Comaplex Minerals Corp.
TSX : CMF

Comaplex Minerals Corp.

January 09, 2008 23:59 ET

Comaplex Reports an Increase in the Resource Estimate for the Tiriganiaq Deposit (Meliadine West) and a new Resource Estimate for the Discovery Deposit (Meliadine East)

CALGARY, ALBERTA--(Marketwire - Jan. 9, 2008) -

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

Comaplex Minerals Corp. (TSX:CMF) is pleased to report updated resource estimates for both the Tiriganiaq gold deposit on the Meliadine West property and for the Discovery gold deposit on the Meliadine East property. The properties are adjacent and are located approximately 25 kilometers northwest and north, respectively, of Rankin Inlet, Nunavut, Canada. The Meliadine West property is owned 78% by Comaplex Minerals Corp. and 22% by Meliadine Resources Ltd., with Comaplex having an option to acquire an additional 2% from its partner. The Meliadine East property is a 50-50 joint venture between Comaplex and Meliadine Resources Ltd.

New Resource Estimate - Tiriganiaq Deposit (Meliadine West property)
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An updated mineral resource estimate has been completed on the Company's Tiriganiaq gold deposit by Snowden Mining Industry Consultants Inc. (Snowden) of Vancouver. The updated resource, disclosed in accordance with NI 43-101 requirements, incorporates all of the drilling in the deposit, including that completed during the 2007 field season.

For comparative purposes, the January 2008 resource is presented in a format similar to the previous year's report (See Release 06-01, January 18, 2006 and Release 07-01 February 22, 2007). Highlights from the new resource estimate for the Tiriganiaq deposit are:



Tiriganiaq Deposit - Mineral Resources above 9900m level
--------------------------------------------------------
(170m below surface)
--------------------
cut-off grade
-------------
(g/t Au) category tonnage grade (g/t Au) contained oz Au
-------- -------- ------- -------------- ---------------
2.5 Indicated 6,136,000 6.4 1,257,700
2.5 Inferred 1,622,200 4.1 216,300

Tiriganiaq Deposit - Mineral Resources below 9900m level
--------------------------------------------------------
(below 170m from surface)
-------------------------
cut-off grade
-------------
(g/t) category tonnage grade (g/t) contained oz Au
----- -------- ------- ----------- ---------------
6.5 Indicated 1,509,500 10.9 530,200
6.5 Inferred 3,260,500 11.1 1,169,100

2008 Total Indicated Resources equals 1,787,900 oz gold

2008 Total Inferred Resources equals 1,385,400 oz gold


The new resource estimate shows an increase in both the Indicated and Inferred mineral resources. The infill drill program of 2007 has resulted in the extension of the Indicated mineral resources down to depths of over 400 meters below surface in at least four mineralized lodes. Gold mineralization now extends continuously between the main deposit and the deep, westerly plunging continuation of the mineral deposit (the Western Deeps portion of the Tiriganiaq deposit) and is open to depth and down plunge.

The 2007 infill drilling in the central part of the Tiriganiaq deposit (greater than 200 meters depth) indicates that multiple, parallel zones of gold mineralization are present in quantities sufficient for several of these to be assigned mineral resources. Increases in Inferred mineral resources also resulted from drill holes in the Western Deeps area, where the gold tenor of thick, high gold grade intersections in multiple, parallel gold bearing lodes was confirmed (see holes 695, 700, 714A and 719; Release 7-13, November 13, 2007).

Block grades were estimated using a combination of Multiple Indicator (1000, 1025 and 1100 lodes) and Ordinary Kriging estimation techniques (all other lodes). Top-cuts, ranging between 7.6 - 88.6 g/t gold, were applied where required. Additional details will be available in a NI 43-101 technical report to be prepared by Snowden and released by Comaplex on SEDAR within 45 days of this press release.

Comaplex is presently incorporating the new resource estimate into a mine plan and will be completing economic and optimization studies in the near term to determine, among other things, what combination of pit and underground is optimal for the development of the deposit. A scoping study will evolve out of this work.

New Resource Estimate - Discovery Deposit (Meliadine East property)
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The Discovery gold deposit is exposed at surface and is located 17 kilometers east/southeast of the Tiriganiaq deposit. Meliadine Resources Ltd., an equal partner of Comaplex on the property, generated a NI 43-101 compliant resource estimate for the Discovery deposit in late 2007. This estimate is based on 112 historic drill holes and 21 surface diamond saw channel cuts. The modelling method used to arrive at this mineral resource estimate includes: 1) grade capping to 67 g/t gold; 2) grade envelopes that honour the main geologic trends in the deposit; 3) the inverse distance cubed (ID3) technique utilizing the industry standard Gems software package; 4) resource classification based on point density and distance modelling. This estimate was reviewed and verified by Pincock, Allen & Holt of Colorado. Details of the resource estimate will be available in a NI 43-101 report to be published on SEDAR within the next 45 days.

