Comaplex Minerals Corp.

Comaplex Minerals Corp.

December 21, 2009 23:59 ET

Comaplex Minerals Corp. Consolidates a 100% Interest in the Entire Meliadine Gold Property

CALGARY, ALBERTA--(Marketwire - Dec. 21, 2009) -


Comaplex Minerals Corp. ("Comaplex") (TSX:CMF) is pleased to report that it has completed a transaction with Perfora Investments S.a.r.l. ("Perfora"), 100% owner of Comaplex joint venture partner Meliadine Resources Ltd. ("MRL"). MRL holds a 22% interest in the Meliadine West property and a 50% interest in the Meliadine East property. This transaction will consolidate the various interests in the Meliadine Gold Property, located in Nunavut Territory, Canada, such that Comaplex will own a 100% interest in the Meliadine East and West properties.

To complete this transaction Comaplex will issue 12,750,000 of its common shares to Perfora (a wholly owned subsidiary of Resource Capital Fund III L.P.) in exchange for a 100% ownership in MRL. Post closing of the transaction, Perfora will own approximately 17.9% of the issued and outstanding shares of Comaplex.

As part of the transaction, Perfora is obligated to pay Comaplex up to a total of $13,500,000 Cdn. based on an incremental payment schedule tied to the share price realized on any sale of the common shares of Comaplex held by Perfora.

The Acquisition is subject to the final approval of the Toronto Stock Exchange.

Comaplex believes this transaction will greatly simplify the ownership and ongoing management of its Meliadine gold property. It will also enable synergies and cost savings in the operatorship of the property and allow it to advance more easily into feasibility and production.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Forward Looking Statements - This news release contains "forward-looking statements", including, but not limited to, statements regarding our expectations as to the mineral resource estimates. Forward-looking statements express, as at the date of this report, our plans, estimates, forecasts, projections, expectations or beliefs as to future events or results. We caution that forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks and hazards, environmental risks and hazards, uncertainty as to calculation of mineral resources, requirement of additional financing, and other risks.

Contact Information

  • Comaplex Minerals Corp.
    George F. Fink
    President and CEO
    (403) 265-2846

    Comaplex Minerals Corp.
    Mark J. Balog
    Chief Operating Officer
    (403) 265-2846

    Comaplex Minerals Corp.
    Kirsten Kulyk
    Manager - Investor Relations
    (403) 265-2846 or