Comaplex Minerals Corp.

Comaplex Minerals Corp.

February 22, 2007 23:59 ET

Comaplex Reports an Updated Resource Estimate for the Meliadine West Property

CALGARY, ALBERTA--(Marketwire - Feb. 22, 2007) -


Comaplex Minerals Corp. (TSX:CMF) is pleased to report an updated resource estimate for the Tiriganiaq gold deposit and to provide additional information on the proposed 2007 Meliadine exploration program. The property is located 25 kilometers northwest of Rankin Inlet, Nunavut Territory, Canada.

New Resource Estimate - Tiriganiaq Deposit

A new 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 NI43-101 requirements, incorporates all of the drilling in the deposit, including that completed in the 2006 field season. Comaplex has a 78% interest in the Meliadine West property with an option to acquire an additional 2% (Resource Capital Fund owns the remaining interest).

The 2006 drill program consisted mainly of infill drilling in areas of existing gold resources to upgrade some of the 'Inferred' ounces to 'Indicated' and to confirm continuity of gold mineralization in the 1000 and 1100 lodes within the Tiriganiaq deposit. The bulk of this drilling was on targets situated within approximately 200 meters of surface. Meterage was also directed to testing the deeper portions of the 1050 lode, the upper end of the shallowly west plunging 1150/1250 groups of lodes, and condemnation drilling below a possible pit on the west end of the deposit. The drilling results confirmed strong continuity of gold mineralization to the 200 meter level.

Comaplex personnel incorporated the 2006 drilling into the Tiriganiaq geological model and with Snowden, adjusted the model and wireframes as required. As expected, the new resource estimate shows an increase in the 'Indicated' tonnage, at the expense of the 'Inferred' tonnage. The lack of significant variation from one year to the next in the grade or tonnage of the resource in the upper 200 meters of the deposit, infers that the geological model is robust.

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

Mineral Resources above 9900 meter level (170 meters below surface)
cut-off grade (g/t) category tonnage grade (g/t) contained oz Au
2.5 Indicated 5,180,300 6.7 1,111,500
2.5 Inferred 1,910,300 4.1 249,200
Mineral Resources below 9900 meter level (below 170 meters from surface)
cut-off grade (g/t) category tonnage grade (g/t) contained oz Au
6.5 Indicated 1,145,800 10.6 391,400
6.5 Inferred 2,884,000 11.4 1,057,400
Total Indicated Resources = 1,502,900 oz gold
Total Inferred Resources = 1,306,600 oz gold

Comaplex will now incorporate the new resource estimate into mine planning optimization studies to determine, among other things, what combination of pit and underground is optimal for the development of the deposit.

The block grades were estimated using a combination of Multiple Indicator (1000 and 1100 lodes) and Ordinary Kriging interpolation 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 an NI 43-101 technical report to be prepared by Snowden and released by Comaplex on SEDAR within the next month.

New Appointment within the Company

Comaplex is pleased to report the addition of Mr. Tom Morrison, P. Eng., to the Company in the position of Vice President - Project Development. Mr. Morrison is a professional mining engineer with extensive experience in underground and open pit gold mining operations in Canada and internationally. Mr. Morrison also has extensive experience in heavy civil construction. This mix of experience will be advantageous to the company. Mr. Morrison will be directing the engineering side of the Company and assisting in the development of the Tiriganiaq deposit as the project moves into underground exploration and advances towards feasibility.

2007 Meliadine West Exploration Program

Comaplex is presently planning the details of an underground exploration decline into the Tiriganiaq deposit in the last quarter of 2007 - early 2008. The tendering and permitting process is anticipated to commence in the first quarter of 2007.

The 2007 surface exploration program on the Meliadine West property will commence in early March. A drill budget of approximately 17,000 meters is planned with approximately 2500 meters of this amount proposed for the winter/spring drill program. The winter drilling will test parts of the Tiriganiaq deposit and water covered portions of the satellite deposits. Geotechnical drilling will be completed in the area of the portal and decline, as well as test work in proposed locations for mill and tailings pond facilities. Upgrading and extension of the road between camp and the deposit will also take place in the winter months.

The summer drilling into the Tiriganiaq deposit will be targeting the deeper (below 200 meters) 'Inferred' resources with the intent of increasing the confidence and size of these mineralized zones.

2006 Diamond Till Sample Results

Laboratory results from the diamond till samples taken by Comaplex in 2006 on the east end of the property are expected within the next month. Details on these results will be released as they are received and interpreted. A total of 249 till samples were taken on the far eastern end of the Meliadine West property. Recent press releases by unrelated third parties conducting diamond exploration on showings adjacent to the Meliadine property have noted diamond bearing occurrences with very respectable diamond grades. More diamond work by Comaplex is planned in 2007.


Warwick Board (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. 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 on
Mineral resources and reserves referred to in National Instrument

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

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. 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 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.

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Contact Information

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

    Comaplex Minerals Corp.
    Mark J. Balog
    Vice President - Exploration
    (403) 265-2846