Cumberland Resources (CLG)

[basserdan]

Make that 25 boards...

http://www.investorshub.com/boards/read_msg.asp?message_id=13492740

[MRPOIG]

kewl! CLG making strong recovery from sell off

[PENNYPRINCE 1]

I got some today a little higher.

[amarksp]

Well I picked up some CLG today at US$1.40 average, after selling all but 100 shares in my trading account...

CLG has a new corporate presentation dated Feb 2005.
http://www.cumberlandresources.com/pres/corp_pres/slide1.htm

Figure if POG goes above $450, then CLG leverage to POG should have it outperform most all HUI components...? CLG still has $37M cash so no risk of dilution anytime soon. 1Q05 should bring release of new feasibility study.

Only near term potential problem would be permitting.

FWIW, one of CC's Top 10 Long Term Holds...
"You all remember Cumberland Resources. It has been a favorite for a long time. It still is. Despite this year problems with higher than expected capital costs at Meadowbank, Kinross took a 10% stake in the company. It is not hard to figure that CLG will eventually become a bargin again with its 4 millions ounces of gold and $50 millions in the bank. It is only a matter of time for the economics to improve at Meadowbank. If you want a safe gold resource in Canada, Cumberland is for you." Dec 2004

[Roundtrip]

I think I see were the discrepancy arises from. The annual report was for Dundee Precious Metals while the SEC document was filed by Dundee Wealth Management.

rt

(amarksp - Sorry I can't send a PM.)

[Roundtrip]

Thanks. They haven't filed that information with SEDAR from what I can see. Perhaps as they have different rules.

So as of August 9th, 2004 Dundee owned 2,159,800 Common Shares of CLG or 3.97%.

I don't understand where I'm going wrong as the Dundee annual report states they owned 500,000 shares as of Jan 1, 2004. ???

http://www.sedar.com/csfsprod/data46/filings/00647610/00000001/c%3A%5CSEDAR%5CFILINGS%5CDPM%5C2004%5...

Thanks again,

rt

[amarksp]

http://www.secinfo.com/d14X74.1Dg.htm

[Roundtrip]

According to Dundee's annual report (page 21) it states as of January 31st, 2004 they owned 500,000 shares of CLG.

What document had you copied the information from as I'm unable to find it?

Thanks in advance ...

rt

[Roundtrip]

According to sedi, Kinross has been steadily buying CLG since their original news release. I believe they now own 11.4% of shares outstanding.

rt

[amarksp]

Dundee has been selling...

Item 4. Ownership.
(a) Amount beneficially owned: 2,159,800 Common Shares
(b) Percent of class: 3.97%



Item 5. Ownership of Five Percent or Less of a Class Dundee Wealth Management Inc. has disposed of 4,593,100 common shares of Cumberland Resources Ltd. and has ceased being a beneficial owner of more than five percent of the class of securities held as of the date hereof.

[amarksp]

Kinross investment in CLG

http://www.mineweb.net/sections/junior_mining/320168.htm

[amarksp]

"In an SEC filing we note that Kinross Gold (K : TSX) has
acquired an 8.8% equity interest in Cumberland Resources (CLG : TSX)."

[amarksp]

CUMBERLAND RESOURCES (CLG : TSX : C$2.30) - SPECULATIVE BUY - 12-MONTH
TARGET PRICE: C$3.45
Graeme Currie
Comment: Cumberland pre-production capital costs for Meadowbank exceed C$350 million

Last week, the company announced that a delay in the feasibility study would result in a one-year setback in the planned development of Meadowbank as an open pit gold deposit. The company also indicated that initial elements of the capital cost estimates were higher than expected. Yesterday, the company provided some further clarification by announcing that current pre-production estimates for capital cost, including a 12%contingency, were over C$350 million for a 5500 tpd facility. Cumberland indicated that the enormous jump in this estimate was due to increases in almost all items required for construction. Insofar as additional data regarding the breakdown of the capex figure or changes in operating costs, etc., no further details were given. In our discussion with the company, it was indicated to us that until Cumberland staff completes a thorough review of the feasibility costs, additional details might not be forthcoming for several months. Because of this setback, we now do not expect a completed feasibility study until late this year, as issues such as the filing of an EIS report we expect will also be delayed, since this documentation requires portions of the feasibility study as part of the filing. We lower our target price from $5.30 to $3.45/share and maintain our rating of SPECULATIVE BUY.

[amarksp]

Per review of Canaccord, pg 12:
________________________________

http://www.canaccord.com/files/Reports/ResearchReports/2003/CBD_09052003.pdf

Cash Cost = $168/oz
Total Cost = $235/oz
Capex=US$123M
________________________________

We now learn capex likely to be around US$263M, more than a double form the former US$123M used in prior study...

Thus, total cost should increase to around $300/oz (from $235/oz) with the new $263M capex, assuming no additional improvements found via Walter Segsworth (former Homestake CEO) reiterative engineering...

[Ed Monton]

Cumberland Provides Meadowbank Project Update

VANCOUVER, BRITISH COLUMBIA--CUMBERLAND RESOURCES LTD. (TSX: CLG;
AMEX: CLG) reports that the feasibility study at its 100% owned
Meadowbank Gold Project will not be completed by the end of the
first quarter as originally planned. Due to seasonal constraints
in shipping, the delay in the feasibility study will result in a
one-year setback to the planned development of the project.

Initial elements of the pre-production capital cost estimates
provided by AMEC E&C Services Canada (AMEC) are higher than
expected and reflect recent escalations in steel, fuel, and other
construction consumables. In conjunction with finalizing the
feasibility study AMEC (study manager) will examine alternatives
to optimize capital costs and gold production.

"Although the delay in the development of the project is
unfortunate, the additional time will enable the Company to
complete the remaining elements of the study including mining
designs, schedules and operating cost estimates and complete a
thorough evaluation of the various capital cost and production
alternatives that are available," stated Kerry Curtis, President
and CEO.

Meadowbank is host to the third largest undeveloped gold resource
in Canada with six closely spaced near surface gold deposits:

 
  
 Meadowbank Project Resources - Q1/2004(1) 
 ---------------------------------------------------------------- 
 Resource Category            Tonnes    Grade (g/t)   Ounces Gold 
 ---------------------------------------------------------------- 
 Measured and Indicated   21,685,100          4.30      2,998,000 
 Inferred                  5,699,700          4.30        788,000 
 ---------------------------------------------------------------- 
  
 

......................



