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Gold/Mining/Energy : CUMBERLAND RESOURCES (CBD) -- Ignore unavailable to you. Want to Upgrade?

To: Syncrude who wrote (165)	1/22/2000 11:32:00 AM
From: Lilian Debray	Respond to of 393

Cumberland Resources Meadowbank Gold Project, Gold Trend Extended by 20 km, New Lands Acquired VANCOUVER, BRITISH COLUMBIA--Cumberland Resources Ltd. (CBD-TSE) announces expansion of the Meadowbank Gold Project by an additional 30,000 Ha, effectively quadrupling the area to be explored in the year 2000. The new project lands encompass a 20km northwest extension of the prolific Meadowbank gold trend. The Company plans to drill several high priority gold occurrences along this trend in 2000. The Meadowbank gold project is located 70 km north of Baker Lake, Nunavut. The project hosts a 1.73 million-ounce resource (1.91 million ounces uncut) independently estimated by MRDI Canada in 1999. Revised resource calculations and the results of pre-feasibility studies at Meadowbank are expected over the next six-to eight weeks. "With a further 20 km of untested gold trend and several targets which can be quickly advanced to a drill stage there is an opportunity to move the project well beyond the known resource inventory. Our strategy is to advance the known resource base towards production while exploring for new, near surface open pit mineralization. If successful, this strategy will greatly enhance the economics of the project" stated Mr. Kerry Curtis, Senior Vice President. The Company has a planned $1.5 exploration budget for the new lands. New Trend Emerges Work spearheaded by the Geological Survey of Canada and supported by Cumberland over the past several years has produced a comprehensive geological database which incorporates prospecting, regional geology, airborne geophysics, mapping and sampling of gold occurrences around the Meadowbank deposits. In 1999 the Company implemented a program designed to evaluate and confirm the potential extension of the Meadowbank gold trend. Of 480 samples* collected in the 30,000 Ha area, 128 assayed greater than 1g/T gold and 60 yielded greater than 5.0 g/T gold. Most of the anomalous samples (greater than 1 gpt gold) fall within a linear trend (see attached map) extending for 20 km northwest of the known deposits. Of the new gold prospects, one of the closest to existing deposits, named the Vault prospect, will be prioritized for drilling in ear1y 2000. *Samples include grab and chip from outcrop, subcrop and frostheave. Assays include standard fire assay with gravimetric finish performed at Chemex Labs and IPL of Vancouver. The Vault prospect, located 5 km northwest of the Meadowbank deposits, comprises several surface gold showings exposed in a 400m long by 200 meter wide corridor. Gold mineralization is hosted by intermediate volcanics and iron formation. These are rock types known to host the existing gold deposits at Meadowbank. Of the 95 surface grab samples collected from the Vault prospect in 1999, 46 yielded greater than 1.0 gpt gold with assays up to 42.9 gpt gold. Work to date indicates two parallel shear zones enriched with pyrite and gold. A second trend, which hosts high-grade silver assays (up to 5082 gpt silver) in historic test pits, offers a possible secondary target. Drilling, in conjunction with airborne and ground geophysics, is proposed for late April. The Company is planning geophysical surveys and ground evaluation on additional prospects within the new project lands over the 2000 exploration season. The N.T.I. Agreement The above described lands are to be explored under an agreement with Nunavut Tunngavik Inc. ("N.T.I.") the non-profit organization responsible for administering mineral rights on Inuit Owned Lands. The agreement has undergone several years of review and has only recently been standardized by the N.T.I. Provisions include minimum yearly exploration expenditures and fees and include standard reporting requirements similar to those existing under Federal jurisdictions for assessment. During the exploration phase lands can be held for up to 20 years. The agreement incorporates a production lease, which can be activated upon delivery of a pre-feasibility study. Production from the new lands will be subject to a 12% net profits interest royalty in which annual deductions are limited to 85% of gross revenue. All deductions are placed into one deduction pool and can be carried forward until fully deducted. The agreement also includes potential participation by the N.T.I. for financing of development. Cumberland Resources is a Canadian gold company with interests in three emerging projects: Meadowbank (100%), Meliadine West (22% carried), and Meliadine East (50%). The Company is well financed with approximately $6.3 million in cash to advance these outstanding projects. All projects are located in the new territory of Nunavut, Canada. CUMBERLAND RESOURCES LTD. Kerry M. Curtis, P.Geo., Senior Vice President CBD 2000-01-19 (provided courtesy of Canadian Corporate News.) FOR FURTHER INFORMATION PLEASE CONTACT: Cumberland Resources Ltd. Mr. Glen Dickson President (604) 608-2557 (604) 608-2559 (FAX) or Cumberland Resources Ltd. Mr. Kerry Curtis Senior Vice President (604) 608-2557 (604) 608-2559 (FAX) Website: www.goldmin.com