iShares 1-10 Year Laddered Government Bond Idx ETF T.CLG

Cumberland cuts 31.81 g/t Au over 4.1 m

[PGMBOY]

Cumberland cuts 31.81 g/t Au over 4.1 m at Meadowbank Cumberland Resources Ltd (TSX:CLG) Shares Issued 54,998,941 Last Close 10/5/2005 $1.62 Thursday October 06 2005 - News Release Mr. Kerry Curtis reports CUMBERLAND CONTINUES TO INTERSECT HIGH GRADE MINERALIZATION AT MEADOWBANK GOLD PROJECT Cumberland Resources Ltd.'s phase II drill program has continued to intersect near-surface, high-grade mineralization at the recently discovered Cannu zone. The Cannu zone is located at the company's 100-per-cent-owned Meadowbank gold project, Nunavut, which is host to Canada's largest pure gold open pit reserves. The expanded Meadowbank drill program, phase III, commenced this week and is designed to further assess the expansion potential of the Cannu zone. High-grade gold results in phase II drilling of Cannu zone The Cannu zone is located 350 metres north of the proposed Portage open pit, which contains the largest reserves (1.5 million ounces) of the three proposed open pits at Meadowbank. Phase II drilling at the Cannu zone indicates the continuous nature of the Portage mineralization beyond the current open pit design toward the Cannu zone. A total of 18 holes have been completed in the phase II drill program at the Cannu area. Highlights from these holes include: Hole NP05-591: 31.81 grams per tonne (g/t) over 4.10 metres at 20 m below surface Hole NP05-593: 7.28 g/t over 5.28 m at 5 m below surface Hole NP05-584: 7.33 g/t over 6.05 m at 27 m below surface Hole NP05-588: 9.49 g/t over 3.12 m at 100 m below surface Hole NP05-585: 15.59 g/t over 1.13 m at 20 m below surface Hole NP05-571*: 7.06 g/t over 7.44 m at 28 m below surface Hole NP05-573*: 2.65 g/t over 4.95 m at five m below surface Hole NP05-575*: 21.36 g/t over 1.75 m at 72 m below surface Hole NP05-576*: 4.14 g/t over 5.47 m at 21 m below surface and 16.44 g/t over 2.87 m at 30 m below surface and 2.07 g/t over 2.35 m at 39 m below surface Hole NP05-577*: 6.66 g/t over 3.50 m at six m below surface and 7.27 g/t over 6.23 m at 32 m below surface and 4.73 g/t over 5.55 m at 40 m below surface * denotes previously released holes The Cannu zone represents additional near-surface gold mineralization which may contribute to the resource and reserve growth of the project. Prior to 2005 drilling, Meadowbank gold resources contained an estimated 3.3 million ounces of measured and indicated resources and 500,000 ounces of inferred resources. Proven and probable open pit gold reserves (a subset of resources) were estimated at 2.8 million ounces in the first quarter of 2005. The now under way phase III program will focus on the expansion of the new zone both north and south along strike, as well as better defining the gold zone and its relationship to the known mineralization in the Portage area. The phase III program will continue during October, 2005. Permitting advances Cumberland is nearing completion of the final environmental impact statement and the company expects to submit the document to the Nunavut Impact Review Board in late October. Final permits are expected in early 2006. Meadowbank gold project Cumberland is advancing Meadowbank, located 70 kilometres north of the Hamlet of Baker Lake, toward open pit production of 315,000 ounces of gold per year over an 8.3-year mine life with an estimated total cash cost of $224 (U.S.) per ounce. A feasibility study was completed by AMEC Americas Ltd. in February, 2005, SG Corporate & Investment Banking was appointed financial adviser in June, 2005, in connection with potential debt financing and development permitting is advancing to the final stages. Operations from three shallow open pits are planned to commence in mid-2008, provided final permits are obtained in early 2006. Meadowbank open pit gold production profile Open pit mineral reserves (proven and probable): 2,768,000 ounces Mine throughput: 2.73 Mtpa Mine life: 8.3 years Average annual production rate Years one to four: 375,000 ounces Life of mine: 315,000 ounces Total cash cost per ounce Years one to four: $199 (U.S.) Life of mine: $224 (U.S.) MEADOWBANK OPEN PIT GOLD RESERVES -- Q1/2005 Tonnes Grade Pit Category 000s g/t Ounces Portage Proven 1,253 5.19 209,100 Probable 9,927 4.15 1,324,500 Goose Probable 2,247 5.09 367,700 Vault Proven 53 3.31 5,600 Probable 8,416 3.18 860,400 ------ ---- --------- Total 21,896 3.93 2,768,000 ====== ==== ========= Note: 95 per cent mining recovery and contact dilution applied Qualified person -- Gordon I. Davidson, PGeol, is exploration manager, Canada, for Cumberland Resources Ltd. and is the designated QP for the Meadowbank project. Mr. Davidson has supervised drill hole planning, implementation and quality control/quality assurance programs at the Meadowbank project since 2002. Drill core analysis is performed on split core with standard fire assay procedures and AA finish. Quality assurance/quality control programs employ random insertion of four internal standards, field duplicates and blank samples. Gravimetric analysis is performed on any sample yielding greater than one g/t gold in fire assay. Primary assaying is performed by IPL Laboratories, of Vancouver. ACME Analytical Laboratories of Vancouver provides external reference assaying. True thickness of intersections ranges from 95 to 100 per cent of intersected widths. 2005 PHASE II DIAMOND DRILLING CANNU ZONE COMPOSITES Grade From To Au Width Hole ID m m g/t m NP05-571* 28.33 35.77 7.06 7.44 NP05-572* 7.07 9.15 2.95 2.08 26.25 27.83 3.65 1.58 46.62 48.46 2.41 1.84 NP05-573* 4.25 9.20 2.65 4.95 NP05-574* 31.00 35.00 2.07 4.00 NP05-575* 83.05 84.80 21.36 1.75 NP05-576* 24.18 29.65 4.14 5.47 36.78 39.65 16.44 2.87 45.55 47.90 2.07 2.35 NP05-577* 4.80 8.30 6.66 3.50 34.27 40.50 7.27 6.23 42.75 48.30 4.73 5.55 60.35 62.12 7.54 1.77 90.55 92.00 9.14 1.45 NP05-584 3.40 8.53 2.14 5.13 30.05 36.10 7.33 6.05 Incl. 30.05 30.65 29.00 0.60 NP05-585 14.97 17.47 2.17 2.50 22.94 24.07 15.59 1.13 NP05-586 31.43 38.00 1.28 6.57 NP05-587 23.53 25.35 3.73 1.82 Incl. 23.83 24.52 6.10 0.69 NP05-588 53.10 59.50 3.27 6.40 107.20 110.32 9.49 3.12 Incl. 109.54 110.32 32.00 0.78 NP05-589 119.03 122.89 6.87 3.86 NP05-590 NSV NP05-591 23.10 27.20 31.81 4.10 Incl. 24.48 25.40 10.25 0.92 NP05-592 NSV NP05-593 4.22 9.50 7.28 5.28 16.32 19.32 3.04 3.00 NP05-594 53.27 58.38 2.51 5.11 * denotes previously released holes

[ArtBechstein]

PGM, could you please explain to a greenhorn what this mean to CLG. I learnt from the PR that reserves stand at about 2.8 Mio. OZ. Additionally we have 1.0 Mio. OZ in reserves (measured/indicated/inferred) - right so far? The feasibility study just comprises the reserves. Does this mean that all additional resources will be premium or are they sort of cut off due to their status? The