Cumberland's 2004 exploration program at Meadowbank, including
two phases of diamond drilling totaling approximately 12,000
metres, will commence in the next several weeks. The $4.7 million
exploration program will focus on exploration near existing gold
deposits, numerous recently-defined prospects, and grassroots
exploration within the 25 kilometre gold trend.

Cumberland is a well financed mineral exploration and development
company which holds interests in two undeveloped gold properties
in Nunavut, Canada: Meadowbank (100%) and Meliadine West (22%
carried to production).

CUMBERLAND RESOURCES LTD.

Kerry M. Curtis, B.Sc., P.Geo., President and CEO

(1) Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Mineral resource estimates do
not account for mineability, selectivity, mining loss and
dilution. These mineral resource estimates include inferred
mineral resources that are normally considered too speculative
geologically to have economic considerations applied to them that
would enable them to be categorized as mineral reserves. There is
also no certainty that these inferred resources will be converted
to measured and indicated categories through further drilling, or
into mineral reserves once economic considerations are applied.
The standards employed by AMEC in estimating the mineral
resources differ significantly from the requirements of the
United States Securities and Exchange Commission and the resource
information reported by United States companies. The term
"resources" does not equate to "reserve" and normally may not be
included in documents filed with the Securities and Exchange
Commission. "Resources" are sometimes referred to as
"mineralization" or "mineral deposits".

Resource estimates were prepared in conformance with the
requirements set out in National Instrument 43-101 by AMEC
independent qualified persons as defined by NI 43-101. All
resource estimates (except for the PDF deposit which is not
included in the current feasibility study) have been prepared by
AMEC independent qualified persons as defined by NI 43-101 under
the direction of Steve Blower, P.Geo.

This document contains certain forward looking statements which
involve known and unknown risks, delays and uncertainties not
under the Company's control which may cause actual results,
performance or achievements of the Company to be materially
different from the results, performance or expectations implied
by these forward looking statements.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
Cumberland Resources Ltd.
Kerry Curtis
President and CEO
[phone]
[phone] (FAX)
or
Cumberland Resources Ltd.
Joyce Musial
Manager, Investor Relations
[phone]
[phone] (FAX)
Website: www.cumberlandresources.com

[amarksp]

6-K is out...

http://www.secinfo.com/dvZsr.14.htm

[amarksp]

Cumberland Strives for Bright Future for Inuit Youth
By: Dorothy Kosich
Posted: 2004/03/02 Tue 08:30 / © Mineweb 1997-2004
http://trinity.mips1.net/mgjr.nsf/Current/42256E2B005E081C42256E4B00230C54?OpenDocument

RENO, NV (Mineweb.com) –While numerous presenters at the BMO Nesbit Burns 2004 Global Resource Conference rattled off the usual litany of reserves, exploration and production targets, the head of Cumberland Resources (CLG) said he hoped his company’s project would provide a future for the youth of the tiny town of Baker Lake, Nunavut, Canada.
Kerry Curtis, President and CEO of the Vancouver-based Cumberland Resources, said his company has spent the past nine years working to gain the trust and support of the community of Baker Lake, population 1,600. Curtis says he and members of the community believe the Meadowbank Gold Project—anticipated to be the 6th largest gold mine in Canada--may finally provide an answer to the hamlet’s 70% unemployment rate.

There was no graduating class in Baker Lake this year. The Inuit youngsters simply drop out because there are no jobs in the area, according to Curtis. However, their luck may change if Meadowbank is permitted, allowing the advancement of Canada’s third largest undeveloped gold resource. Cumberland’s board has approved a $4.7 million exploration program for the project. This year’s exploration program will focus on exploration near existing gold deposits, numerous recently-defined prospects, and grassroots exploration. Thus far, Cumberland has spent $28 million in exploration costs, and believes Meadowbank contains 2,998,000 ounces of gold in the measured and indicated resource category and 788,000 in inferred ounces.

The project is located in typical Arctic tundra terrain, including very shallow water in lakes. In fact, some of the gold will be mined in those lakes. The ores are quite simple and actually lack the arsenic found in typical Canadian deposits, according to Curtis. The area contains a number of shallow gold deposits in close proximity to each other, which could easily be developed into open pit mines, he added. It would be operated as a fly-in, fly-out operation. There is winter road access from January to May and shipping access from July to October. Air access is available on a daily basis.

Curtis predicts that permitting for the mine will be achieved by the end of this year. Construction will commence in 2005 with the first gold production anticipated during the first quarter of 2007. He believes mine life will extend will beyond the current projection of 10 years, with an annual gold production of 250,000 ounces. Curtis anticipates a 93% rate of recovery with a mill throughput of 5,500 tonnes per day.

Well before the mine begins operation, Cumberland Resources is already Baker Lake’s largest employer. Despite Canada’s well publicized land ownership battles with First Nations, Curtis said “no doubt” exists about land ownership in Nunavut, which, essentially, is Canada’s first territory governed by a First Nations majority. The company has already assisted local businesses in their economic develop efforts, he added.

The company listed on the American Stock Exchange on February 3 and has a $190 million market cap. As of March 1, the share price was $3.15 with a 52-week high of $5.25 and a 52-week low of $2. Curtis said Cumberland’s goal is become a mid-tier producer. As of the end of last year, the Cumberland Resources possessed $47 million in working capital and no debt.

______________
FWIW, that 93% recovery rate is above prior estimates...

[amarksp]

CUMBERLAND RESOURCES (CLG : TSX : C$3.85) - SPECULATIVE BUY - 12-MONTH
TARGET PRICE: C$5.30
Graeme Currie
Comment: Cumberland reports an increase in the resource estimates for Meadowbank
Last week, Cumberland reported an increase in the resource estimates for Meadowbank that incorporated the results from the 2003 drill program. An 8% increase in total ounces in situ was defined. Importantly, the M&I estimate is now at the roughly 3.0 million ounce threshold, which we estimate is required to allow for a 10 year open pit mine life. The M&I resource was reported at 21.6 million tonnes at 4.3 g/t Au for 2.99 million ounces. Cumberland also announced that beginning in early March, a $4.7 million exploration budget is planned for Meadowbank. This budget, we understand, is over and above expenditures for what is expected to be a very active year at Meadowbank, as site development towards mine construction is anticipated. The 2004 exploration program will encompass roughly 12,000 metres of drilling focused on three areas. Of particular interest, in our view, will be deeper drilling planned for the Goose Island Zone. Cumberland Resources has announced that effective at the opening on Tuesday, February 3, the company will be listed on AMEX and will also remain listed on the TSX, but will change the ticker in Canada from CBD to CLG to coincide with the AMEX ticker designation of CLG. We maintain our SPECULATIVE BUY rating and $5.30 target on Cumberland - this target will be reviewed once the feasibility study on Meadowbank is released, anticipated by late Q1/04.

