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Valentine’s Day Merger for Owner of Meadowbank Gold Mine

by admin ~ February 15th, 2007

Located 70 km north of Baker Lake, Nunavut, on the upper reaches of the Quioch River system, Cumberland Resources Ltd. received is project certificate for the Meadowbank Gold Mine in early January. Construction is set to begin on a permanent four season road this winter, and the company announced yesterday its merger with Canadian mining giant Agnico-Eagle Mines, valued at $710 million (cdn). Agnico-Eagle is a much larger company with operations in northwestern Quebec, Finland, U.S., and Mexico. With a previous timeline of 7-8 years, Aginco-Eagle mentioned in its press release it seeks a long term mining “camp” for the Meadowbank mine, no new financing, and a “long-term, respectful, and mutually beneficial relationship with the people and government of Nunavut.”

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