The resource estimate is reported in two groups based on the anticipated mining method. According to Meliadine Resources Ltd., preliminary mine planning and cost estimation assessments indicate resources down to 120 meters below surface may be mined by open pit at a two g/t gold cut-off. Those resources deeper than 120 meters are likely candidates for underground mining at a five g/t gold cut-off. Details of the resource are outlined below:



Discovery Deposit - Mineral Resources from surface to 120 meters
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below surface
-------------
cut-off grade
-------------
(g/t) category tonnage grade (g/t) contained oz Au
----- -------- ------- ----------- ---------------
2.0 Indicated 697,400 6.9 155,600
2.0 Inferred 322,000 7.0 72,250

Discovery Deposit - Mineral Resources below 120 meters from surface
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cut-off grade
-------------
(g/t) category tonnage grade (g/t) contained oz Au
----- -------- ------- ----------- ---------------
5.0 Indicated 333,000 9.7 103,500
5.0 Inferred 300,600 7.9 76,700


Total Indicated Resources equals 259,100 oz gold

Total Inferred Resources equals 148,950 oz gold

2008 Meliadine West Exploration Program
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The underground exploration program at Meliadine West is ongoing with the decline presently 250 meters in length. At present advance rates, we expect to reach the first mineralized zone (1100 lode) in the Tiriganiaq deposit in early to mid February and the second mineralized zone (1000 lode) some time in late May. Round by round bulk sampling and processing (sample tower) of each mineralized round will take place and samples sent out for analysis and metallurgical work. Equipment, supplies, and fuel for the bulk sample work and future exploration are being mobilized into camp. This will continue throughout the winter and spring.

Geotechnical drilling for mill site locations will take place in the first quarter of 2008. Details of the surface exploration program are being formulated and will be released when finalized. Drill testing of additional satellite ore bodies is being considered. Exploration at the Meliadine West project will continue through the winter, with surface drilling likely to start in early April.

2008 Meliadine East Exploration Program
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Meliadine Resources Ltd., operator of the Meliadine East property, has proposed an exploration budget of $2.5 million for the property to be carried out in the summer of 2008. The proposal has been approved by both parties and is focussed predominantly towards drilling into, and immediately peripheral to, the Discovery gold deposit. The main objective of the program is to increase the resource base of the deposit. It is expected to commence in late June and will be operated by Meliadine Resources Ltd.

Dr. Warwick Board (P.Geo., MAusIMM, Pr.Sci.Nat.) of Snowden Mining Industry Consultants Inc., Doug Dumka (P. Geo.) and Mark Balog, (P.Geol.) of Comaplex Minerals Corp. are Qualified Persons as defined by NI 43-101. Dr. Board is independent of Comaplex. Snowden has verified the technical information contained in this news release pertaining only to the updated Tiriganiaq deposit gold resource estimate. 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 Discovery deposit resource estimate was provided to Comaplex by partners Meliadine Resources Ltd., a private corporation that is wholly owned by Resource Capital Fund III L.P. The estimate was reviewed and verified by Leonel Lopez (C.P.G.) of Pincock, Allen, & Holt of Lakewood, Colorado, in conjunction with Roger March (P.Geo.) of Meliadine Resources Ltd. and Raul Borrastero (C. P. G.) of Resource Capital Fund, who carried out the resource estimation work. All three professionals are Qualified Persons as defined by NI43-101 and are independent of Comaplex. Pincock, Allen & Holt have reviewed the technical information contained in this news release pertaining only to the Discovery deposit gold resource estimate.

The footnotes below apply to the resource tables within this release.

1. Resource classifications conform to the CIM Standard Definitions
(2005) on Mineral Resources and Mineral Reserves referred to in
National Instrument 43-101.

2. Mineral resources that are not reserves do not have demonstrated
economic viability;

3. 'Measured' and 'Indicated' mineral resources are that part of a
mineral resource for which quantity and grade can be estimated with
a level of confidence sufficient to allow for the application of
technical and economic parameters to support mine planning and
evaluation of the economic viability of the deposit;

4. An 'Inferred' mineral resource is that part of a mineral resource
for which quantity and grade can be estimated on the basis of
geological confidence and limited sampling and reasonably assumed,
but not verified;

5. The ounces of gold represent contained metal in the ground and have
not been adjusted for the metallurgical recovery of gold.

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

Mr. Dumka supervised drill hole planning, implementation and quality control/quality assurance programs at the Meliadine West project for 2007. 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, unless otherwise noted.

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 form 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


    Mark J. Balog
    Chief Operating Officer
    (403) 265-2846
    www.comaplex.com or www.sedar.com