[Ed Monton]

Cumberland Shares Listed on the American Stock Exchange

CUMBERLAND RESOURCES LTD. (CBD:TSX) is pleased to announce that it has received approval for the listing of its common shares on the American Stock Exchange® (Amex®). Cumberland expects to commence trading on Amex on Tuesday, February 3, 2004 under the symbol CLG. Cumberland will continue to trade on the Toronto Stock Exchange (TSX) but will trade under the new stock symbol CLG instead of its previous stock symbol CBD.

[Frank Pembleton]

Meadowbank Deposit Grows Again, and Gets Better

http://www.researchcapital.com/docid.cfm?docid=5017

[Ed Monton]

Cumberland Approves $4.7 Million Exploration Program for
Meadowbank Gold Project

VANCOUVER, BRITISH COLUMBIA--CUMBERLAND RESOURCES LTD. (CBD-TSX)
is pleased to report that it has received approval from its Board
of Directors for a $4.7 million 2004 exploration program for the
100% owned Meadowbank gold project located 70 kilometres north of
the Hamlet of Baker Lake, Nunavut. The 2004 exploration program
will focus on exploration near existing gold deposits, numerous
recently-defined prospects, and grassroots exploration within the
25 kilometre gold trend. The program, including two phases of
diamond drilling totaling approximately 12,000 metres, is
expected to begin in early March and continue for approximately
six months. Meadowbank is host to the third largest undeveloped
gold resource in Canada with six closely spaced, near surface
gold deposits.

 
  
 Meadowbank Project Resources - Q1/2004(i) 
 -------------------------------------------------------------------- 
 Resource Category               Tonnes    Grade (g/t)    Ounces Gold 
 -------------------------------------------------------------------- 
 Measured and Indicated      21,685,100          4.30       2,998,000 
 Inferred                     5,699,700          4.30         788,000 
 -------------------------------------------------------------------- 
  
 

"Now that the resource thresholds required for the feasibility
study have been achieved, we are able to focus our exploration
activities on a variety of targets developed over years of
exploration on the project," remarked Kerry Curtis, President and
CEO. "This year's exploration program will assess future resource
growth as we continue to focus on advancing the Meadowbank
project to production."

Primary Drill Targets for 2004

In the Goose Island deposit, a series of deep drill holes
completed in 1997 and 1998 intersected high grade mineralization
that remains open for expansion. Some of these intersections
include:

G97-163: 15.44 g/t over 3.20m at 300m below surface (see news
release NR97-7)

G98-238: 19.60 g/t over 2.05m at 270m below surface (see news
release NR98-9)

These intersections are located well below the Goose Island
preliminary open pit design and represent areas of potential high
grade resource additions.

The Vault deposit remains open in several directions for
expansion. To the west of the current preliminary open pit
design, several holes drilled in 2003 indicate potential for the
expansion of resources. Intersections include drill hole
VLT03-135 which yielded 2.84 g/t over 3.10m at 15 metres below
surface. This intersection appears to be in the same
stratigraphic horizon as the Vault mineralization and is located
approximately 350 metres west of the preliminary open pit design.


The Crown area represents a prospective target located 3.5
kilometres north of the Vault deposit. Gold mineralization at
Crown displays similarities to the style of mineralization at the
Vault deposit. Mineralization in both outcrop and float was
discovered in 2003 as a result of following up reverse
circulation drill anomalies. Eleven grab samples taken from two
islands in Wally Lake assayed between 1.33 g/t and 13.45 g/t.

Cumberland is a mineral exploration and development company which
holds interests in two undeveloped gold properties in Canada:
Meadowbank (100%) and Meliadine West (22% carried to production).
Cumberland is well financed and is currently evaluating a 10 year
open pit mine plan based on a preliminary assessment(ii)
completed in January 2002, which indicated the Meadowbank
property could support a production rate of approximately 250,000
ounces per year.

CUMBERLAND RESOURCES LTD.

Kerry M. Curtis, B.Sc., Geo., President and CEO

(i) Q1/2004 resource estimates were prepared in conformance with
the requirements set out in National Instrument 43-101 by AMEC
independent qualified persons as defined by NI 43-101. All
resource estimates (except for the PDF deposit) have been
prepared by AMEC independent qualified persons as defined by NI
43-101 under the direction of Steve Blower P.Geo. Resource
estimation models for all deposits were estimated using
three-dimensional block model methods employing inverse distance
methods. Grade capping strategies were developed and applied by
AMEC and include application of capping and/or capping with
distance restrictions on high grade assays. Resources were
classified as measured only in areas defined by close spaced
drilling and trench exposures. Indicated resources for all of the
deposits are generally within 25 metres of a drill hole, and are
supported by a minimum of two drill holes.

(ii) Cautionary Note: The preliminary assessment completed in
January 2002 is preliminary in nature, included 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 included
approximately 5.9 million tonnes of Inferred Mineral Resource, or
41% of the total forecast. In compliance with National Instrument
43-101, the Company 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 Company's control which may cause actual results,
performance or achievements of the Company to be materially
different from the results, performance or expectations implied
by these forward looking statements.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
Cumberland Resources Ltd.
Kerry Curtis
President and CEO
[phone]
[phone] (FAX)
or
Cumberland Resources Ltd.
Joyce Musial
Manager, Investor Relations
[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.cumberlandresources.com

[amarksp]

don't know the ticker for AMEX yet, this was from SEC filing...

approval for AMEX trading and actual AMEX trading may take a few days...?

[please_no_hype]

That's interesting, I was not aware that they had filed for a listing on the AMEX. I've been waiting for Alamos and Northern Orion to get their listings. I can't find a symbol for CBD and it doesn't look like it is trading on the AMEX yet, any ideas? Thanks!

