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

To: Claude Cormier who wrote (247)	7/12/2002 2:09:17 PM
From: TheHaj	Respond to of 393

Good news? Meadowbank Gold Project: Phase 2 Program Underway Final Results From Phase 1 VANCOUVER, BRITISH COLUMBIA--CUMBERLAND RESOURCES LTD. (CBD-TSX) (the "Company") reports that the $3.9 million Phase 2 program is now underway at the Company's 100% owned Meadowbank Gold Project, located 70 km north of Baker Lake, Nunavut. Phase 2 drilling programs, consisting of approximately 8000 m of diamond drilling commenced on July 8th. The Company plans to complete approximately 70 holes between now and September 15th. Drill programs are designed to further delineate and improve resource confidence and explore for additional gold deposits utilizing the data obtained from recently completed overburden drilling programs. In addition the Company has accelerated environmental and metallurgical programs in preparation for feasibility studies in the fall of 2002 (see news release NR02-12). The Company has received final results from the Phase 1 diamond drilling program. At the Connector Zone, a total of 19 of 35 holes completed have yielded intersections considered by the Company to have economic significance. This has resulted in a new zone of mineralization measuring approximately 450 m in length and ranging from 120 to 50 m wide with thickness varying between 2 m and 11.2 m. The near surface nature of the Connector Zone and its position between the Third Portage and North Portage deposits will increase the open pit potential of the project and allow the Company to evaluate continuous open pit mining over a length of 1.85 km. The Company also drilled a total of 12 drill holes at the Vault deposit in Phase 1. Holes VLT02-047, 048 and 051 have successfully expanded the deposit at depth and to the south by an additional 200 m (see news release NR02-09). Meadowbank is host to the third largest gold resource in Canada with five closely spaced, near surface, gold deposits including the Vault deposit. Independent resource estimates completed at the end of 2001 totaled: Meadowbank Project Resources (MRDI Canada, 2001) ---------------------------------------------------------------------- Measured and Indicated ( 7,775,000 t grading 5.79 g/t) 1,447,300 oz. gold Inferred (10,937,000 t grading 4.44 g/t) 1,561,200 oz. gold Total 3,008,000 oz. gold ---------------------------------------------------------------------- Economic studies ("Preliminary Assessment") on the Meadowbank project, completed prior to this year's drill campaign by consulting engineers MRDI Canada, (see News Release NR02-02), using a production rate of 246,000 oz. per year generated estimated total cash costs of $US 168/oz. gold with approximately 85% of the production from open pit designs. Cumberland is well financed with approximately $18 million in working capital and is positioning itself to become North America's next mid-tier level gold producer by advancing the Meadowbank Project to production. Cumberland Resources holds interests in two of the largest undeveloped gold projects in Canada: Meadowbank (100%) and Meliadine West (22% carried). CUMBERLAND RESOURCES LTD. Kerry M. Curtis, B.Sc., P.Geo., Senior Vice President Brian Alexander, P.Geol. is the Project Manager and designated Q.P. for the Meadowbank Project. Mr. Alexander has managed the project since 1997 and supervises drill hole planning, implementation and quality control/quality assurance programs. Drill core analysis is performed on split core with standard fire assay procedures and AA finish. QA/QC programs employ random insertion of four internal standards, field duplicates and blank samples. Gravimetric analysis is performed on any sample yielding greater than 1 g/t gold in fire assay. Primary assaying is performed by IPL Laboratories, of Vancouver. Chemex Labs of Vancouver provides external reference assaying. Cautionary Note: The preliminary assessment