Comaplex Minerals Corp.
TSX : CMF

Comaplex Minerals Corp.

November 10, 2008 23:59 ET

Comaplex Provides an Update on the 2008 Meliadine West Exploration Program

CALGARY. ALBERTA--(Marketwire - Nov. 10, 2008) -

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

Comaplex Minerals Corp. (TSX:CMF) is pleased to provide an update on the 2008 surface drilling and underground exploration programs on the Meliadine gold property near Rankin Inlet, Nunavut Territory, Canada. The Meliadine West property is owned 78% by Comaplex and 22% by Meliadine Resources Ltd. (a private company owned 100% by Resource Capital Fund (RCF) III L.P. of Denver), with Comaplex having an option to increase to 80%.

Underground Exploration and Bulk Sampling Program
-------------------------------------------------

The underground exploration program on the Tiriganiaq gold deposit was completed at the end of August 2008. Two of the dominant gold bearing zones in the Tiriganiaq gold deposit were accessed, exposed along strike, and bulk sampled. These two lodes are the iron formation hosted 1100 lode and the quartz shear hosted 1000 lode. The results obtained on the 1100 lode were reported in a press release dated August 25, 2008.

Overall, the following underground development was completed in the underground exploration program on the Tiriganiaq gold deposit in the last 10 months: ramp development (1044 meters); 1100 lode drifting (165 meters); 1000 lode drifting (34 meters on the 10,000 level and 205 meters on the 9950 level for a total of 239 meters); 2 cross-cuts (97 meters), 4 raises (20 meters each).

Underground bulk sampling of the quartz vein hosted 1000 lode on the 9950 level was completed in late August. The vein was continuously exposed for 205 meters in a drift that varied in width from 3.0 to 8.5 meters and averaged 4.5 meters, at a depth of 120 meters below surface. The quartz vein was continuous over the entire length, varying from 0.5 to 6.0 meters in width. A total of 6943 tonnes of rock (rounds 6W to 86E) from the 1000 lode drift was excavated and brought to surface for round-by-round processing through the sample tower. In narrow sections of the vein, the bulk samples include significant dilution (estimated as high as 56%) based on a minimum 1.8 meter mining width. See Figure 1 http://files.newswire.ca/437/COMAPLEX_Fig1.pdf for a diagram of the 1000 lode.

The average diluted gold grade of the 1000 lode over the entire 205 meter length of the drift at the -120 meter level is 13.2 grams per tonne (g/t) and compares favorably with the diluted grade of 7.5 g/t gold obtained from the 1100 lode (as released on August 25, 2008). At this time, the level of the 1100 lode drift will likely be developed by open pit mining methods and the level of the 1000 lode drift is more likely to be by underground methods. Selective mining methods applied to the 1000 quartz vein lode in a production scenario should result in lower dilution locally (and higher gold grades) than experienced in the 9950 exploration development. No significant geotechnical issues were encountered in the 1000 lode ore drift.

The raises driven on the 1100 and 1000 lodes confirm continuity of the mineralization in the third dimension for the extent of the raises, and the grades encountered (8.2 g/t gold on average for the three 1100-lode raises, and 10.0 g/t gold for the 1000-lode raise) confirm the results obtained on the nearby drifts.

Assaying of all samples from the underground exploration program is being done by SGS Lakefield, based in Lakefield Ontario. A report on the bulk sampling program will be compiled with the assistance of Strathcona Mineral Services Limited and released on SEDAR once all results have been received, verified, and interpreted.

Detailed geotechnical mapping and analysis of both the decline and drifts by a third party consulting company (Golder) was completed in September. Data from this work will be used for future feasibility level design of the pit and underground mine.

Scoping Study

During the third quarter, Comaplex engaged the services of a different independent engineering firm to complete the external Scoping Study (Preliminary Economic Assessment) on the Meliadine project. The previous firm encountered staffing problems that resulted in unacceptable delays in completing the assignment. While it seems all consulting firms are having trouble meeting timelines, the PEA is expected to be completed in November 2008. This will be a NI43-101 compliant document.