[amarksp]

CBD to trade on AMEX effective 1/26/04

EXPLANATORY NOTE

This Registration Statement on Form 8-A is being filed by Cumberland Resources Ltd. (the "Registrant") in connection with the registration of the Registrant's Common Shares, no par value per share (the "Common Shares"), under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the listing of the Common Shares on the American Stock Exchange. The Common Shares were approved for listing on the American Stock Exchange on January 26, 2004.

[amarksp]

CUMBERLAND RESOURCES LTD. (CBD : TSX : C$4.05) - SPECULATIVE BUY -
12-MONTH TARGET PRICE: C$5.30
Graeme Currie
Comment: Cumberland reports base case for feasibility study increased from 4700 to 5500 tpd Cumberland Resources provided the final results from its 2003 exploration program on its 100%-held Meadowbank gold property yesterday. Within the release, the company reported the final phase II drill results that were in-line with expectations. The results are primarily from in-fill near surface drilling on the Third Portage Zone. Of greater interest, in our view, was the confirmation that the base case scenarios for the feasibility study currently underway for Meadowbank will employ an increased throughput of 5,500 tpd, up from 4,700 tpd. We had already suggested in a September report that such an increase could be possible, thus, our models already reflect higher throughputs. We maintain that target and also maintain our SPECULATIVE BUY rating for this junior.

[amarksp]

Cumberland research report

you may have to register...


http://www.canaccord.com/files/Reports/ResearchReports/2003/CBD_09052003.pdf

[amarksp]

CUMBERLAND RESOURCES LTD. (CBD : TSX : C$4.55) - SPECULATIVE BUY -
12-MONTH TARGET PRICE: C$5.30
Graeme Currie
Comment: Removing Cumberland from our Top Picks list
In our report on this junior dated September 5, 2003, we noted that based on a number of results generated from Meadowbank in Q2/Q3 of 2003 that we felt there was the potential for an expansion in the base case model for this project from 4700 tpd to 5500 tpd. We defined a value for Meadowbank of $4.30 employing a 5% discounted NPV model. To this we added $1/share for this junior's exposure to Meliadine East and West where there are 1.2 million ounces net in situ. This derived a target of $5.30. We maintain that target and maintain our SPECULATIVE BUY rating for this junior. However, given the diminished beta spread from current price to target price we are unable maintain the shares as a Top Pick.

[amarksp]

CUMBERLAND RESOURCES LTD. (CBD : TSX : C$4.30) - SPECULATIVE BUY - 12-MONTH TARGET PRICE: C$5.30
Graeme Currie
Comment: Cumberland provides further update from Meadowbank gold project

Yesterday the company provided assay results from a further 98 holes completed at the Vault pit area. This drilling formed part of a 14,000-metre phase I program. An additional 5,000-metre phase II program is currently being completed. This drilling is really designed to allow for pit-shell optimization in order to define recoverable reserves and resources for final feasibility study estimates. All of the intersections released yesterday are reported as falling within the preliminary open pit design for the Vault deposit. Highlights from the latest infill drilling included 80.3 g/t Au over 4.3 metres and 17.3 g/t Au over 3.6 metres. In all, the results continue to provide further evidence of the general uniformity of this deposit. Final pit shell work will continue and, with the incorporation of these results, should allow the company to prepare the resources for reserve classification. We anticipate that final in situ total ounce estimates are likely to be within 10-15% of previously reported estimates, plus or minus. Additional drilling at Goose Island and in the Portage Pit should allow for similar improvements in resource and reserve confidence levels. Again we do not anticipate substantial changes from total in-pit resource estimates previously announced. Cumberland also noted in the release that they remain on schedule to complete the Feasibility Study, lead by AMEC Simon, by late Q4/03 or early Q1/04. We maintain Cumberland Resources as a SPECULATIVE BUY with a $5.30 per share target price.

[amarksp]

CUMBERLAND RESOURCES LTD. (CBD : TSX : C$3.98) - SPECULATIVE BUY - 12-MONTH TARGET PRICE: C$5.30
Graeme Currie/Canaccord
Comment: Revised valuation of Cumberland's key assets

The results generated over the past quarter from Cumberland's 100% held Meadowbank gold project have, in our view, pushed this project over key economic hurdles. In particular, the expansion of the Vault and Portage Pits coupled with material improvements to the metallurgical recovery, along with resource expansion, should allow this project to be viewed solely for open pit development over a minimum ten-year mine life. In fact, given the expansion of in-pit recoverable resources to 3.0 million ounces of gold, it is our contention that a revision in the base-case operating through-put parameter of 4700 tpd could be revised upward by 15-20% and still allow for a ten-year mine life. We derive a target price of $5.30/share, up from our previous target of $4.25/share. Maintain Cumberland as a SPECULATIVE BUY and Top Recommendation with a new target of $5.30/share.

[amarksp]

Thanks, like the i-hub board format with the i-Box/Board info... Allows "one click" links by specific company, which results in less clutter/deletions in my IE Favorites folder... Also, i-hub does not have as much chit-chat and meaningless clutter as pervades most other message boards..., so one can more easily find relevant prior posts.

[Frank Pembleton]

amarksp -- when I first discovered iHub I was one of the first speculators here that had an interest in the mining sector ... I actually started this thread and a few other without wanting to be "moderator," I'm sure you'll do this thread justice.

Good luck!

Regards,
Michael..............

[Eva]

Kastel
<<
Lets hope so Michael. I'm up to my wazoos in that one now... :o)>>
Hate to picture that, but me too
Oh what a feeling

Greetings
Eva

[amarksp]

Can someone e-mail me the best/most thorough of these Yorkton report(s) or similar analyst writeups on CBD, will update website with some of this info... [e-mail]

http://www.yorkton.com/webapp/v3w3/x03_03_main.jsp?txtTicker=CBD

http://www.yorkton.com/webapp/v3w3/x03_02_main.jsp?PersonID=1251910

Thanks!

[KastelCo]

Lets hope so Michael. I'm up to my wazoos in that one now... :o)

One more I'd like to start back into before I split for vacation that you guys own still.

What was up with NGX today ? Any opinion on te warrants anyone. I haven't looked into them yet. tyke mentioned them on russwinter's thread. (NGX.WT on TSE)

regards
Kastel

[Frank Pembleton]

I guess the analyst visit went well in Nunavut...

Regards,
Michael....................


