BAKER LAKE, Nun. The Meadowbank gold property is the target of a two-phase, 14,000-m drill program to begin in April and continue for six months. The property is 100% owned by CUMBERLAND RESOURCES. Drilling results will be used in a feasibility study and for mine permitting.
Preliminary assessments completed in January 2002 indicated that Meadowbank could support an open pit mine and produce 250,000 oz of gold annually at an estimated cash cost of US$168/oz over a life of eight years. Cumberland hopes to begin production in late 2006 or early 2007.
Meadowbank is one of the largest undeveloped gold deposits in North America. The largest in Canada is Meliadine West (see following story) in which Cumberland holds a 22% interest. Maps and resource estimates may be viewed at www.cumberlandresources.com.