$10.5 Million for Meadowbank Gold Project  

 FEBRUARY 12, 2003,

Cumberland Resources Ltd. (Board of Directors has approved a $10.5 million work program for the 100% owned Meadowbank gold project, located 70 kilometres north of the Hamlet of Baker Lake, Nunavut. The 2003 programis designed to complete feasibility and mine permitting requirements as well as a substantial field exploration program.  

A feasibility study was initiated on the Meadowbank project in October 2002 and is expected to be completed in late 2003. A preliminary assessment completed in January 2002 indicated the Meadowbank project could support a production rate of approximately 250,000 ounces per year at an estimated cash cost of US$168 per ounce over an eight year mine life, with 85% of gold production from open pit mine designs.