BAKER LAKE, Nunavut The Meadowbank gold project is a step closer to development. CUMBERLAND RESOURCES has submitted a project development report to the Nunavut Impact Review Board (NIRB) to begin the development permitting process. The NIRB will determine the level of review required for the project within the context of the Nunavut Land Claim Agreement and existing federal legislation. It will also outline the terms of the environmental impact statement (EIS).
Cumberland's $10.5-million 2003 program has already begun at the site. Three drills are working on resource definition and more exploration in the vicinity of the six known deposits at Meadowbank. A fourth rig will conduct overburden drilling northeast of the Vault deposit. Approximately 12,000 m will be drilled.
Resource evaluations from the 2002 drill programs at the Vault and the new PDF deposit were released. At the Vault deposit there are measured and indicated resources of 4.53 million t grading 3.64 g/t Au plus an inferred resource of 5.48 million t grading 3.42 g/t Au. The PDF deposit has an inferred resource of 344,000 t grading 5.20 g/t Au. Cumberland is also preparing resource estimates for the Connector and North Portage deposits.
A January 2002 preliminary report of mining parameters for Meadowbank indicated that it could produce 250,000 oz/year at an estimated cash cost of US$168/oz.
Call Cumberland president and CEO Kerry Curtis at 604-608-2557 for the latest news.