2008 Drill Program

Diamond drilling on the Meliadine West property was completed in early October 2008. A total of 23,537 meters in 79 drill holes were completed in the 2008 drill program on the Meliadine West property. The bulk of the drilling, 21,200 meters in 56 holes was on the Tiriganiaq gold deposit (including four geo-tech holes totaling 467 meters). A total of 2014 meters in 19 holes were completed on the F Zone satellite gold deposit and 313 meters in four holes were completed on the Noel Occurrence, an exploration target located six kilometers along strike to the east of the Tiriganiaq deposit.

The 2008 drill program on the Tiriganiaq gold deposit was an infill program to upgrade the resource status of the deposit and to increase understanding in the Western Deeps at depths of 350 to 450 meters below surface. A total of 18 drill holes totaling 2789 meters were also completed adjacent to the ore drifts on the 1100 and 1000 lodes to assist in the future reconciliation between the underground bulk sampling and drill results. Assays from these holes are pending.

Assay results from the first eleven holes drilled in the Western Deeps area of the Tiriganiaq deposit were released in press releases 08-10 and 08-13. An additional 14 drill holes from the Western Deeps are presented here (see Figure 2 http://files.newswire.ca/437/COMAPLEX_Fig2.pdf for hole locations).

Highlights include:

14.9 g/t gold over 10.5 meters in hole M08-731W1
15.7 g/t gold over 9.1 meters in hole M08-736W1
14.4 g/t gold over 3.5 meters in hole M08-738
and: 26.9 g/t gold over 9.4 meters
12.4 g/t gold over 7.1 meters in hole M08-751
and: 9.4 g/t gold over 16.1 meters
15.3 g/t gold over 15.3 meters in hole M08-754
11.9 g/t gold over 40.8 meters in hole M08-754W1

Results have been received for the remaining 18 drill holes completed on the F Zone (one F Zone hole was previously released on August 25; release 08-13). The drilling tested the open pit potential of three shallow targets in the zone to contribute ore to a possible future mine at the Tiriganiaq deposit, four kilometers to the northwest (see Figure 3 (http://files.newswire.ca/437/COMAPLEX_Fig3.pdf) for F Zone hole locations). Modeling of the F Zone gold deposit will take place this winter and geological resources will be estimated for the deposit. Highlights from the recent F Zone drill holes include:

4.7 g/t gold over 16.9 meters in hole M08-733
and: 7.6 g/t gold over 3.4 meters
6.0 g/t gold over 7.0 meters in hole M08-742
and: 6.2 g/t gold over 7.9 meters
11.3 g/t gold over 4.9 meters in hole M08-746
8.5 g/t gold over 5.7 meters in hole M08-755

A significant number of samples from the completed drill holes are presently in the assay lab for analysis. The backlog is a direct result of the massive amount of samples generated in both the surface and underground programs on the project this year. It is expected that the balance of the outstanding drill results will be received from the lab in November 2008.

Meliadine East Exploration Program
----------------------------------

Diamond drilling on the Meliadine East property finished in early September. A total of 3879 meters in 21 drill holes were completed in and adjacent to the Discovery gold deposit, located ~25 kilometers east and on strike with the Meliadine West property. The property is a 50% joint venture with Meliadine Resources Ltd. (RCF), who is the operator of the program. To date, no assay results have been received from the operator. Results will be made public on a timely manner as they are received.

Other

Comaplex is very encouraged by the initial results from both the underground exploration and surface drilling programs. The Company is well financed to complete its 2008 capital programs and along with its cash and cash flow from operations, is well positioned for 2009 and subsequent years. Rapid advancement of the project towards production remains the primary objective.

Doug Dumka, P.Geo. is the Chief Geologist for Comaplex Minerals and is the Senior Project Geologist and designated Qualified Person (Q.P.) for the Meliadine West Project. Mr. Dumka supervised drill hole planning, implementation and quality control/quality assurance programs at the Meliadine West project for 2008.

