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

To: TheBusDriver who wrote (288)	12/9/2002 4:44:39 PM
From: stonecrop	Read Replies (1) \| Respond to of 393

Just keeping this thread alive! Here's what Canaccord said in their daily letter(Friday,Dec 6) FWIW Cumberland Resources (CBD : TSX : C$2.20) - SPECULATIVE BUY - 12-month target price: C$3.75 Graeme Currie Comment: Cumberland releases final drill results from 2002 program The final drill results released were from some 14 holes on the North Portage deposit. Some of the better intercepts included 6.5 metres of 6.7 g/t Au in hole 427 and 2.1 metres of 39.5 g/t Au in hole 433. Results were in line with expectations and may result in a minor increase in the pit shell around the North Portage zone. In regards to the resource and reserve models for Meadowbank, prior to this year's program the project hosted, measured, and indicated plus inferred resources of 3.0 million ounces at an average grade of just over 5.0 g/t Au. Our preliminary estimate is that resource figures could climb by between 10-15%. More importantly, however, will be the impact of the 2002 work program on mineable reserves. The objective of the program was to as much as double the current 946,000 ounces and we believe that this doubling is attainable. Cumberland and MRDI are in the midst of a reserve and resource re-calculation that is not expected until well into Q1/03. Cumberland also released additional metallurgical results regarding overall recoveries for the North/Third Portage combined, Goose Island and Vault. The studies completed by Lakefield Research, actually improved upon previous numbers. We are awaiting several items from this junior. Currently, the company is in the midst of seeking a new President. We would anticipate the search should be nearing a conclusion and would expect the new President to be announced early in Q1/03. As noted above, a resource and reserve update is also expected in Q1/03. Prior to both of these events, likely before year-end, we are expecting the company to announce which engineering firm will lead the company's feasibility study that is expected to get underway in Q1/03 as well. Finally, one other key timing event for Cumberland relates to the Meliadine West project that is optioned to WMC International. A payment of $500,000 is due to each of Cumberland and Comaplex by January 1. Failure to make this payment would put WMC in default of their agreement. Maintain SPECULATIVE BUY recommendation with a target price of $3.75/share.