BAKER LAKE, Nunavut CUMBERLAND RESOURCES of Vancouver has pledged $4.7 million for a 2004 exploration program on its 100%-owned Meadowbank gold project. The program will focus on targets near existing gold deposits as well as grassroots work along the 25-km-long gold trend. Beginning early next month, the company will conduct two phases of diamond drilling totaling about 12,000 metres.
Meadowbank hosts what is believed to be the third-largest undeveloped gold resource in Canada. The six closely-spaced, near-surface deposits may contain close to 3.8 million oz of gold. The latest estimate includes measured and indicated resources of 21.59 million tonnes at 4.30 g/t Au and inferred resources of 5.70 million tonnes at 4.30 g/t Au.
Cumberland has proposed both open pit and underground mine development, with processing including gravity separation of free gold and carbon-in-pulp recovery from a sulphide concentrate. The permitting process has advanced to the environmental impact statement stage.
More information about the Meadowbank project and Cumberland's Meliadine project can be found at www.cumberlandresources.com. Or speak with president and CEO Kerry Curtis at 604-608-2557.