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Cumberland Completes Cannu Gold Resource Estimate, Plans for New Reserves and Continued Exploration in 2007 at Meadowbank Gold Project
CUMBERLAND RESOURCES LTD. (TSX: CLG; AMEX: CLG) is pleased to report that the 2006 drill program at the Company’s 100% owned Meadowbank gold project has been successful in readying gold resources for reserve definition at the Cannu zone, a potentially open pittable high-grade zone of mineralization discovered in 2005. Meadowbank is host to Canada’s largest undeveloped pure gold open pit reserves of 2.9 million ounces. The Meadowbank project, located 70 kilometres north of the hamlet of Baker Lake, Nunavut, is designed to produce an average of 330,000 ounces of gold per year over an eight year mine life.
The Cannu gold zone is located immediately north of the proposed Portage open pit, the largest of three proposed open pits at Meadowbank. Systematic infill and step-out drilling completed during 2006 has been incorporated in an updated Cannu resource estimate. Highlights of the updated Cannu mineral resource estimate (January 2007) include:• Inferred mineral resources upgraded to the indicated resource category
• Indicated resource grade approximately 40% higher than Meadowbank reserve grade
• Near surface mineralization should contribute to future open pit expansion
• Majority of indicated resources expected to be converted into open pit reserves
• Potential for Cannu zone to be brought forward in mine plan
“We are very pleased with the quick progress made in discovering, defining and upgrading the gold resources at Cannu,” stated Kerry Curtis, President and CEO. “We will now focus on estimating a Cannu reserve in the first quarter of 2007 and incorporating Cannu into the Meadowbank mine plan. We are also planning an extensive 2007 drill program at the recently-discovered Goose South zone for continued resource and reserve growth at Meadowbank.”
2006 Drilling Improves Cannu Zone Resource An updated resources estimate for the Cannu zone, incorporating mineralization intersected in the 2006 drill program, has been prepared by SRK Consulting (UK) Limited (“SRK”). The estimate is based on 123 intersections in 57 drill holes and, as with previously released Meadowbank resource estimates, utilizes three dimensional block models interpolated using inverse distance methods and the same cut-off grade. On this basis, SRK has derived the following Cannu resource estimate (January 2007):
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