2002. On completion of the processing of this material, there will be a hiatus in milling operations until March 1, 2002 when mining operations will commence at a planned daily production rate of 1,040 tons on a five-day per week basis. Yearly production is expected to reach 260,000 tons yielding 65,000 ounces of gold, 22,000 ounces of silver and 1,230,000 pounds of copper. Ten million dollars will be spent for exploration ($5 million) and development ($5 million).

The Corner Bay copper deposit is located on the east shore of Chibougamau Lake and has 850,900 tons of mineral resources grading 6.41% copper (as previously disclosed in a March 28, 2001 Press Release and Joint Management Information Circular of May 10, 2001).

Campbell Resources is a mining company focusing mainly in the Chibougamau region of Québec, holding interests in gold and gold-copper exploration and mining properties.

The royalty units have not been registered under the United States Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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For additional information:
André Fortier                            Tel.: (514) 875-9037
President and CEO                         Fax : (514) 875-9764
E-mail: afortier@campbellresources.com

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 Campbells current Annual Report on Form 10-K for the year ended December 31, 2000. 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.