Cumberland Resources (CLG)

[Ed Monton]

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
[phone]
[phone] (FAX)
or
Cumberland Resources Ltd.
Joyce Musial
Manager, Investor Relations
[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.cumberlandresources.com