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I believe the volume is more of a result of some buyers absorbing the good gold news here (the connector deposit) and not a result of the kimberlites.
CUMBERLAND RESOURCES (CBD : TSX : C$3.25) - SPECULATIVE BUY
12-MONTH TARGET PRICE: C$4.25
Graeme Currie
Comment: Cumberland reports additional kimberlites at Meliadine East On the Meliadine East property, Cumberland and 50/50 joint venture Comaplex Minerals (CMF : TSX) announced in May that the first hole in a diamond exploration program intersected kimberlite in what was interpreted as a pipe. Yesterday, the company announced that of 16 targets drilled in the just ended program, 14 intersected kimberlite though the release did
not define whether the targets intercepted appeared to be pipes or dykes.
We understand that the samples are to be processed by caustic dissolution for analysis of diamond and diamond indicator minerals. Cumberland's discovery of kimberlite bodies adds to, or enhances, firstly the general district and secondly the speculative leverage of this junior. The discovery of multiple kimberlite bodies at Meliadine East adds a new dimension to Cumberland. The shares remain a SPECULATIVE BUY with an
upward revision in the target price from $3.75/share to $4.25/share, inclusive of current working capital.
CUMBERLAND RESOURCES (CBD : TSX : C$2.55) - SPECULATIVE BUY - 12-MONTH
TARGET PRICE: C$3.75
Graeme Currie
Comment: Cumberland reports on improved metallurgical testwork and announces the results of a resource revision
Cumberland reported improved metallurgical recoveries, from feasibility level testing, for their Meadowbank gold project. Recoveries now exceed 93% and reagent consumption has dropped by 90%, which could result in a large operating cost savings. The company also reported revised resources within the Portage pit area that are now estimated at over 1.9 million ounces. In total, resources at Meadowbank now exceed 3.5 million ounces.
Cumberland remains a top pick with a SPECULATIVE BUY rating and a $3.75 target price. Yesterday's release continues to imply that further improvements through ongoing feasibility study work may reflect positively regarding capex and operating cost improvements at Meadowbank. The feasibility study is due for completion in late Q4/03 or early Q1/04.
Preliminary results to date suggest that improvements to our cash flow model can be achieved. We plan a thorough review of our model in the summer. With the latest resource revisions at Meadowbank, net in situ ounces for Cumberland at Meadowbank and at their 22% held Meliadine West project now total 4.4 million.
Huge volume the past few days...
Anyone have an educated guess or clue as to what is driving the volume...
Cumberland Announces Increase in Open Pit Potential at Meadowbank
Thursday May 29, 12:57 pm ET
VANCOUVER, BRITISH COLUMBIA--CUMBERLAND RESOURCES LTD. (CBD-TSX) announces that ongoing open pit mining studies by international engineering firm AMEC on the Vault resource model(1) (see news release NR03-04) have expanded the potential pit resource and potentially eliminated or deferred the need for underground mining at the Vault deposit, one of five gold deposits at the Company's 100% owned Meadowbank gold project, located 70 kilometres north of Baker Lake, Nunavut.
A preliminary assessment(2) of the project was completed in early 2002. The study indicated the five gold deposits comprising 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 over an eight year mine life, with 85% of production from open pit designs including a shallow open pit at the Vault deposit. A component of the remaining 15% of production was scheduled from underground mine designs at the Vault deposit.
A feasibility study on the Meadowbank project was initiated in October 2002. The feasibility study will now consider the option of operating the Meadowbank project solely on an open pit basis for 10 years, potentially eliminating or deferring the capital and higher cost associated with underground mining.
Vault Preliminary Open Pit Designs
The revised preliminary open pit designs at the Vault deposit were developed using the same operating cost estimates used in the preliminary assessment(2) together with results from 2002 geotechnical drill programs, improved metallurgical recoveries (see news release NR02-21) and enhanced resources(1) (see news release NR03-04) resulting from 2002 definition drill programs. Drilling to improve resource definition continues at the Vault deposit with over 86 new holes completed in the past 60 days. Results will be announced shortly.
Vault Revised Preliminary Pit Designs - May 2003 (US$325/oz)
--------------------------------------------------------------
Category Tonnes Grade (g/t) Ounces Gold
--------------------------------------------------------------
Measured and Indicated 4,100,000 3.59 473,000
--------------------------------------------------------------
Inferred 3,100,000 3.63 362,000
--------------------------------------------------------------
Note: Revised preliminary designs do not include provision for mining
dilution and generate a waste to ore strip ratio of 9:1. Mineral
resources which are not reserves do not have demonstrated economic
viability. A cut-off grade of 1.85 g/t was used.
