Cumberland Announces 2005 Meadowbank Exploration Program.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- CUMBERLAND RESOURCES LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CLG CLG College CLG Ceiling CLG Collagenase CLG Cumann Lúthchleas Gael (Club of the Gaelic Athletic Association) CLG Community Liaison Group CLG Calling Line CLG Change to Lower Grade (civilian personnel) )(AMEX AMEX See: American Stock Exchange :CLG) is pleased to announce a budget of $3.5 million for the 2005 exploration program on the Company's 100% owned Meadowbank gold project located in Nunavut, Canada. The two phased program, including a planned 7,000 to 9,000 metre diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral program, is expected to commence in April and will focus on increasing gold reserves and resources at Meadowbank. Cumberland is advancing Meadowbank towards production after a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. (i) completed in February 2005 (see news release NR05-02) indicated the project could support a production rate of 316,000 ounces per year at an estimated cash cost of US$224 per ounce over an 8.3 year mine life. Meadowbank Gold Project Production Profile(i) ---------------------------------------------------------- Open Pit Mineral Reserves 2,768,000 ounces (Proven and Probable) ---------------------------------------------------------- Mine Throughput 2.73 Mtpa ---------------------------------------------------------- Mine Life 8.3 years ---------------------------------------------------------- Average Annual Production Rate Years 1 to 4 376,000 ounces Life of Mine 316,000 ounces ---------------------------------------------------------- Total Cash Cost per Oz. Years 1 to 4 US$199 Life of Mine US$224 ---------------------------------------------------------- Estimated Start of Operations+ mid-2008 ---------------------------------------------------------- Assumptions include a long term gold price of US$400/oz and an exchange rate of US$0.75 per Cdn$1.00. +Assuming final permits and licenses obtained in early 2006. "Meadowbank is host to the largest pure-gold open pit reserves established in Canada, providing the Company with a solid economic basis to emerge as an intermediate level gold producer," said Kerry Curtis, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Historically, exploration at Meadowbank has consistently returned additional resources, achieving a remarkable discovery cost of approximately US$12 per reserve ounce gold. The 2005 exploration program will focus on the considerable opportunities that exist to expand the 2.8 million ounce reserve and further improve the economics of the project by extending the operational life of the mine." The proven and probable reserve estimate for the three, shallow open pits proposed at Meadowbank is as follows: Meadowbank Gold Project Open Pit Mining Reserves (Proven and Probable)(ii) -------------------------------------------------------------- Open Pit Ore (t) Au Grade (g/t) Contained Ounces -------------------------------------------------------------- Portage 11,180,000 4.27 1,534,000 Vault 8,469,000 3.18 866,000 Goose 2,247,000 5.09 368,000 -------------------------------------------------------------- Total 21,896,000 3.93 2,768,000 -------------------------------------------------------------- 2005 Planned Exploration Program The 2005 Meadowbank exploration program will consist of a two phased drill program, subject to the availability of third-party drillers, and grassroots exploration along the 25 kilometre Meadowbank gold trend. At the Goose Island Goose Island may refer to: Places in Australia
The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. similar to the Goose Island deposit. The Phase I program will also focus on the PDF (Portable Document Format) The de facto standard for document publishing from Adobe. On the Web, there are countless brochures, data sheets, white papers and technical manuals in the PDF format. deposit, which remains open for expansion at depth. The Phase II program will consist of up to 2,000 metres of drilling, grassroots exploration on favourable structures north of the Vault deposit, and follow-up exploration on numerous recently defined prospects situated both near the proposed open pits and across the property. 2005 Exploration Targets (See Attached Maps) Expansion of the Goose Island Deposit: Significant potential exists to expand the Goose Island deposit (368,000 ounces of gold reserves) both along strike and in the down dip direction. The 2005 drilling will follow up on significant results from drilling in 2004 including:
Downdip extensions: Hole G04-521: 8.43 g/t gold over 5.83 metres
at 80 metres below surface
Hole G04-509: 12.72 g/t over 11.25m at 85m
below surface
South strike extensions: Hole G04-527: 87.88 g/t over 4.91m at 50m
below surface
North strike extensions: Hole G04-523: 18.28 g/t over 0.94m at 50m
below surface
And: 1.72 g/t over 10.11m
South of the Goose Island Deposit: The Goose Island South target area is located approximately 300 metres south of the proposed Goose Island open pit. The target covers approximately 850 metres of prospective iron formation along strike from the Goose Island deposit. Previous wide spaced drilling completed in 1995 and 1997 intersected mineralization including:
Hole G97-172: 3.77 g/t gold over 3.30 metres
at 382 metres below surface
Hole G97-171: 2.37 g/t over 3.00m at 276m
below surface
Hole G95-073: 3.37 g/t over 5.00m at 72m
below surface
Incl: 6.78 g/t over 1.00m
Expansion of the PDF Deposit: The PDF deposit, located 10 kilometres north of the Vault proposed open pit, was expanded by drilling in late 2004. The deposit now hosts inferred gold resources(iii) of 73,000 ounces of gold in 507,000 tonnes grading 4.50 g/t gold, which are not included in the current mine plan. Wide spaced drilling in 2005 will focus on the expansion potential of the deposit in the down dip direction and follow up on significant results from the 2004 program, including:
