Cumberland - license agreement signed with Portuguese Gov't.

RICHMOND, B.C.--(BUSINESS WIRE)--March 21, 1996--CUMBERLAND RESOURCES (TSE:RFR TSE:CBD VSE:IVS VSE:APJ) Joint venture partners, Redfern Resources Ltd., (RFR-T), Cumberland Resources Ltd. (CBD-T), International Vestor Resources Ltd., (IVS-V), and Auspex Minerals Ltd., (APJ-V) are pleased to announce that the government of Portugal has now formally granted the companies the 213 sq. km Grandola License in the Iberian Pyrite Belt in southern Portugal.

The License Agreement was signed by Redfern on behalf of the joint venture on February 27, 1996.

The Grandola license covers two strong gravity anomalies within the prolific Iberian Pyrite Belt, one of the largest - if not the largest - of the world's massive sulphide regions. There are more than 80 known deposits in the Belt, with a combined tonnage in excess of 1,300 million tonnes (Mt) of sulphide ore.

Many of these deposits are "world class", including the Rio Tinto (234 Mt), Neves Corvo (>210 Mt), Aljustrel (>220 Mt) and La Zaraz (>100 Mt) and deposits. The region has been actively mined since Roman times, and over the last hundred years has produced about 280 Mt of ore.

Since 1970 the Portugal Mines Dept. has conducted systematic geophysical gravity surveys over the Portuguese portion of the Iberian Pyrite Belt which is masked by a thin veneer of Tertiary sediments. These surveys have resulted in the discovery of the exceedingly rich Neves Corvo deposit, now in production. The most recent published reserves for Neves Corvo are greater than 210 Mt of massive sulphides including a rich core of 30.9 Mt of 6.5 percent copper, 0.27 percent tin, 1.17 percent zinc and 2.8 Mt of 11.4 percent copper, 2.83 percent tin, 1.68 percent zinc. Three years ago, follow-up drilling of a similar gravity anomaly approximately 50 km northwest of Neves Corvo, also defined by the Mines Dept., resulted in the discovery of a new and apparently major massive sulphide deposit called Lagoa Salgada. This significant discovery, which lies beneath a 130 metre thick Tertiary cover, has undergone drill definition by RTZ for the past two years.

Last year the Mines Dept. defined the two gravity anomalies covered by the Grandola license, which are within the favourable volcanic-sedimentary sequence, approximately 18 km to the northwest of Lagoa Salgada. Neither has been drill tested. One of the anomalies in particular compares favourably in size and strength with both Neves Corvo and Lagoa Salgada. Currently, geochemical sampling is underway on the anomaly, to be followed by deep E.M. geophysical surveys. Drilling will be undertaken upon completion of these surveys, expected to be within the next two months.

The Grandola license joint venture agreement was the subject of a News Release on January 9 from Redfern, Cumberland, International Vestor and Auspex. The agreement calls for Redfern, Cumberland, and International Vestor to share equally the cost of the initial work program (Cdn. $180,000), to be matched by Auspex in a subsequent program. Thereafter 50 percent of the interest and expenditures on the concession will be split equally between Redfern, Cumberland, and International Vestor, while the remaining 50 percent will be maintained by Auspex, which will also be the operator on the project. -0- REDFERN RESOURCES LTD. John Greig, Director CUMBERLAND RESOURCES LTD. Glen Dickson, President INTERNATIONAL VESTOR RESOURCES LTD. John Greig, Director AUSPEX MINERALS LTD. Alvin Jackson, President -0- The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

CONTACT: Redfern Resources Ltd.

John Greig, 604/278-3028

or

Cumberland Resources Ltd.

Glen Dickson, 604/244-7112

or

International Vestor Resources Ltd.

John Greig, 604/278-2576

or

Auspex Minerals Ltd.

Alvin Jackson, 604/681-1337