Tuesday, 26th September 2006 (2350 views)

Cumberland Resources has announced that it will carry out production at its site in Canada.

The Meadowbank gold project is located approximately 70 kilometres to the north of Baker Lake in Nunavut. The site is 100 per cent owned by Cumberland.

The company made the decision after receiving a positive development recommendation from the Nunavut Impact Review board, which is an ancillary of the federal minister of Indian affairs and northern development, at the end of August this year.

Estimates forecast that the Meadowbank project will produce 330,000 ounces of gold per year over a mine life spanning eight years. The site contains the greatest amount of pure gold open pit gold reserves in Canada.

Cumberland president Kerry Curtis commented: "We are very excited to reach this historic milestone and begin the transition of developing Canada's largest open pit gold reserves into Nunavut's first large-scale, long-life gold mine.

"Meadowbank is expected to create over 300 full time jobs during its forecast eight years of operations and, given the company's proven track record of discovering low cost gold reserves, has terrific potential to extend the production life and the positive economic impact in Nunavut."

 

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