Hole PDF04-035: 5.60 g/t gold over 3.02
metres at 125 metres below surface
Hole PDF04-036: 6.79 g/t over 2.51m at 132m
below surface
Incl: 13.00 g/t over 1.26m
Cumberland is a well financed mineral exploration and development company. The Company completed a feasibility study on the Meadowbank gold project (100% interest) in Nunavut and is advancing the project to production. The Company also holds a 22% carried to production interest in the Meliadine West gold project in Nunavut. The shares of Cumberland are traded on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the symbol CLG. CUMBERLAND RESOURCES LTD. Kerry M. Curtis, B.Sc., Geo., President and CEO Forward Looking Statements and Risks - This News Release contains "forward-looking statements", including, but not limited to, statements regarding our expectations as to the market price of gold, strategic plans, future commercial production, production targets and timetables, mine operating costs operating costs npl → gastos mpl operacionales , capital expenditures, work programs, exploration budgets and mineral reserve and resource estimates. Forward-looking statements express, as at the date of this report, our plans, estimates, forecasts, projections, expectations or beliefs as to future events or results. We caution that forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. , mining industry risks and hazards, environmental risks and hazards, uncertainty as to calculation of mineral reserves and resources, requirement of additional financing, risks of delays in construction and other risks more fully described in our AIF AIF Annual Information Form AIF Apoptosis-Inducing Factor AIF Agence Intergouvernementale de la Francophonie (French: Intergovernmental Agency for Francophony) AIF Australian Imperial Force filed with the Securities Commissions of the Provinces of British Columbia, Ontario, Quebec and Nova Scotia Nova Scotia (nō`və skō`shə) [Lat.,=new Scotland], province (2001 pop. 908,007), 21,425 sq mi (55,491 sq km), E Canada. Geography in our 40F filed with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission (the "SEC") and with the Toronto Stock Exchange. (i) Meadowbank Feasibility Study (First Quarter 2005) - The feasibility study incorporates improvements to the mine model as a result of a re-design completed in 2004 by the Company and the study manager, AMEC AMEC African Methodist Episcopal Church AMEC Agent Mediated Electronic Commerce AMEC Arctic Military Environmental Cooperation AMEC Advanced Micro-Fabrication Equipment Inc AMEC Association of Media Evaluation Companies Americas Ltd. ("AMEC"). Construction scheduling and capital cost estimation has been prepared by Merit International Consultants Inc ("Merit"). Metallurgical and process test work was completed by SGS SGS Société Générale de Surveillance SGS Symantec Gateway Security (appliance) SGS School of Graduate Studies SGS Subgrid Scale SGS Singapore Government Securities SGS Shell Global Solutions Lakefield Research Ltd. Process design was completed by International Metallurgical and Environmental Inc. and AMEC. Supporting geotechnical engineering, hydrogeological and geochemical studies were completed by Golder Associates Ltd. ("Golder"). The Study has been prepared in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101 ("NI 43-101"). Assumptions include a long term gold price of US$400/oz. and an exchange rate of US$0.75 per Cdn$1.00. (ii) Meadowbank Gold Reserves (First Quarter 2005) - The open pit mining reserves have been prepared in accordance with NI 43-101. Mr. Mark Pearson, P.Eng Principal Mining Engineer with AMEC Americas Limited is the independent Qualified Person responsible for preparation of stated reserves. (iii) PDF Deposit Resource Parameters (Fourth Quarter 2004) - PDF resource estimates were prepared by Cumberland in accordance with standards outlined in National Instrument 43-101 and CIM (1) (Computer-Integrated Manufacturing) Integrating office/accounting functions with automated factory systems. Point of sale, billing, machine tool scheduling and supply ordering are part of CIM. Standards on Mineral Resources and Reserves (August 2000). James McCrea, P.Geo., is the Qualified Person under NI 43-101. PDF deposit resources are not included in the feasibility study of the Meadowbank project. PDF resource estimates are based on 39 NQ diamond drill holes and a total of 1900 samples. Samples were assayed at IPL (Initial Program Load) Same as boot. 1. IPL - Information Processing Language. 2. IPL - Internet Public Library. 3. IPL - Initial Program Load. 4. IPL - Initial Program Loader. Laboratories of Vancouver, British Columbia, utilizing fire assay with AA finish and fire assay with gravimetric finish on all assays yielding greater than 1 g/t. QA/QC QA/QC Quality Assurance/Quality Control programs employ random insertion of four internal standards, field duplicates and blank samples. Acme Laboratories of Vancouver, British Columbia, provides external reference assaying. Resource analysis is based on three-dimensional solid models generated from geological and assay data. Interpolation interpolation In mathematics, estimation of a value between two known data points. A simple example is calculating the mean (see mean, median, and mode) of two population counts made 10 years apart to estimate the population in the fifth year. is based on compositing at 0.75 metre down-hole lengths. Inverse distance to the 2nd power with a minimum of two and a maximum of 12 composites is required to interpolate See interpolation. grade into a block. Composites were capped at 20 g/t. A 2.0 g/t cut-off grade is applied. To view the maps accompanying this press release please click on the following links: http://www2.ccnmatthews.com/database/fax/2000/clg3.pdf http://www2.ccnmatthews.com/database/fax/2000/clg2.pdf http://www2.ccnmatthews.com/database/fax/2000/clg1.pdf Cumberland Resources Ltd. (TSX:CLG) (AMEX:CLG) |
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