Strathcona Mineral Services Limited is assisting Comaplex in the setup, implementation, and review of the underground bulk sampling program, including this press release. The bulk sampling process produces two parallel samples of approximately 25 kilograms for each drift round. SGS Lakefield uses a screened metallics assay protocol on 2000-gram sub-samples, screening at 150 mesh (106 microns). The two parallel field samples from each drift round are assayed separately. The precision of the entire field sampling and assaying processes is monitored by the periodic re-sampling of the rejects of entire drift rounds through the sampling plant. Variances between the two sub-samples of each round and between the round repeats are within the range of the predicted sample error, with no bias. SGS Lakefield conducts lab-internal quality assurance/quality control (QA/QC) with the insertion of certified reference standards and blanks. Results to date are mostly acceptable.

Drill core analysis is performed on cut, half NQ core with standard fire assay procedures and a gravimetric finish (2 assay ton, 1000 gram pulp). QA/QC programs employ the insertion of external standards (low to high grade Au), blanks, and core duplicates every 20 samples. All assaying was completed by TSL Laboratories Ltd. based in Saskatoon, Saskatchewan. TSL completes its own internal QA/QC by inserting a standard, blank, pulp duplicate, and coarse reject duplicate in every batch of 20 analyses. QA/QC compliance was rigorously checked on a continuous basis during the exploration program.

Meterage provided is measured down hole and intersection widths are interpreted to be approximately 80% of true width.

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.



Meliadine West Property - Comaplex Press Release 08-15
------------------------------------------------------
November 10, 2008
-------------------------------------------------------------------------
Cut to
60 gmt Au
weigh. aver. weigh. aver.
hole No. area lode meterage (gmt Au/m) (gmt Au/m)
-------------------------------------------------------------------------
M08-730 Tiriganiaq 1255 413.3 - 415.0 7.9 / 1.7m
- West Deeps 1152 463.3 - 465.2 7.0 / 1.9m
1015 507.2 - 508.0 6.6 / 0.8m
1000 519.6 - 520.2 4.4 / 0.6m
M08-731 Tiriganiaq hole lost
- West Deeps
M08-731W1 Tiriganiaq 1253 404.0 - 405.2 5.7 / 1.2m
- West Deeps 1255 411.8 - 415.2 13.8 / 3.3m
1255 422.65 - 425.15 7.0 / 2.2m
incl. 422.65 - 30.8 / 0.5m
423.15
1252 434.65 - 445.1 14.9 / 10.5m 14.7 / 10.5m
1015 507.55 - 511.0 4.6 / 3.4m
1015 520.0 - 524.0 5.0 / 4.0m
M08-732 F Zone pit 103.45 - 107.2 2.5 / 3.8m
115.95 - 118.5 3.3 / 2.6m
M08-733 F Zone pit 140.2 - 157.1 4.7 / 16.9m
159.4 - 162.8 7.6 / 3.4m
M08-734 F Zone pit NSV
M08-735 F Zone pit 44.7 - 49.0 6.4 / 4.3m
62.1 - 66.3 5.3 / 4.2m
M08-736 Tiriganiaq 1255 431.3 - 434.3 5.1 / 3.0m
- West Deeps 1255 439.2 - 443.0 3.6 / 3.8m
1255 449.4 - 458.1 11.8 / 8.7m
incl. 449.4 - 17.3 / 4.3m
453.7
and 456.4 - 16.2 / 1.7m
458.1
1000 540.2 - 541.0 6.4 / 0.8m
M08-736W1 Tiriganiaq 1255 424.5 - 425.9 4.1 / 1.4m
- West Deeps 1255 435.8 - 444.9 15.7 / 9.1m 11.8 / 9.1m
incl. 435.8 - 14.6 / 3.5m
439.3
and 441.8 - 28.9 / 3.1m 17.6 / 3.1m
444.9
M08-737 F Zone pit 125.95 - 135.3 7.0 / 9.4m
141.95 - 144.25 4.8 / 2.3m
M08-738 Tiriganiaq 1255 412.8 - 416.3 14.4 / 3.5m
- West Deeps 1255 425.1 - 434.5 26.9 / 9.4m 23.0 / 9.4m
1252 436.2 - 439.8 5.4 / 3.6m
1252 442.8 - 448.85 7.6 / 6.1m
1000 529.4 - 532.2 11.3 / 2.8m
M08-739 F Zone pit NSV (pit margin)
M08-740 F Zone pit 77.65 - 81.1 5.2 / 3.4m
M08-741 F Zone pit 16.9 - 18.6 4.6 / 1.7m
23.45 - 27.6 5.5 / 4.2m
M08-742 F Zone pit 49.0 - 55.95 6.0 / 7.0m
65.2 - 73.1 6.2 / 7.9m
M08-743 F Zone pit 29.45 - 35.8 7.6 / 6.4m
M08-744 Tiriganiaq hole lost
- West Deeps
M08-744W1 Tiriganiaq 1255 495.2 - 497.5 19.3 / 2.3m 14.5 / 2.3m
- West Deeps 1015 562.7 - 565.7 5.5 / 3.0m
M08-745 Tiriganiaq 1255 427.7 - 436.5 10.2 / 8.8m
- West Deeps incl. 427.7 - 12.8 / 1.9m
429.6
and 433.2 - 19.7 / 3.3m
436.5
1015 521.0 - 526.0 5.4 / 5.0m
M08-746 F Zone pit 61.4 - 66.25 11.3 / 4.9m
M08-747 F Zone pit 59.1 - 62.05 10.8 / 3.0m
M08-748 F Zone pit 71.0 - 77.0 8.5 / 6.0m

