Meadowbank Hosts Canada’s Largest Open Pit Pure Gold Reserves

Updated feasibility study estimates gold reserves[1] (fourth quarter 2005) of 2,890,000 ounces situated within closely-spaced, near surface deposits

Advancing Meadowbank towards Production

• Open pit production estimated at 330,000 ounces per year with total cash costs estimated at US$201 per ounce over an 8.1 year mine life (December 2005)
• Annual production averages 400,000 ounces at US$175 per ounce in first four years
• Received positive development recommendation from Nunavut Impact Review Board
• Production decision made by Cumberland Board of Directors
• Secured at least Cdn$254 million for gold loan facility
• Closed Cdn$100 million equity financing
• Completed sale of the Meliadine gold projects for Cdn$23 million
• Received Federal approval for development
• 2006 drill program outlined four distinct mineralized lenses at near surface Cannu zone
• Depending on receipt of permits and licences, operations from three, shallow open pits could commence in late 2008 or early 2009