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Gold/Mining/Energy : Rubicon Minerals

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To: IngotWeTrust who wrote (73)	5/31/2002 10:54:57 PM
From: Joey Two-Cents	Read Replies (1) of 470

Cumberland has interests in two gold projects the Meadowbank 100% and Meliadine 22% they have combined resources and reserves estimated at 7.0 million ounces. Cumberlands 100% owned Meadowbank Gold project has been coming up with some nice high grade intercepts and extensions in the last couple of weeks and they have reported previously they have 1.4M oz's measured and indicated and 1.6M oz inferred. Production rate is projected to be 246K ozs per year at a cost of $168oz. With the recent drilling the inferred & indicated gold should increase. WMC has majority ownership of the Meladine project. WMC got out of mining last year and they are looking to unload their property. I think the Meadowbank project alone is worth the current price. Theres no premium built in for a new JV partner on Meladine.

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