Meadowbank Gold Project: Vault Deposit Metallurgical Studies
11/22/01
CUMBERLAND RESOURCES LTD ("CBD-T;CURSF-0") - Meadowbank Gold Project: Vault Deposit Metallurgical Studies - Positive. Economic Studies Nearing Completion.
CUMBERLAND RESOURCES LTD. is pleased to announce that initial metallurgical test work on the Vault gold deposit has returned predicted extractions of 92%.
The Vault is the fifth gold deposit to be outlined at the Meadowbank Gold project (100% owned), located 70 km north of the Hamlet of Baker Lake, Nunavut. Resource studies, recently concluded by MRDI Canada, estimate an inferred category resource of 7.47 million tonnes grading 3.90g/t gold or 936,700 contained ounces at the Vault deposit (see news release 01-06).
Pre-feasibility studies, completed 18 months ago on the original Meadowbank gold deposits, concluded that initial gravity separation with subsequent flotation-concentration and on-site leaching produced 92.4% predicted extractions. Metallurgical composites from the new Vault deposit have yielded average flotation gold recoveries of 87.1%. If the gold extracted by gravity methods is included the average gravity-flotation recovery is 92.1%. This confirms, on a preliminary basis, that the same method of gold extraction applied to the original Meadowbank deposits can also be applied to the new Vault deposit with similar results. Test work was performed by Process Research Associates Ltd. of Vancouver, B.C.
Economic Analysis Nearing Completion
With the addition of the Vault, total project resources have increased by approximately 50% since the completion of pre-feasibility studies on the original four gold deposits. Scoping level economic studies to assess the impact of the additional inferred resource at the Vault deposit are nearing completion. The deposit's proximity to the original four gold deposits (5km away) and near surface resources will have a positive effect on the economics of the project. The Company is utilizing the pre-feasibility level resources and reserves, capital and operating cost estimations and mine schedules generated 18 months ago.
Cumberland Resources is a Canadian gold exploration company with interests in two of the largest undeveloped gold projects in Canada: Meadowbank (100%) with 3 million oz. resource and Meliadine West (22% carried) with a net 1 million oz. resource. The Company is well financed with approximately $4.7 million in cash to advance these outstanding projects. All projects are located in Nunavut, Canada.
CUMBERLAND RESOURCES LTD.
Kerry M. Curtis, B.Sc., P.Geo., Senior Vice President TEL: (604) 608-2557
Cumberland Resources Ltd. FAX: (604) 608-2559
Mr. Glen Dickson, President
Mr. Kerry Curtis, Senior Vice President Email: cumberland@telus.net INET : www.goldmin.com |