M08-749 F Zone pit NSV
M08-750 F Zone pit NSV
M08-751 Tiriganiaq 1253 465.9 - 473.0 12.4 / 7.1m
- West Deeps 1255 482.1 - 498.2 9.4 / 16.1m
incl. 482.1 - 14.4 / 4.9m
487.0
and 490.1 - 10.0 / 8.1m
498.2
1015 547.8 - 555.0 7.1 / 7.2m
M08-752 F Zone pit 36.4 - 39.65 5.0 / 3.3m
M08-753 F Zone pit 44.35 - 47.25 4.2 / 2.9m
M08-754 Tiriganiaq 1253 413.5 - 415.4 12.9 / 1.9m
- West Deeps 1255 418.4 - 421.4 4.2 / 3.0m
1255 425.1 - 440.4 15.3 / 15.3m 14.3 / 15.3m
1015 520.0 - 529.5 11.4 / 9.5m
M08-754W1 Tiriganiaq 1255 406.9 - 447.7 11.9 / 40.8m 10.3 / 40.8m
- West Deeps incl. 406.9 - 10.8 / 5.8m 10.4 / 5.8m
412.7
and 418.4 - 25.5 / 2.7m
421.1
and 425.6 - 12.1 / 6.8m 10.5 / 6.8m
432.4
and 435.9 - 22.5 / 11.8m 17.9 / 11.8m
447.7
M08-755 F Zone pit 42.3 - 48.0 8.5 / 5.7m
M08-756 Tiriganiaq 1253 508.15 - 510.45 3.5 / 2.3m
- West Deeps 1255 529.7 - 532.8 15.0 / 3.0m
incl. 531.0 - 33.6 / 1.3m
532.3
1153 571.6 - 574.8 15.6 / 3.2m
1015 590.3 - 592.0 4.7 / 1.7m
M08-757 Tiriganiaq 1255 446.3 - 457.4 10.3 / 11.1m 10.2 / 11.1m
- West Deeps incl. 446.3 - 13.8 / 6.4m 13.6 / 6.4m
452.65
and 455.0 - 11.1 / 2.4m
457.4
1000 534.0 - 536.0 12.3 / 2.0m

Contact Information

  • Comaplex Minerals Corp.
    George F. Fink
    President

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