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Gold/Mining/Energy : CUMBERLAND RESOURCES (CBD)
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To: russwinter who wrote (169)3/11/2000 1:15:00 PM
From: Claude Cormier  Read Replies (1) of 393
 
Well the CAPEX for Meadowbank will be somewhat higher than Meliadine as it is farther from the water ways than Meliadine. But overall, thanks to the high grades and open pits, the IRR should be very good.

CBD will come up with some pre-feas numbers very shortly.

What I think is developing here is a major gold district. It will be much more than 8-9M ounces that will be developped in the years ahead. CBD owns a lot of ground and I can see may more discoveries. This year program by both WMC and CBD will drill again some new promising targets.

I fail to understand why the market is not excited by this play as yet. Meliadine West alone (22% CBD) is worth much more than the current market cap. The 1998 pre-feas said a NAV of US$130M for the 4 millions ounces indicated at the time. That was US$28M for CBD's interest. But we probably now have 7M ounces at Meliadine West alone. Go figure!
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