is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the preliminary assessment will be realized. The production forecast used in the Preliminary Assessment includes approximately 5.9 million tonnes of Inferred Mineral Resource, or 41% of the total forecast. In compliance with National Instrument 43-101, the Company has issued a Technical Report which is available at www.sedar.com for review. This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Corporation's control which may cause actual results, performance or achievements of the Corporation to be materially different from the results, performance or expectations implied by these forward looking statements. Meadowbank Gold Project Phase 1 Drilling ------------------------------------------------------------------------ HOLE LOCATION FROM TO INTERVAL GRADE (m) (m) (m) Au) g/T ------------------------------------------------------------------------ NP02-385* 600N 235W 25.75 29.20 3.45 5.01 And 33.40 38.50 5.10 14.15 Incl. 35.33 35.75 0.42 146.0 NP02-386* 750N 319W 54.30 56.90 2.77 2.60 NP02-387* 825N 395W 31.25 33.75 2.50 2.92 And 36.90 38.80 1.90 5.36 And 45.90 49.20 3.30 22.11 TP02-388* 550N 260W 34.42 40.80 6.38 7.23 Incl. 34.42 34.70 0.28 86.15 Incl. 37.37 40.80 3.43 6.13 And 44.75 50.8 6.05 3.93 NP02-390* 650N 259W 30.90 34.30 3.2 18.52 TP02-394* 500N 231W 16.6 26.5 9.9 6.55 TP02-395* 500N 281W 41.50 52.70 11.2 7.91 NP02-397* 865N 405W 41.30 48.00 6.7 44.75 Incl. 41.30 42.76 1.46 175.60 NP02-398 865N 455W 145.9 146.9 1.0 7.36 NP02-399 825N 345W 41.84 47.65 5.81 3.47 NP02-400 940N 392W 38.30 40.90 1.79 5.36 NP02-401 940N 452W 28.35 30.40 2.05 2.88 and 50.35 52.71 2.36 2.52 TP02-402 500N 181W NSV TP02-403 550N 210W 14.12 19.70 5.05 2.15 NP02-404 600N 210W 29.78 32.60 2.82 3.10 NP02-405 600N 185W NSV NP02-406 865N 355W 45.17 47.05 1.88 3.68 NP02-407 865N 305W 38.30 41.13 2.83 3.53 46.75 48.15 1.75 21.24 NP02-408 825N 320W 42.95 45.84 2.89 2.28 NP02-409 825N 295W 42.30 45.72 3.42 7.17 ------------------------------------------------------------------------ ------------------------------------------------------------------------ HOLE LOCATION FROM TO INTERVAL GRADE (m) (m) (m) Au) g/T ------------------------------------------------------------------------ NP02-410 700N 292W NSV NP02-411 700N 267W 46.0 49.3 3.3 3.43 NP02-412 700N 242W NSV NP02-413 790N 370W 39.95 47.3 7.35 5.04 NP02-414 790N 320W 48.03 52.95 4.92 6.80 Incl. 48.03 48.60 0.57 46.75 And 55.4 60.75 5.35 2.96 NP02-415 650N 234W 35.1 37.0 1.9 6.66 Incl. 36.6 37.0 0.4 28.00 NP02-416 1075N 538W 79.6 81.65 2.05 3.76 And 85.90 87.80 1.9 6.18 NP02-417 980N 497W 68.45 71.77 3.32 2.94 Incl. 69.0 69.7 0.7 10.20 And 77.12 80.4 3.28 2.56 NP02-418 825N 270W NSV NP02-419 865N 255W 19.46 20.45 0.99 10.00 NP02-420 900N 320W 45.69 48.56 2.87 3.16 ------------------------------------------------------------------------ ------------------------------------------------------------------------ HOLE LOCATION FROM TO INTERVAL GRADE (m) (m) (m) Au) g/T ------------------------------------------------------------------------ VLT02-47* 4925N 4200W 355.40 356.50 1.1 11.25 VLT02-48* 4575N 4420W 173.80 176.55 2.75 8.95 VLT02-49 5100N 4523W 152.63 152.83 0.2 107.3 VLT02-50 5150N 4665W 156.65 157.7 1.05 6.39 VLT02-51* 4800N 4375W 296.0 300.90 4.9 16.09 Incl 296.0 296.29 0.29 228.25 VLT02-52 5150N 4780W 106.5 108.95 2.45 8.23 VLT02-53 5025N 4300W NSV VLT02-54 4575N 4405W 161.10 162.40 1.3 4.54 VLT02-55 4800N 4250W 383.50 390.83 7.31 2.05 VLT02-56 5150N 4880W 64.60 68.25 3.65 12.74 VLT02-57 5200N 4950W NSV VLT02-58 5300N 4950W NSV ------------------------------------------------------------------------ *previously released -------------------------------------------------------------------------------- Contact: Cumberland Resources Ltd. Mr. Glen Dickson President Phone: (604) 608-2557 Fax: (604) 608-2559 Email: cumberland@telus.net Website: www.goldmin.com or Cumberland Resources Ltd. Mr. Kerry Curtis Senior Vice President Phone: (604) 608-2557 Fax: (604) 608-2559 biz.yahoo.com