CUMBERLAND RESOURCES LTD. - MAJOR AGREEMENT SIGNED ON MEDLIADINE PROPERTY.

RICHMOND, British Columbia--(BUSINESS WIRE)--JUNE 9, 1995-- CUMBERLAND RESOURCES (VSE:CBD) Cumberland Resources Ltd. announces that, subject to VSE approval, it has executed an agreement with WMC International Limited., an Australian controlled company, on approximately 50 percent of the Company's Meliadine gold property in the Northwest Territories. The involvement of this major international gold producer underscores the outstanding potential of this project.

The Meliadine property is favourably located close to the coast of Hudson Bay, 16 miles north of Rankin Inlet, NWT and is a 50/50 joint venture between Cumberland and Comaplex Minerals Corp.

The property encompasses a 40 mile long gold belt which has world class potential. The gold is associated with iron formations and the geological environment is the same as the 4.0 million ounce Lupin Mine, NWT and the 34 million ounce Homestake Mine, South Dakota. The project represents one of the most promising gold exploration plays in Canada.

Details of the agreement are as follows:

- WMC has the right to earn a 56 percent interest in the western part of the Meliadine property including Wes Meg and Musket Bay prospects by funding the first $12.5 million of expenditures. Thereafter, WMC will provide non-recourse loans to each of Cumberland and Comaplex for their proportionate share of all further exploration and development expenditures for mines developed on the optioned property and any mine expansions. These loans will be repaid only if commercial production is achieved and will be repaid only out of production cash flow.

- Once commercial production is achieved WMC can purchase an additional 4 percent interest in the property for a cash payment of between $1 million and $4 million depending on date of the start of commercial production and thereby increase its interest to 60 percent.

- Each of Cumberland and Comaplex will receive an initial cash payment of $100,000. To maintain its interest, WMC will make annual escalating payments over the next 6 years, if commercial production is not achieved, aggregating $3.7 million (50 percent to Cumberland). In addition, if production is not achieved by January 1, 2002, WMC will make further cash payments to each of Cumberland and Comaplex $0.5 million per year, increasing to $1.5 million per year after 4 years.

- Revenues will be divided 56/44 or 60/40 between WMC and Cumberland/Comaplex after the non-recourse loans have been repaid. In addition, during payback Cumberland/Comaplex will receive income of 12 percent of cash flow.

- Cumberland and Comaplex retain the eastern part of the Meliadine property, including the Discovery deposit which contains 750,000 tons averaging 0.29 ounces gold per ton, and is completely open to expansion.

WMC will immediately commence a $1.6 million exploration program which will include, among other things, a minimum 20,000 feet of diamond drilling.

Cumberland and Comaplex on their own plan a $1.2 million exploration program focusing on expanding the gold resource at the Discovery deposit, and to outline proximal reserves surrounding the Discovery deposit. In addition, several scout holes will test favourable targets on other parts of the property. Preliminary engineering studies indicate the economic thresholds are close to being achieved at the Discovery deposit.

WMC International Limited, is a subsidiary of Western Mining Corporation Holdings Limited of Australia. Western Mining is one of Australia's largest business enterprises. Its main business is the discovery, development, production, processing and marketing of minerals, metals, petroleum and fertilizers. Cash flow from operations for the year ended June 30, 1994 was $510,000,000 (Australian dollars). Cumberland and Comaplex welcome the involvement of WMC in the Meliadine gold project.

CUMBERLAND RESOURCES LTD. Per: Glen Dickson, President -0-

NOTE TO EDITORS: The Vancouver Stock Exchange Has Not Reviewed And Does Not Accept Responsibility For The Adequacy Or Accuracy Of This Release.

CONTACT: Glen Dickson, President

604/244-7112