Post by
plznohype on Jan 29, 2004 10:00am
News...resources increased...
Cumberland Improves Resources at Meadowbank Gold Project
1/29/04
VANCOUVER, BRITISH COLUMBIA, Jan 29, 2004 (CCNMatthews via COMTEX) --
CUMBERLAND RESOURCES LTD. (CBD-TSX) is pleased to announce improvements in size and quality of resources at the Company's 100% owned Meadowbank gold project, located 70 kilometres north of the Hamlet of Baker Lake, Nunavut. Independent resource estimations have been completed by AMEC E&C Services (AMEC) Canada, as part of ongoing feasibility studies at the project. The feasibility study is expected to be completed in the first quarter of this year.
Resource estimates, incorporating the results from over 21,000 metres of diamond drilling completed in 2003, have resulted in an 8% increase in global resources and a 30% improvement in measured and indicated resources:
Meadowbank Project Resources - Q1/2004------------------------------------------------------------------Resource Category Tonnes Grade (g/t) Ounces Gold------------------------------------------------------------------Measured and Indicated 21,685,100 4.30 2,998,000Inferred 5,699,700 4.30 788,000------------------------------------------------------------------
'Resources have improved to threshold levels targeted for feasibility,'commented Kerry Curtis, President and CEO. 'We are now well positioned to commence final open pit designs and complete the feasibility process.'
Meadowbank is host to the third largest undeveloped gold resource in Canada with six closely spaced, near surface, gold deposits. The table below sets out a summary of the Meadowbank Q1/2004 mineral resource estimate by deposits. All resources are independently estimated by AMEC except those estimated at the PDF deposit (see news release NR03-04), which were estimated by the Company in accordance with standards outlined in National Instrument 43-101 and CIM standards on Mineral Resources and Reserves (August 2000). PDF deposit resources are not included in the feasibility study of the project.
Details of the Q1/2004 estimate, including a specific breakdown of measured, indicated and inferred mineral resources for individual deposits and applied cutoff grades are provided below and will be the subject of a NI 43-101 technical report to be compiled by AMEC and filed on SEDAR within 30 days of this news release.
Meadowbank Resources by Deposit - Q1/2004----------------------------------------------------------------- Resource Grade OuncesDeposit Category Tonnes (g/t) Gold-----------------------------------------------------------------Portage Area Measured 1,013,000 5.50 179,128(1.5 g/t cutoff) Indicated 10,804,500 4.50 1,563,177 Inferred 774,000 4.30 107,004-----------------------------------------------------------------Vault Measured 38,300 3.40 4,187(2.0 g/t cutoff) Indicated 7,905,400 3.60 914,992 Inferred 2,512,700 3.80 306,984-----------------------------------------------------------------Goose Island Measured n/a n/a n/a(1.5 g/t cutoff) Indicated 1,923,900 4.80 296,903 Inferred 2,069,900 4.80 319,295-----------------------------------------------------------------PDF Deposit - Inferred 344,000 5.20 57,511Q1/2003 Resources(2.0 g/t cutoff)(i)-----------------------------------------------------------------
Resource estimates were prepared in conformance with the requirements set out in National Instrument 43-101 by AMEC independent qualified persons as defined by NI 43-101. All resource estimates (except for the PDF deposit) have been prepared by AMEC independent qualified persons as defined by NI 43-101 under the direction of Steve Blower P.Geo. Resource estimation models for all deposits were estimated using three-dimensional block model methods employing inverse distance methods. Grade capping strategies were developed and applied by AMEC and include application of capping and/or capping with distance restrictions on high grade assays. Resources were classified as measured only in areas defined by close spaced drilling and trench exposures. Indicated resources for all of the deposits are generally within 25 metres of a drill hole, and are supported by a minimum of two drill holes.
Cumberland is a mineral exploration and development company which holds interests in two undeveloped gold properties in Canada: Meadowbank (100%) and Meliadine West (22% carried to production). Cumberland is well financed and is advancing the Meadowbank property to production. The Company is currently evaluating a 10 year open pit mine plan based on a preliminary assessment(ii) completed in January 2002, which indicated the Meadowbank property could support a production rate of approximately 250,000 ounces per year.