These results compare very favorably to previous preliminary pit designs
reported in the preliminary assessment from early 2002:
Vault Preliminary Pit Designs - January 2002 (US$325/oz)
--------------------------------------------------------------
Category Tonnes Grade (g/t) Ounces Gold
--------------------------------------------------------------
Inferred 1,659,000 3.74 138,000
--------------------------------------------------------------
Note: Preliminary pit designs include provisions for anticipated mining dilution and generate a strip ratio of 5.6:1.
The preliminary assessment also included an underground component at the Vault deposit comprising 1,271,000 tonnes of inferred resource grading 5.32 g/t (217,000 ounces).
Meadowbank Gold Project
Mining studies are part of Cumberland's $10.5 million 2003 program at Meadowbank, which includes ongoing feasibility level engineering, drilling programs and environmental impact studies.
Meadowbank is host to the third largest undeveloped gold resource in Canada with six closely spaced, near surface, gold deposits totaling:
Meadowbank Project - Resources (Q1/2003)(3)
------------------------------------------------------------------------
Measured and Indicated 12,309,000 t grading 5.00 g/t 1,979,000 oz. gold
------------------------------------------------------------------------
Inferred 9,290,000 t grading 4.20 g/t 1,255,000 oz. gold
------------------------------------------------------------------------
Cumberland is well financed with approximately $17 million in its treasury. Cumberland holds interests in two of the largest undeveloped gold projects in Canada: the Meadowbank (100%) and Meliadine West (22% carried) projects in Nunavut. The Company is also exploring for diamonds at the Meliadine East (50%) project in Nunavut.
CUMBERLAND RESOURCES LTD.
Kerry M. Curtis, B.Sc., P.Geo., President and CEO
(1) Vault resource model: James McCrea, P.Geo., Manager, Mineral Resources is Cumberland's Qualified Person for the resource modeling. Resource classification conforms to CIM Standards on Mineral Resources and Reserves (August 2000).
(2) 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.
(3) First 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).
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.
--------------------------------------------------------------------------------
Contact:
Cumberland Resources Ltd.
Kerry Curtis
President and CEO
Phone: (604) 608-2557
Fax: (604) 608-2559
or
Cumberland Resources Ltd.
Joyce Musial
Manager Investor Relations
Phone: (604) 608-2557
Fax: (604) 608-2559
Email: info@cumberlandresources.com
Website: www.cumberlandresources.com
CUMBERLAND RESOURCES (CBD : TSX : C$2.55) - SPECULATIVE BUY - 12-MONTH TARGET PRICE: C$3.75
Graeme Currie
Comment: Cumberland discovers kimberlite pipe at the Meliadine East property
On the Meliadine East property, Cumberland and 50/50 joint venture with Comaplex Minerals (CMF : TSX) announced yesterday that the first hole in a diamond exploration program intersected kimberlite that is interpreted as a pipe. The vertical hole terminated in kimberlite at 100 metres depth, giving a core interval of 85.4 metres of kimberlite. We understand that
the sample is to be processed by caustic dissolution for analysis of diamond and diamond indicator minerals. The current program is designed to test a total of 11 targets as defined by geophysics and, in some cases, down-ice indicator samples previously completed that had yielded kimberlite indicator minerals. Cumberland's discovery of a kimberlite pipe adds to, or enhances, firstly the general district and secondly the
speculative leverage of this junior. We maintain our SPECULATIVE BUY recommendation with a target price of $3.75/share. Cumberland remains a top recommendation
Cumberland Intersects Kimberlite Pipe on Meliadine East
Property
VANCOUVER, BRITISH COLUMBIA--CUMBERLAND RESOURCES LTD. (CBD-TSX)
is pleased to announce that the initial drill hole of the 2003
diamond exploration program on the Meliadine East Project,
Nunavut, has discovered the first kimberlite pipe in the region.
The vertical drill hole tested the center of a roughly circular
magnetic anomaly and intersected kimberlite from 14.6 metres to
the termination depth of 100 metres.
Dr. Peter LeCouteur(1), Meliadine East project geologist,
describes the drill core as kimberlite and breccia with a
kimberlite matrix. The kimberlite and matrix are fine grained and
dark gray and contain olivine as fine grains and macrocrystals.
The breccia is composed of xenoliths of metasediments from the
Archean Rankin Inlet Group. Dr. LeCouteur is a consulting
geologist with extensive diamond exploration experience in Canada
and South Africa.
The 2003 drill program is designed to test eleven priority
targets defined by previous airborne geophysical surveys and till
samples collected in 2002. Till samples collected down-ice from
the geophysical targets have yielded kimberlite indicator
minerals, some of which are interpreted to have diamond
associated compositions. The intent of the 2003 program is to
drill each of the selected targets to a depth of approximately
100 metres. Further drilling will depend on results. The Company
expects to complete this first phase program by mid June.
