Comaplex Minerals Corp.
TSX : CMF

Comaplex Minerals Corp.

February 13, 2009 23:59 ET

Comaplex Minerals Corp. - Correction to Preliminary Assessment Numbers

CALGARY, ALBERTA--(Marketwire - Feb. 13, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Comaplex Minerals Corp. (TSX:CMF) reports that a spreadsheet error has been discovered that has an effect on some of the economic numbers released February 2, 2009 in conjunction with the independent NI 43-101-compliant Preliminary Assessment (PA or Scoping Study) on the Meliadine gold property. The correction involved the grade of one of the open pits used in the study. Revised economic numbers are listed below.



Life of mine costs (including appropriate contingencies) are estimated
at:

Capital expenditure: (note 1) $ 382 million Cdn.
Operating cost per tonne of ore processed: $ 91 Cdn./tonne
Cash operating cost per ounce of gold produced: $ 378 Cdn./oz gold
Payback 2.7 years

Note 1: includes approximately $85 million of Sustaining Capital (of
which $28.75 million is for reclamation costs) that will be financed from
cash flow after the commencement of production.

At a gold price of $US 700.00 per ounce and $US 0.85 exchange rate, the
economic performance of the project would be as follows:

After-tax IRR: 21.6 %
After-tax NPV; 7.5% discount rate: $ 174 million Cdn.
Net cash flow before tax; 0% discount (note 1): $ 570 million Cdn.
Net cash flow after tax; 0% discount (note 1): $ 408 million Cdn.
Note 1: net after recovery of capital


Doug Dumka (P. Geo.) and Mark Balog, (P.Geol.) of Comaplex Minerals Corp. are Qualified Persons as defined by NI 43-101. Mr. Balog and Mr. Dumka have verified the technical information contained in this news release. Doug Dumka, P.Geo. is the Chief Geologist for Comaplex and is the designated Qualified Person as defined by NI 43-101 for the Meliadine West Project.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Not for distribution to United States newswire services or dissemination in the United States.

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
    www.comaplex.com or www.sedar.com