Cumberland Reports Final Phase 1 2003 Drill Results From Vault Deposit
Thursday September 18, 1:15 pm ET
VANCOUVER, BRITISH COLUMBIA--CUMBERLAND RESOURCES LTD. (CBD-TSX) is very pleased to report final results from Phase 1 2003 Vault deposit open pit delineation drilling at the Company's 100% owned Meadowbank gold project, located 70 kilometres north of the Hamlet of Baker Lake, Nunavut. Revisions to project resources, incorporating Phase 1 drilling results, are currently being finalized for feasibility level open pit designs and reserve classification. Phase 1 activities included over 14,000 metres of diamond drilling in a total of 146 holes as 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. Phase 2 activities, which include an additional 5,000 metres of diamond drilling focused on additional infill and exploration drilling, are now being completed. Feasibility studies are on track for completion in late 2003 or early in the first quarter of 2004.
"The 98 drill holes completed during Phase 1 at the Vault preliminary open pit (see below) have now prepared the resource for open pit reserve classification," remarked Kerry Curtis, President and CEO. "This final series of drill holes at Vault exceeds expectations with numerous thick, high grade intersections and marks a very successful conclusion to the delineation of the preliminary open pit design".
Highlights from the final 24 drill holes from Phase 1 at Vault include:
NEW YORK, Sept. 18 /PRNewswire/ -- The American Stock Exchange® (Amex®) will launch trading in options on Friday, September 19, 2003 on the following Nasdaq and New York Stock Exchange listed stocks of:
* Cray Inc. (Option Symbol: HQC/Stock Symbol: CRAY)
* Hecla Mining Company (Symbol: HL)
* Internet Initiative Japan Inc., American Depository shares (Option Symbol: IQD/Stock Symbol: IIJI)