The Meliadine East Project, located 20 kilometres north of Rankin
Inlet, Nunavut, is a 50-50 Joint Venture with Comaplex Minerals
Corp. Cumberland is the operator of the Joint Venture.
Cumberland is well financed with approximately $17.5 million in
working capital and is positioning itself to become a mid-tier
level gold producer by advancing the Meadowbank project to
production. Cumberland 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., President and CEO
(1) Dr. Peter LeCouteur is the Qualified Person under National
Policy 43-101.
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.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Cumberland Resources Ltd.
Kerry Curtis
President and CEO
(604) 608-2557
(604) 608-2559 (FAX)
or
Cumberland Resources Ltd.
Joyce Musial
Manager, Investor Relations
(604) 608-2557
(604) 608-2559 (FAX)
Email: info@cumberlandresources.com
Website: www.cumberlandresources.com
FOR: CUMBERLAND RESOURCES LTD.
TSX SYMBOL: CBD
MAY 8, 2003 - 15:38 EST
Cumberland Reports 2002 Financial Results and Summary of
Activities
VANCOUVER, BRITISH COLUMBIA--CUMBERLAND RESOURCES LTD. (CBD-TSX)
(the "Company") is pleased to report financial highlights and
summary of activities for the year ended December 31, 2002.
During 2002, Cumberland advanced the 100% owned Meadowbank gold
property, located 70 kilometres north of Baker Lake, Nunavut,
closer towards mine development by initiating a feasibility study
in October 2002.
"The commencement of a feasibility study at Meadowbank is a key
accomplishment for the Company," commented Kerry M. Curtis,
President and Chief Executive Officer. "It is a significant step
in advancing the Meadowbank project towards forecast annual
production of 250,000 ounces and achieving Cumberland's goal of
becoming a mid-tier North American gold producer."
2002 Highlights
-Increased production forecast (a) to 250,000 ounces of gold per
year for over eight years
-Improved cash cost estimate (a) to US$168 per ounce gold
-Drilled over 16,000 metres in 150 drill holes
-Discovered new gold deposit and extended mineralization at
existing deposits
-Commenced feasibility study at Meadowbank property
-Raised $21.2 million in equity financing
-Ended year with approximately $18.0 million in working capital
Summary of Activities
Cumberland completed a preliminary assessment (a) in January 2002
indicating improved project economics on the Meadowbank project.
The 2002 work program was designed to add gold resources to
extend the Meadowbank preliminary mine life from eight to ten
years, explore for additional deposits and ready the project for
feasibility study. Continuous milestones achieved throughout the
2002 work program included: discovery of a new shallow,
high-grade zone of mineralization, the Connector Zone, between
two proposed open pits; extension of the Vault deposit at depth;
and discovery of the new PDF deposit. After completing over
16,000 metres (150 drill holes) of expansion and in-fill diamond
drilling, and advancing metallurgical and environmental studies
at Meadowbank, Cumberland initiated a feasibility study on the
Meadowbank gold property in October 2002. The 2003 work program
at Meadowbank is designed to complete feasibility and mine
permitting requirements and includes a substantial field
exploration program. The feasibility study is expected to be
completed in late 2003.
There was little activity on the Meliadine West property (22%
carried interest) in 2002 as WMC International Ltd. (WMC)
announced in 2001 its intention to sell its interest in the
project. In 2001, WMC announced that it was divesting its 56%
interest in the Meliadine West project and that it was limiting
its activities to property maintenance. The Company and its
partner have the first right to receive any offers WMC proposes
to make to a third party. The 2003 budget for the 50% owned
Meliadine East property is approximately $600,000. The program
will follow up on the 2002 discovery of diamond indicator
minerals proximal to magnetic geophysical targets and will
consist of ground geophysics and diamond drilling.
Financial Highlights
Cumberland's exploration costs for 2002 increased to $7,992,078,
compared to $1,610,977 for 2001, as a result of the substantial
increase in exploration activity at the Meadowbank property in
2002. Cumberland raised $21,175,000 in equity financing in 2002.
At December 31, 2002, the Company had $18,174,045 in working
capital, including $6,539,232 in restricted cash as a result of
flow through financings. Cumberland had a net loss of $8,916,590
for the year ended December 31, 2002, as compared to a net loss
of $1,932,818 for the year ended 2001, resulting from the
substantial increase in exploration activity at the Meadowbank
property, which, under AcG 11, is now expensed in the year the
expenditure was incurred.
Subsequent Events
Cumberland reported first quarter 2003 resource estimates for the
Meadowbank gold property, which incorporated results from the
2002 drill programs at the Vault deposit and the new PDF deposit.
