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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
(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