Dundee Wealth Management Inc.: Acquisition Of Shares Of Cumberland Resources Ltd.
CCNMatthews
TORONTO, ONTARIO--In accordance with regulatory requirements, Dundee Wealth Management Inc. (DW- TSX) ("Dundee Wealth") announces that accounts managed by Dynamic Mutual Funds Ltd., a subsidiary of Dundee Wealth, acquired 479,100 common shares of Cumberland Resources Ltd. ("Cumberland") at $3.31 per share on the Toronto Stock Exchange. This represents an approximate 1.2% interest in Cumberland.


FOR FURTHER INFORMATION PLEASE CONTACT:

Dundee Wealth Management Inc.
Daniella E. Dimitrov
Vice President and General Counsel
[phone]

[Ed Monton]

More drill results:

http://www2.ccnmatthews.com/scripts/ccn-release.pl?/current/0807067N.html

Cumberland Reports Drill Results from Portage Pit Area
at Meadowbank

VANCOUVER, BRITISH COLUMBIA--CUMBERLAND RESOURCES LTD. (CBD-TSX)
is pleased to report results from drilling completed in the
spring of 2003 at the Portage open pit area as part of the Phase
1 field initiatives at the Company's 100% owned Meadowbank gold
project, located 70 kilometres north of the Hamlet of Baker Lake,
Nunavut. Drill results continue to improve the definition of
resources and are in line with and, in many cases, exceed
expectations.

The drilling is part of a $10.5 million 2003 work program at the
Meadowbank project designed to define and explore for further
resources, complete a feasibility study and satisfy the
requirements for mine development permitting. The Phase 1
activities included 14,000 metres of diamond drilling in a total
of 148 drill holes at the Vault, Goose, Third Portage and
Connector Zone deposits. Phase 2 activities have commenced with
drilling underway at the recently discovered PDF gold deposit.

The recent drilling program at the Portage open pit area, which
encapsulates four contiguous gold deposits including the
Connector Zone, Third Portage, North Portage and Bay Zone,
consisted of 28 drill holes and focused on improved resource
definition in preparation for reserve definition in specific
areas of the Portage open pit design. Preliminary open pit
designs indicate the ultimate pit will be approximately 1.8
kilometres in length and up to 400 metres in width, with final
depths ranging from 40 metres to 150 metres. All drill
intersections fall within or on the boundary of the preliminary
open pit design and represent approximate true widths of
mineralization. A table of the results and a drill hole location
map are attached to this release.

"Results from these series of drill holes are very impressive and
underscore the shallow and often high grade resources available
in the Portage preliminary open pit design. These results will
significantly improve the confidence of the deposit in
preparation for open pit reserve classification," remarked Kerry
Curtis, President and CEO.

Drilling in the southern sector (11 drill holes) of the Third
Portage deposit was designed to confirm the high grade (19.7 g/t
over 8.63 metres at a depth of 132.5 meters) mineralization in
the area of drill hole 206, which was drilled in 1997 and
represents the deepest resource in the preliminary pit design.
Highlights from the definition drilling in the south sector of
the deposit confirm the high grades and thick nature of the
resource in this area and include:

 
  
 19.51 g/t gold over 7.82 m at 111.91 m below surface in hole 443 
 5.87 g/t gold over 12.65 m at 95.60 m below surface in hole 449 
 41.75 g/t gold over 1.19 m at 145.9 m below surface in hole 436 
 8.21 g/t gold over 14.04 m at 108.06 m below surface in hole 442 
 

---------------------------------


Drilling in the central portion (9 drill holes) of the Third
Portage deposit focused on improved definition of resources close
to the western margins of the deposit. Highlights from definition
drilling in the central portion of the deposit include:

----------------------------------------------

 
  
 10.92 g/t over 2.63 m at 6.60m below surface in hole 452 
 7.27 g/t gold over 4.46 m at 70.24 m below surface in hole 453 
 5.96 g/t over 8.70 m at 67.69 m below surface in hole 463 
 13.37g/t over 3.92 m at 30.0 m below surface in hole 465 
 8.67 g/t over 5.83 m at 9.93 m below surface in hole 469 
  
 

--------------------------------------------

An additional 7 drill holes were completed in the Connector Zone
area for the purposes of further definition of mineralization
proximal to a fault structure. Highlights from drilling include:

-----------------------------------------

 
  
 5.15 g/t over 8.62 m at 48.28m below surface 
                 and 
 5.63 g/t over 3.00 m at 61.00m below surface in hole 445 
  
 

--------------------------------------------

Portage Preliminary Open Pit Designs

In June 2003 the Company announced revised preliminary open pit
designs for the four contiguous gold deposits at the Portage area
(see news release NR03-14):

-----------------------------------------------

 
  
 Portage Preliminary Pit Designs - June 2003 (US$325/oz) 
 ---------------------------------------------------------------------- 
 Category                       Tonnes     Grade (g/t)      Ounces Gold 
 ---------------------------------------------------------------------- 
 Measured and Indicated      9,675,000           4.84         1,505,000 
 ---------------------------------------------------------------------- 
 Inferred                    2,164,000           4.86           338,000 
 ---------------------------------------------------------------------- 
  
 

----------------------------------------------

Note: Revised preliminary open pit designs do not include
provision for mining dilution or ramps and yield a strip ratio of
7.3: 1. Mineral resources which are not reserves do not have
demonstrated economic viability. An open pit cut-off grade 1.50
g/t was applied.

The expanded preliminary open pit design incorporates
approximately 94% of the Portage resources estimated in early
June 2003 (see news release NR03-11), taking full advantage of
the shallow nature of the four gold deposits and the favorable
geotechnical conditions hosting the deposits. Revisions as a
result of recent drilling will be incorporated into feasibility
level designs.

Meadowbank Gold Project

Meadowbank is host to the third largest undeveloped gold resource
in Canada with six closely spaced, near surface, gold deposits
totaling:

 
  
 Meadowbank Project Resources(i) - Q2/2003 
 ---------------------------------------------------------------------- 
 Measured and 
  Indicated         15,471,000 t grading 4.66 g/t    2,318,000 oz. gold 
 Inferred            8,921,000 t grading 4.20 g/t    1,205,000 oz. gold 
 ---------------------------------------------------------------------- 
  
 

Cumberland is well financed and is advancing the 100% held
Meadowbank gold project in Nunavut to production.

