Good news with CLG announcement today
CUMBERLAND RECEIVES POSITIVE RECOMMENDATION FROM THE NUNAVUT IMPACT REVIEW BOARD FOR DEVELOPMENT OF THE MEADOWBANK GOLD PROJECT
Cumberland Resources Ltd. has received a recommendation from the Nunavut Impact Review Board (NIRB) that development of the Meadowbank gold project should proceed. The decision by NIRB concludes a 2.5-year comprehensive review and public hearing process involving multidisciplinary federal, territorial, regional and community-based representation. The Meadowbank gold project is designed to produce an average of 330,000 ounces gold per year over an eight-year mine life, making it one of Canada's future highest-output gold producers. Cumberland has a 100-per-cent interest in the Meadowbank gold project, located 70 kilometres north of the hamlet of Baker Lake, Nunavut.
"Meadowbank is the first major gold development proposal to move through the Nunavut environmental assessment process. After a multiyear review conducted by NIRB, we are extremely pleased with today's recommendation for development of the project," stated Kerry Curtis, president and chief executive officer of Cumberland. "We are now just steps away from developing Canada's largest pure gold open pit reserves into Nunavut's first new large-scale, long-life gold operation. With this transition into mid-tier-level gold production, Meadowbank will provide much desired jobs, training, infrastructure and economic opportunities to Nunavut."
Next steps
The positive NIRB recommendation and associated report will now be forwarded to the Federal Minister of Indian Affairs and Northern Development to ensure compliance with Article 12 of the Nunavut land claims agreement. Upon acceptance of the NIRB recommendation by the Federal Minister, a project certificate can be issued. This process is expected to take at least two months, at which point the necessary licences to commence construction can be issued. In the interim, Cumberland will commence procurement and staging of equipment and supplies in preparation for construction of the conventional access road from Baker Lake to Meadowbank.
Meadowbank gold project
Cumberland is advancing the Meadowbank project toward open pit production based on a bankable feasibility study and subsequent bank due diligence(1) completed in December, 2005. |