Substantial improvements in the definition and size of the Vault
gold deposit have been realized. Further resource estimates of
the Connector Zone and North Portage deposit are underway and
continued resource growth through exploration remains a key focus
in 2003. Cumberland initiated the field component of its $10.5
million 2003 work program at Meadowbank in April 2003.
Meadowbank is host to the third largest undeveloped gold resource
in Canada with six closely spaced, near surface gold deposits
totaling:
/T/
Meadowbank Project Resources (b)- Q1/2003
--------------------------------------------------------------------
Measured and
Indicated 12,309,000 t grading 5.00 g/t 1,978,700 oz. gold
Inferred 9,290,000 t grading 4.20 g/t 1,254,500 oz. gold
--------------------------------------------------------------------
/T/
The Company also reported that it recently submitted a Project
Description Report to the Nunavut Impact Review Board (NIRB) to
initiate Nunavut's mine development permitting process.
In March 2003, Kerry M. Curtis was appointed President and Chief
Executive Officer of Cumberland. Mr. Curtis, a professional
geoscientist, joined Cumberland as Vice President, Corporate
Development in 1995 and became Senior Vice President in 1997. He
was appointed Interim President and Chief Executive Officer of
Cumberland in October 2002.
Cumberland is a mineral exploration and development company which
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., President and CEO
(a) Cautionary Note: The preliminary assessment completed in
January 2002 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.
(b)First quarter 2002 resource estimates are in accordance with
National Instrument 43-101. Resource classification conforms to
CIM Standards on Mineral Resources and Reserves (August 2000).
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.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Cumberland Resources Ltd.
Kerry Curtis
President and CEO
(604) 608-2557
(604) 608-2559 (FAX)
or
Cumberland Resources Ltd.
Joyce Musial
Manager, Investor Relations
(604) 608-2557
(604) 608-2559 (FAX)
Email: info@cumberlandresources.com
Website: www.cumberlandresources.com
News
NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: CUMBERLAND RESOURCES LTD.
TSX SYMBOL: CBD
APRIL 9, 2003 - 15:32 EST
Cumberland Resources Ltd.: Meadowbank Gold Project;
Resource Growth Continues-2003 Drill Program Commences,
Mine Development Permitting Initiated
VANCOUVER, BRITISH COLUMBIA--CUMBERLAND RESOURCES LTD. (CBD-TSX)
announces today that large drilling programs are now underway as
the Company initiates the field component of its $10.5 million
2003 work program for the 100% owned Meadowbank Gold Project,
located 70 kilometres north of Baker Lake, Nunavut.
A total of four drill rigs are scheduled to complete the Phase 1
program consisting of approximately 12,000 metres of drilling.
Three drill rigs will focus on deposit definition and further
exploration in the vicinity of the six known gold deposits at
Meadowbank. A fourth drill rig will concentrate on an overburden
drilling program to detect further exploration targets to the
northeast of the Vault deposit.
Resource evaluations, incorporating the results from 2002 drill
programs at the Vault deposit and the new PDF deposit, have now
been completed. Further resource estimation of the Connector and
North Portage deposit are underway.
Vault Deposit - Q1/2003 Resources
------------------------------------------------------------------------
Measured and Indicated 4,534,000 t grading 3.64 g/t 531,008 oz. gold
Inferred 5,479,000 t grading 3.52 g/t 620,062 oz. gold
------------------------------------------------------------------------
PDF Deposit - Q1/2003 Resources
------------------------------------------------------------------------
Inferred 344,000 t grading 5.20 g/t 57,511 oz. gold
------------------------------------------------------------------------
Meadowbank Project Resources - Q1/2003
------------------------------------------------------------------------
Measured and Indicated 12,309,000 t grading 5.00 g/t 1,978,700 oz. gold
Inferred 9,290,000 t grading 4.20 g/t 1,254,500 oz. gold
-------------------------------------------------------------------------
Regarding CBD
http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=18702196
With drill program commencing soon it may be a good time to take a position. Not in yet.
tf
I recently sold this one at 2.85. Seems to me Cumberland is thinly traded and prone to big price swings. If it goes back down below $2.50 (I'm thinking it will) then I may buy some back.
200 day ma is around $2.40 and I would not be surprised to see it come down that far.
Comments??
tf
Frank:
Yeah! I like the technicals and the people I respect like CC, Jim Steele, yourself, Elizabeth A. and others like the fundamentals. As you know I don't consider myself much of a fundamentalist. Somehow I lack the ability to read the numbers and come to a conclusion. But I have had a lot of success with technical analysis.
Little joe
lj -- nice to see you made it over -- as for this board? Well, no biggy if no one ever looks - but because CBD market depth is so shallow - I think wwhen it does move it'll leave most investors speechless anyway. :)
Regards,
Frank P.
This is a stock I own so I hope the board becomes active.
Little joe
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