The Company is currently evaluating a 10 year open pit mine plan,
which on the basis of a preliminary assessment(ii) completed in
January 2002, indicated the Meadowbank project could support a
production rate of approximately 250,000 ounces per year at an
estimated cash cost of US$168 per ounce for over eight years.

Cumberland Resources holds interests in two of the largest
undeveloped gold projects in Canada: Meadowbank (100%) and
Meliadine West (22% carried), projects in Nunavut.

CUMBERLAND RESOURCES LTD.

Kerry M. Curtis, B.Sc., Geo., President and CEO

R. 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. ASL Chemex Labs of
Vancouver provides external reference assaying.

(i) Second quarter 2003 resource estimates and classification are
in accordance with National Instrument 43-101 and conform to CIM
Standards on Mineral Resources and Reserves (August 2000).

(ii) Cautionary Note: The preliminary assessment completed in
January 2002 is preliminary in nature, included 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 included
approximately 5.9 million tonnes of Inferred Mineral Resource, or
41% of the total forecast. In compliance with National Instrument
43-101, the Company 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.

 
  
 -------------------------------------------------------------- 
 2003 SPRING DIAMOND DRILLING - VAULT COMPOSITES 
 HOLE             LOCATION     FROM        TO    GRADE    WIDTH 
 -------------------------------------------------------------- 
 -------------------------------------------------------------- 
 TP03-435        325S 130W     76.90     79.85    3.62     2.95 
                               83.64     87.80    3.00     4.16 
                              187.00    189.00    5.73     2.00 
 -------------------------------------------------------------- 
 TP03-436        275S 170W    145.88    147.07   41.75     1.19 
                              156.30    158.97    3.00     2.67 
 -------------------------------------------------------------- 
 TP03-442        225S 020W     25.25     31.18    2.46     5.93 
                               42.62     44.10   12.21     1.48 
                              108.06    122.10    8.21    14.04 
                     incl.    110.52    115.00   20.22     4.48 
 -------------------------------------------------------------- 
 TP03-443        225S 055W    111.91    119.73   19.51     7.82 
                      incl.   114.07    116.45   24.96     2.38 
 -------------------------------------------------------------- 
 TP03-444        225S 100W    106.41    110.00    2.90     3.59 
                              113.70    115.85    3.09     2.15 
 -------------------------------------------------------------- 
 NP03-445        700N 335W     48.28     56.90    5.15     8.62 
                               61.00     64.00    5.63     3.00 
 -------------------------------------------------------------- 
 NP03-446        700N 380W       NSV               NSV 
 -------------------------------------------------------------- 
 NP03-447        700N 450W       NSV               NSV 
 -------------------------------------------------------------- 
 TP03-448        210N 275W     46.30     54.70    5.00     8.40 
 -------------------------------------------------------------- 
 TP03-449        275S 070W     95.60    108.25    5.87    12.65 
                     incl.    106.47    107.50   36.60     1.03 
 -------------------------------------------------------------- 
 TP03-450        300S 055W    127.32    128.45    3.72     1.13 
 -------------------------------------------------------------- 
 TP03-451        325S 060W     39.74     43.00    3.39     3.26 
                              118.10    122.72    7.25     4.62 
                     incl.    120.98    122.72   17.94     1.74 
                              125.00    132.51    6.23     7.51 
                              134.77    137.00    7.95     2.23 
 -------------------------------------------------------------- 
 TP03-452        120N 240W      6.60      9.23   10.92     2.63 
                     incl.      8.60      9.23   28.85     0.63 
 -------------------------------------------------------------- 
 TP03-453        150N 211W     70.24     74.70    7.27     4.46 
 -------------------------------------------------------------- 
 NP03-454        750N 280W     48.00     50.00   12.21     2.00 
 -------------------------------------------------------------- 
 TP03-455        275S 030W    113.00    119.37    2.02     6.37 
 -------------------------------------------------------------- 
 TP03-456        275S 005E       NSV               NSV 
 -------------------------------------------------------------- 
 TP03-457        350N 312W       NSV (hole lost)   NSV 
 -------------------------------------------------------------- 
 NP03-458        790N 280W     20.28     20.84   22.00     0.56 
 -------------------------------------------------------------- 
 TP03-459        325S 020W       NSV               NSV 
 -------------------------------------------------------------- 
 NP03-460        790N 420W     61.75     66.65    2.10     4.90 
                               81.27     91.61    1.53    10.34 
 -------------------------------------------------------------- 
 NP03-461        940N 505W       NSV (hole lost)   NSV 
 -------------------------------------------------------------- 
 TP03-462        150N 161W     73.04     78.71    4.14     5.67 
 -------------------------------------------------------------- 
 TP03-463        095N 159W     67.69     76.39    5.96     8.70 
                      incl.    72.96     73.46   43.50     0.50 
 -------------------------------------------------------------- 
 TP03-464        095N 127W     79.05     84.82    4.29     5.77 
                               89.88     97.88    2.21     8.00 
 -------------------------------------------------------------- 
 TP03-465        035N 150W      7.65      9.62    2.61     1.97 
                               30.00     33.92   13.37     3.92 
                     incl.     30.00     31.64   30.21     1.64 
 -------------------------------------------------------------- 
 TP03-466        035N 150W     17.00     18.78   12.76     1.78 
                              105.96    112.10    5.95     6.14 
                     incl.    105.96    106.86   28.99     0.90 
 -------------------------------------------------------------- 
 TP03-467        Postponed     Until    Summer  Drilling 
 -------------------------------------------------------------- 
 TP03-468        Postponed     Until    Summer  Drilling 
 -------------------------------------------------------------- 
 TP03-469        177N 044W      9.93     15.67    8.67     5.83 
                     incl.     10.94     12.66   26.02     1.72 
 -------------------------------------------------------------- 
  
 

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
Cumberland Resources Ltd.
Kerry Curtis
President and CEO
[phone]
[phone] (FAX)
or
Cumberland Resources Ltd.
Joyce Musial
Manager Investor Relations
[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.cumberlandresources.com

[Ed Monton]

Looks good. I'm guessing that infill drilling will go a long way to moving the 362,000 inferred oz in the vault deposit into the measured and indicated category.

I'm in as of today at $2.83 and $2.79.

Made money trading this one before and I think I will again!

