Cumberland Resources: letter agreement to acquire 100 percent interest in The Meadowbank Gold Project.

VANCOUVER, British Columbia--(BUSINESS WIRE)--June 25, 1997--CUMBERLAND RES. (TSE:CBD.) CUMBERLAND RESOURCES LTD. ("Cumberland") is pleased to announce, subject to regulatory approval, a Letter Agreement has been signed between Cumberland and Comaplex Minerals Corporation ("Comaplex") to allow Cumberland, which presently holds a 60 percent interest in the Meadowbank Gold Project under a joint venture agreement with Comaplex, to purchase Comaplex's 40 percent interest. Completion of the agreement will increase Cumberland's interest to 100 percent.

The terms of the agreement are:

On closing, Comaplex will receive $3,200,000 cash and 1,500,000 units of Cumberland. Each unit consists of one common share and one warrant. Two warrants will entitle Comaplex, upon payment of $4.25, to acquire one common share of Cumberland for a period of up to 2 years from the date of signing.

Meadowbank is located in the Kivalliq Region of Nunavut, 70 kms north of Baker Lake, NWT. At the end of 1996 the project contained an estimated resource of 1.1 million ounces gold of which 710,560 oz. is potentially open pittable. Recent drilling has outlined outstanding additional resource potential in several key areas of the property. Drilling, with two drill rigs, is scheduled to commence in the first week of July.

This $1.0 million, Phase II (5,000m) drill program is designed to expand the 1996 global resource base of the Meadowbank project which stands at 1.1 million oz. (1.39 million oz. uncut). The target resource for the 1997 drill initiative is 1.5 million oz. (cut) or an additional 400,000 oz. at which point the Company has determined the project may yield a positive pre-feasibility study.

Cumberland is well financed (estimated $10 million post acquisition working capital) to rapidly advance the Meadowbank and Meliadine (50 percent) gold projects. On completion of this acquisition, Cumberland estimates its geologic resources (net to Cumberland), to exceed 1.5 million ounces gold. -0-

Shares Issued:     19,700,081
Fully Diluted:     22,792,501
Working Capital:   $13.2 million

Emerging Canadian Gold Projects

Meadowbank (100 percent)

--  1.1 million oz. (cut) resource
--  two drill, 5000 m Phase II drilling planned to start first week
    of July

Meliadine East (50 percent and Operator)

--  400,000 oz. resource
--  3,000m drill program planned for early July start

Meliadine West (20 percent carried to production)

--  wide spaced drilling indicates potential for greater than 1
    million oz. resource
--  WMC International Ltd. currently operating a planned 40,000 drill
    program

CUMBERLAND RESOURCES LTD.

"Glen Dickson", President

CONTACT: Cumberland Resources Ltd.

Glen Dickson, 604/608-2557

Fax: [phone]

or

Kerry Curtis, 604/608-2557

Fax: [phone]