Comaplex Minerals Corp.
TSX : CMF

Comaplex Minerals Corp.

April 07, 2009 23:59 ET

Comaplex Reports an Updated Resource Estimate for the Tiriganiaq Deposit on the Meliadine West Property

CALGARY, ALBERTA--(Marketwire - April 7, 2009) -

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

Comaplex Minerals Corp. (TSX:CMF) is pleased to report an updated resource estimate for the Tiriganiaq gold deposit on the Meliadine West property. The property is located approximately 25 kilometers northwest 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 for $2,000,000.

New Resource Estimate - Tiriganiaq Deposit (Meliadine West property)
--------------------------------------------------------------------

An updated mineral resource estimate has been completed on the Company's Tiriganiaq gold deposit by Snowden Mining Industry Consultants Inc. (Snowden). The updated resource, prepared in accordance with NI 43-101 requirements and all previous resource estimates, incorporates all of the drilling in the deposit, including that completed during the 2008 field season.

The object of the 2008 drilling program on the Tiriganiaq deposit was to move inferred mineral resources to a higher resource category, primarily in the Western Deeps portion of the deposit. Recent assessment of the project resulting from the underground exploration program and the Preliminary Assessment, concluded that a shallower pit depth of 70 meters and a lower cutoff grade of 5.5 g/t gold for the underground ore is justified for the Tiriganiaq deposit (a 170 meter deep pit and a 6.5 g/t gold underground cutoff were used for the previous two resource estimates). Measured resources are now also included as a result of the underground bulk sample completed this past year. Details on the 2009 resource estimate are outlined below:



Tiriganiaq Deposit - Mineral Resources above 10,000m level (70m below
---------------------------------------------------------------------
surface)
--------
cut-off grade
(g/t Au) category tonnage grade (g/t Au) contained oz Au
------------- -------- ------- -------------- ---------------
2.5 Measured 122,800 8.5 33,600
2.5 Indicated 2,107,800 6.1 414,500
2.5 Inferred 581,600 3.7 69,200

Tiriganiaq Deposit - Mineral Resources below 10,000m level (below 70m
---------------------------------------------------------------------
from surface)
-------------
cut-off grade
(g/t) category tonnage grade (g/t) contained oz Au
------------- -------- ------- ----------- ---------------
5.5 Measured 126,900 16.8 68,700
5.5 Indicated 4,639,900 10.2 1,519,900
5.5 Inferred 3,225,000 7.9 823,800

2009 Total Indicated and Measures Resources = 2,036,750 oz gold
2009 Total Inferred Resources = 893,000 oz gold


To directly compare this year's resource estimate with last year's estimate, Snowden re-ran the 2009 model using the old criteria of 2.5 g/t cutoff for the pit, 6.5 g/t cutoff for the underground, and a 170 meter deep pit. As shown below, the indicated and measured resource estimate for Tiriganiaq increased by 430,000 ounces with the 2008 drilling.



Measured &
Indicated 7.64 M tonnes @ 7.3 gmt gold 1.79 M ounces 2008
9.01 M tonnes @ 7.7 gmt gold 2.22 M ounces 2009
Inferred 4.88 M tonnes @ 8.8 gmt gold 1.39 M ounces gold 2008
3.61 M tonnes @ 6.7 gmt gold 0.78 M ounces gold 2009


As expected in such an exercise, indicated and measured ounces increase at the expense of inferred ounces. Indicated and measured ounces increased by 24% and inferred ounces decreased by 43%, resulting in an overall decrease of ounces for the Tiriganiaq deposit of 5.5%. On this basis, Comaplex does not view this as a material change in the resource estimate numbers for the deposit nor does it view this as having any material effect on the results of the February 2009 Preliminary Assessment of the property.

As indicated in the press releases detailing the results of the 2008 drill program, intersections into the Western Deeps were robust and the deposit is open to depth in all directions. Additional drilling in the deposit in 2009 is expected to add overall resources and to continue the movement of inferred resources to the indicated and measured resource categories.

Block grades were estimated using a combination of Multiple Indicator (1000, 1025, 1050 and 1100 lodes) and Ordinary Kriging estimation techniques (all other lodes). Top-cuts, ranging between 7.6 - 105.0 g/t gold, were applied where required. Additional details will be available in a resource update report to be prepared by Snowden and released on the Comaplex website.

2009 Meliadine West Exploration Program
---------------------------------------

An aggressive exploration program has been approved for the Meliadine West property in 2009. A total of 20,000 meters of surface diamond drilling is planned commencing in early April and ending in September. The proposed drill targets are intended to both increase and potentially upgrade the gold resources in the Tiriganiaq and F Zone deposits, as well as test the potential of the Wolf and Pump satellite deposits.

Meterage will also be allocated to exploration drilling on the west end of the property (~5 kilometers west along strike of the Tiriganiaq deposit). The object of this drilling will be to locate the source of high grade (multi-ounce) gold boulder fields in the immediate area. Further prospecting of the property will also take place in 2009.

Comaplex is presently completing a Preliminary Project Description for the Meliadine property and will be forwarding this document to the regulatory authorities to start the formal permitting process on the project. Discussions with the various regulatory groups is ongoing and Comaplex is engaging several northern experienced consulting groups to assist with the process.

Significant time and expenditures will also be directed to ongoing environmental, geochemical, and geotechnical studies required for a feasibility study. Comaplex will proceed with the project in 2009 by engaging the regulatory process, along with the commencement of a Feasibility Study.

The underground exploration program at Meliadine West was completed in the fall of 2008. Further underground exploration work will be planned. The portal has been sealed, but if required, could be re-opened at any time for further work.

2008 Meliadine East Exploration Program
---------------------------------------

Comaplex is presently reviewing the 2008 drilling data recently obtained from its partner and operator (Meliadine Resources Ltd.) on the Meliadine East property. This data, and a pending updated resource estimate for the Discovery gold deposit, will determine what the 2009 exploration program will be.

----------------------------------------

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 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 2008. 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 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

    Comaplex Minerals Corp.
    Mark Balog
    Chief Operating Officer

    Comaplex Minerals Corp.
    Kirsten Kulyk
    Manager-Investor Relations
    (403) 265-2846
    www. comaplex.com
    www.sedar.com