[amarksp]

Capex Lotto = C$215M
Cash Cost = US$168
IRR = 20.1% @ $325 POG
2.3M ounces measured reserve
1.2M indicated reserve
3.5M ounce total reserve at Meadowbank

Estimated Capex per Research Capital is C$215 per report dated 04/24/02. See page 12:
http://www.researchcapital.com/docid.cfm?docid=2678

Part of this C$215M will be for construction of cofferdams which likely accounts for some of the large capex: "A challenge at Meadowbank is the construction of cofferdams to allow for extraction of ore at Third Portage and Goose deposits - a portion of both deposits lies under a lake." (Note this dam construction not necessary for Vault Open Pit deposit which is largest resource...)

Also, note the annual budgeted capex:
2002-03........C$12M
2004.............C$71M
2005.............C$116M

Per Research Capital page 11:
"By 2Q03, we expect a production decision may be made, and that in the shipping season for 2003, all prerequisite preparation materials and necessary equipment would be delivered to Baker Lake. Over the 2003 winter road, equipment would be moved to site, followed by physical construction commencing in the spring of 2004. Larger items like SAG and ball mills, gensets, etc. would be shipped to Baker Lake in mid-2004 for transportation to site over the 2004 winter road, followed by nine months of physical construction.We expect production could start late 3Q05. The construction schedule is complicated by the need to use an ice road to move heavy items."

This info corroborated via loantech who notes that some of recent 7/03 financing proceeds will be used to begin infrastructure construction:
http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=19117733

"3.CBD has a tentative plan and proposal to use the dollars from the new financing to purchase supplies and material to start infrastructure at Meadowbank. As heavy equipment cannot be flown in it is sent by barge or boat. Construction to begin in 2005. They have a short by sea shipping time frame so all material must be sent one year early to make sure the narrow window of time before ice up is met. They are confident future studies etc will be positive so they are planning on moving forward now.
4.Tentative proposals are to have about $50,000,000 in cash or and infrastructure in place. Makes it easier to obtain a potential proposed bank financing of $120,000,000 for most of the needed $200,000,000 to build out the mine. The remaining $30,000,000 may come from an additional financing.
Of course this is the plan, it's tentative and this post is in no way the feasibility study that CBD will utilize to finalize their mine. <g> Do your own DD."

Finally, as Claude C has noted, CBD currently trading at below US$15 per inferred ounce:
"At a market capitalization of $C150 millions, that is $C100
($C150M minus $C50M cash = US$71M) millions for the
gold resource or less than US$15 per ounce (US$30 per
measured ounce)."

[amarksp]

Cumberland Reports Drill Results from Vault Deposit at Meadowbank



13:10 EDT Tuesday, August 05, 2003

VANCOUVER, BRITISH COLUMBIA--CUMBERLAND RESOURCES LTD. (CBD-TSX) is pleased to report the results of the first 53 of 102 diamond drill holes completed in the spring of 2003 at the Vault deposit and surrounding area as part of the Phase 1 field initiatives at the Company's 100% owned Meadowbank gold project, located 70 kilometres north of the Hamlet of Baker Lake, Nunavut.

The drilling is part of a $10.5 million 2003 work program at the Meadowbank project designed to define and explore for further resources, complete a feasibility study and commence mine development permitting. The Phase 1 activities included 14,000 metres of diamond drilling in a total of 148 drill holes at the Vault, Goose, Third Portage and Connector Zone deposits. Phase 2 activities are now underway with drilling commencing at the recently discovered PDF gold deposit.

full story at link below:

http://www.globeinvestor.com/servlet/WireFeedRedirect?cf=GlobeInvestor/config&vg=BigAdVariableGe...

[echarters]

They won't say what the capex is, but the do say that they figure 250,000 ounces per year at 168 dollar cash cost per ounce at 8.5 year mine life. If debt were 32 dollars an ounce then the total debt load would be 68 million dollars US including interest. It is probably more like 50 dollars (218 total cost per ounce) or 110,050,000 US over 8.5 years. AT 6 percent interest the discounted NPV of that is about 77 million CDN.

Let's look at a different way. For three year payback take the cash costs, take them from the total cash flow and see what they can afford to pay pack. 250,000 ounces at 168 US is 42 million per year, or 58 million CDN. This is 174 million for three years costs CDN. Cash flow over that time is 250,000 X 3 X 500 dollars per ounce or 375,000,000 CDN. This is net 201 million CDN. So they can afford to pay back 201 million.

I would say if it cost CDN 101 million dollars to build everything up there, then they are home free. I first guessed it would take 80 million, It all depends on scale.

I would do it differently. With the money they have now, they could install a small vat leach operation for about 15-20 million taking about 2000 tons per day at 1/3 of their present design capacity. Their cash costs and payback would be less, and they could expand later. Cash flows would be 38 million per year and expenses would be no more than 21 million CDN. Since they have equity this would allow them to build a larger op over time.*

EC<:-}

[Zolt]

To:russwinter who started this subject
From: loantech Wednesday, Jul 16, 2003 3:51 PM
View Replies (1) / Respond to of 14184

I spoke to Cumberland this morning and here is a bit of what the proposed plan is.
1.They are okay with the fact that Comaplex bought WMC's share of West Meliadine as it is fully carried to production and CBD still has a 22% share.
2.CBD still has 50% of East Meliadine where they are partnering with Comaplex on their Kimberlite drilling program.
3.CBD has a tentative plan and proposal to use the dollars from the new financing to purchase supplies and material to start infrastructure at Meadowbank. As heavy equipment cannot be flown in it is sent by barge or boat. Construction to begin in 2005. They have a short by sea shipping time frame so all material must be sent one year early to make sure the narrow window of time before ice up is met. They are confident future studies etc will be positive so they are planning on moving forward now.
4.Tentative proposals are to have about $50,000,000 in cash or and infrastructure in place. Makes it easier to obtain a potential proposed bank financing of $120,000,000 for most of the needed $200,000,000 to build out the mine. The remaining $30,000,000 may come from an additional financing.
Of course this is the plan, it's tentative and this post is in no way the feasibility study that CBD will utilize to finalize their mine. <g> Do your own DD.
It is the opinion of people involved with the project that this financing may make CBD a much stronger company.

So I am long CBD and plan on accumulating CBD and am using mostly the old gutbag check investing style to make my decisions. All opinion and conjecture but it makes an interesting bedtime story. <g>
tom

[mazengah_islander]

CMF purchased WMC's interest today.

http://www.newswire.ca/releases/July2003/16/c2580.html

[ewallman]

Just thinking out loud here...I am wondering if CBD is raising cash to increase their position in Medialine? Likley not, but WMC has been trying to get out of this project.

