Cumberland Resources (CBD-T) has agreed to a deal that will see its interest in the Meadowbank gold property, 70 km north of Baker Lake, N.W.T., increased to 100%.
The deal with Comaplex Resources (CMF-T) is for $3.2 million in cash and 1.5 million units, each of which consists of one Cumberland share and one warrant that expires two years after the closing. Two warrants entitle the holder to buy one share of Cumberland at $4.25.
Cumberland estimates the property contains 4.7 million tonnes grading 4.4 grams gold per tonne in the Third Portage zone, 976,000 tonnes of 11.5 grams in the Goose Island zone, and 259,000 tonnes of 9.3 grams in the North Portage zone. Cumberland has scheduled additional drilling for early July.
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