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

To: stonecrop who wrote (324)	6/15/2003 4:44:01 PM
From: stonecrop	Read Replies (2) \| Respond to of 393

John Kaiser's recent scribe pertaining to CBD, copied from "Rocket1" over at the SRM board(stockhouse). Nearby Meliadine East play yields region's first kimberlite pipe On May 27 Cumberland Resources Ltd (CBD-T: $3.02) and Comaplex Minerals Corp (CMF-T: $1.65) announced that the first of 11 targets on the nearby 30,000 ha Meliadine East project had intersected a "mixture of hypabyssal macrocrystic kimberlite and heterolithic breccia in a kimberlite matrix" beneath 14.6 m of overburden. The Meliadine East drilling program should be finished soon. Rumours whisper that Cumberland and Comaplex may have hit as many as ten kimberlites, though we are not likely to hear about it until the "bodies" have been confirmed as kimberlite. The kimberlite targets were generated in 2001 when WMC flew a regional magnetic survey on 150 m line spacing, which it followed up by more detailed surveys with 40 m spacing in search of iron formation hosted gold deposits. WMC has spent $55 million establishing a resource of 22.1 million tonnes of 6.32 g/t gold on the Meliadine West property, but pursuant to a strategic decision to abandon gold WMC has been trying to sell its 56% stake since 2001. Cumberland and Comaplex have a right of first refusal on WMC's interest, and have not been overly keen about generating publicity regarding the project's diamond potential. They own the Meliadine East property 50:50. Kimberlite dykes had been intersected in 1996 but the chemistry proved unpromising. Last year Cumberland and Comaplex collected 82 till samples down ice from the better anomalies and recovered 234 kimberlite indicator mineral grains in 64 of the samples. The indicators included 8 pyrope garnets of which two were classified as subcalcic G10 garnets. While the Meliadine East indicator minerals have some diamond inclusion chemistry, it is not as strong as on the Churchill project. Cumberland and Comaplex are gold plays that offer free diamond exposure Cumberland and Comaplex are primarily gold companies, though of the two Comaplex appears eager to develop a more serious diamond focus. Cumberland is spending $10.5 million on a feasibility study for its 100% owned Meadowbank gold deposit which hosts about 4 million ounces of gold. Cumberland's stock price has been rising amid efforts by management to get 3.7 million warrants exercised at $3.00 which expire mid June. Comaplex has 30.9 million shares fully diluted while Cumberland has 46.2 million fully diluted. Speculators seeking exposure to the diamond potential of the Meladine East project get a better bang for their dollar with Comaplex. Through Cumberland and Comaplex speculators pay for gold plays and get the diamond play potential for free. If you ignore all their other projects and assets, Cumberland assigns an IPV of $279 million to Meliadine East while Comaplex assigns $102 million. Full writeup....... stockhouse.ca