Meadowbank draft EIS date-stamped (January 24, 2005)

The draft environmental impact statement for the Meadowbank gold project in Nunavut is in the hands of the territorial government.

Owner Cumberland Resources (CLG-T) proposes an open-pit gold mine at the property, about 70 km north of Baker Lake. The mine would have an 8-to-10-year life and produce about 250,000 oz. gold annually.

The draft statment goes to the Nunavut Impact Review Board for review, then will be the subject of public hearings. After the consultations, Cumberland will issue a final impact statement.

Meadowbank has a measured and indicated resource of 22.9 million tonnes grading 4.4 grams gold per tonne. The measured and indicated resource is in three separate mineralized zones: Portage, Vault and Goose Island.

Portage is the largest of the three deposits, with 11.8 million tonnes grading 4.6 grams gold per tonne in measured and indicated resources. Vault has a measured and indicated resource of 8.5 million tonnes grading 3.7 grams, and Goose Island, 2.5 million tonnes of indicated resources at 5.5 grams per tonne.

Inferred resources at the three zones, plus a fourth zone, PDF, amount to an additional 4.2 million tonnes grading 4.3 grams per tonne.