Tuesday, May 27, 2003 11:21:57 AM
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
Ed
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