[amarksp]

Capex Lotto...

Your $61M estimate appears low (especially if it is Canadian), but I am no mining expert...

If your figure is in fact C$61M, on behalf of CBD shareholders, I am awarding you the contract... Start work immediately, don't wait for the paperwork...

[echarters]

Capex Loto:
Full Mill 2000 tons per day. Full Leach, CIL.
Crush Grind 200 Mesh,
43 million
Open Pit and Shovel R16, Truck.
6 million
Housing, offices Air strip dock and port facility.
5.5
Things we forgot
6.5

= 61 million.

I think they have an estimate of this in their news announcements of the last few months. I don't know what their figure was but they were dicussing what the cost
saving of going from straight leach from float leach would
be in throughput. I would dispute that concept but they did discuss it.

EC<:-}

[amarksp]

Anyone know the likely capex for Meadowbank?

Estimate CBD will have the following cash balance on 12/31/03:
Current cash (less est liab)...... $19M (6/25 news release)
Todays placements =............... $25M
Remaining 2003 drill program...... ($9M)
Feasibility Study cost estimate... ($1M)
G&A estimate for 2003............. ($1M)
Projected cash at 12/31/03........ $33M

Depending on Meadowbank capex, this $33M balance may go a long way towards financing this mine at 66%:33% debt to equity = Can$100M ??

Given Meadowbank far north location, my understanding is capex may be a large number, anyone care to venture an estimate...

[Ed Monton]

CUMBERLAND RESOURCES LTD.

TSX SYMBOL: CBD

JULY 15, 2003 - 09:59 ET

Cumberland Resources Ltd.: $25 Million Financing
Arranged

VANCOUVER, BRITISH COLUMBIA--NOT FOR DISTRIBUTION TO UNITED
STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES.

CUMBERLAND RESOURCES LTD. (CBD-TSX) (the "Company") is pleased to
announce that, subject to regulatory approval, the Company has
entered into an agreement with a group of underwriters led by
Canaccord Capital Corporation and Dundee Securities Corporation
(collectively, the "Underwriters") pursuant to which the
Underwriters have agreed: (a) to purchase (with the right to
substitute purchasers) from the Company 7,000,000 Units at a
price of $3.10 per Unit on a bought deal basis (the "Underwritten
Financing"); and (b) to sell on behalf of the Company on a best
efforts guaranteed agency basis 1,000,000 Flow-Through Common
Shares (with the obligation to purchase any Flow-Through Common
Shares not otherwise sold) at a price of $3.30 per Flow-Through
Common Share; for aggregate gross proceeds to the Company of $25
million. The Underwriters will have the Option until the closing
of the financing to increase the size of the Underwritten
Financing by up to 3,000,000 Units for additional gross proceeds
to the Company of up to $9.3 million. The financing is expected
to close on July 29, 2003.

Each Unit will consist of one common share and one-half of one
common share purchase warrant (a "Warrant"). Each whole Warrant
will be exercisable to purchase one additional common share of
the Company at a price of $3.75 per common share for a period of
twelve months from the closing date provided that, in the event
that the closing price of the Company's common shares equals or
exceeds $4.25 during any twenty consecutive trading day period
between the date that is four months following the closing and
eight months following the closing, the Warrants will expire nine
months after the closing date.

The Underwriters will receive a cash commission equal to 5.0% of
the gross proceeds raised from the sale of the Units and
Flow-Through Common Shares, including any Units issued pursuant
to the exercise of the Option, together with broker warrants
exercisable for a period of expire 12 months from the closing
date to purchase such number of common shares of the Company as
is equal to 5% of the aggregate number of Units and Flow-Through
Common Shares sold at an exercise price of $3.10 per common
share.

The net proceeds from the Underwritten Financing will be used to
advance the Company's Meadowbank Gold Project and for general
working capital purposes. The gross proceeds of the Flow-Through
Common Share financing will be used for the exploration of the
Company's Meadowbank Gold Project and its other Canadian
exploration projects.

Cumberland Resources holds interests in two of the largest
undeveloped gold projects in Canada: Meadowbank (100%) and
Meliadine West (22% carried), both located in Nunavut, Canada.

Cumberland Resources Ltd.

Kerry M. Curtis, B.Sc., Geo., President and CEO

This document contains certain forward looking statements which
involve known and unknown risks, delays and uncertainties not
under the Company's control which may cause actual results,
performance or achievements of the Company to be materially
different from the results, performance or expectations implied
by these forward looking statements.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
Cumberland Resources Ltd.
Kerry Curtis
President and CEO
[phone]
[phone] (FAX)
or
Cumberland Resources Ltd.
Joyce Musial
Manager Investor Relations
[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.cumberlandresources.com

[Zolt]

Trading was Halted this morning before the opening.
Could it be the results of the drill holes with the Kimberlite in them?
It is going to be an interesting day!

[echarters]

I have figured out the way to get this stock's price up is to change its name to something more phallacious.

Cucumberland would be better.

The corporate slogan would be "We will Get You out of a Financial Pickle with a Big, Fat, Ogorki -- Don't Dilly-Dally, or be a Gherkin, Grab Some Cucumberland Today."

-- The Diamond as Big as the Ritz

[Zolt]

DIAMOND PLAY REKINDLED!

CUMBERLAND RESOURCES LTD. (CBD-TSX) reports that WMC International Ltd. has approved a $2,070,000 work program on the Meliadine West gold project, located 25 kilometres northwest of the Hamlet of Rankin Inlet, Nunavut. The Meliadine West project is held 56% by WMC, 22% by Cumberland and 22% by Comaplex Minerals Corp. WMC is the Operator and finances all expenditures on the project.

The 2003 program at Meliadine West will consist of infill drilling on the Tiriganiaq Zone and regional exploration for both gold and diamonds. It is anticipated that the infill drilling program in the Tiriganiaq area will consist of 4,700 metres in 17 drill holes to attempt to upgrade specific areas of the deposit from inferred resources to indicated resources. Regional exploration will consist of ground geophysics, geological prospecting, and mapping on existing gold targets in 13 separate areas. Follow-up drilling of approximately 600 metres is proposed on new targets developed from the regional work or on existing prospects. A till sampling program for kimberlite indicator minerals will also be completed.