Baker Lake"It's not a matter of if," said Kurtis. "It's a matter of when."

The mining company recently found a sixth gold deposit at Meadowbank located 70 kilometres north of Baker Lake. Meadowbank is the third largest undeveloped gold resource in Canada.

Cumberland Resources Ltd. is beginning a year-long feasibility study to provide a detailed mine model and determine the costs of construction and operation. Last week, it awarded the contract to AMEC, an international engineering firm.

A preliminary assessment in January found the project could produce about 250,000 ounces of gold a year for eight years.

"This will be a big year for Meadowbank with the feasibility study and exploration work we're doing," said Kurtis. "We're pretty excited around here."

After the feasibility study is complete, the company will look for financing, secure permits and start construction.

"That takes us to the end of 2006 or early 2007 for production," he said.

During this year's season, Cumberland spent $6.5 million at the Meadowbank site. It just secured flow-through financing for the same amount.

Since 1995, Cumberland has spent $23 million on Meadowbank.

Next field season, the company will continue exploration at Meadowbank. Cumberland Resources also holds 22 per cent interest at Meliadine West. Located north of Rankin Inlet, Meliadine is Canada's largest undeveloped gold deposit.