Cumberland Resources (CLG)

[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