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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge -- Ignore unavailable to you. Want to Upgrade?

To: Al Collard who wrote (9775)	10/17/2002 4:26:59 AM
From: Al Collard	Read Replies (1) \| Respond to of 11802

CBD-t...in the news: Cumberland starts feasibility study on Meadowland News Release Mr. Kerry Curbs reports FEASIBILITY STUDY INITIATED Cumberland Resources has commenced a full feasibility study on its 100-per-cent Meadowbank gold project located in Nunavut. On Jan. 24, 2002, the company reported in Stockwatch that a preliminary assessment using a production rate of 246,000 ounces per year generated estimated total cash costs of $168 (U.S.) per ounce of gold over a mine life of 8.3 years with 85 per cent of production from open-pit designs at Meadowbank. During 2002, the company completed approximately 16,000 metres of expansion and infill diamond drilling, advanced metallurgical studies, and enhanced environmental studies at the Meadowbank project, the results of which, to date, have encouraged the company to initiate a full feasibility study on the project. Final selection of an international engineering firm to complete the study will be announced in mid-November, 2002. Concurrent with the decision to proceed with feasibility, Glen Dickson has stepped aside as president and chief executive officer. An executive search is under way to strengthen the company's mine development team. The board wishes to thank Mr. Dickson for his contribution to the growth of the company over the past nine years. Mr. Dickson will remain as a valuable member of Cumberland's board of directors. Kerry Curbs, a senior officer with the company for the past seven years, has been appointed as interim president and chief executive officer. Mr. Curbs has also joined the board of directors. Mr. Curbs has had primary responsibility for the Meadowbank gold project over the past five years. Walter Segsworth, former president and chief operating officer of Homestake Mining Company, has assumed the office of co-chairman of the company and will assist Mr. Curbs in his interim capacities.