Mining Explorers 2009: Comaplex Minerals Corp.

 

Last updated 11/1/2009 at Noon



CMF: TSX

President and CEO: George F. Fink

Chief Operating Officer: Mark J. Balog

Vice President, Project Development: Tom Morrison

Comaplex Minerals Corp. explores for precious and base metals in Canada's Far North.

In business since 1987, Comaplex strives to generate the majority of its prospects internally, acquire properties in geologically favorable areas and conduct appropriate exploration programs to develop their economic potential.

To support its mineral exploration activities, Comaplex has invested in producing oil and gas properties and uses cash flow from these properties to pay general and administrative expenses and assist in financing mineral property acquisitions and exploration programs.

The junior is currently focused on its Meliadine West gold property located about 28 kilometers, or 17 miles, northwest of Rankin Inlet., Nunavut.

At Meliadine West, the Tiriganiaq deposit hosts an estimated indicated resource of 2.4 million ounces gold and an inferred resource of 893,000 ounces gold, while the F zone hosts an indicated resource of 111,000 ounces gold and an inferred resource of 113,600 ounces gold.

More than C$118 million has been spent on exploration of the property since 1990, including surface drilling programs and an underground exploration and bulk sampling program with the aim of rapidly advancing the property toward a feasibility study and thereafter a production decision.

Comaplex owns 78 percent of the property and can acquire another 2 percent at any time for C$2 million.

Comaplex also holds 50 percent interest in the Meliadine East gold property, where privately held Meliadine Resources Ltd. (a subsidiary of Denver-based Resource Capital Fund III) holds 50 percent interest and is the operator.

The 2009 drill budget of 20,000 meters has been reached as of the date of this release.

On the basis of the results received to date, an additional 3,000 meters was approved for this year (total of 23,000 meters).

The extra drilling will be used to tighten the drill spacing in the Tiriganiaq and F Zone deposits, as well as geotechnical drilling (pit work for each of the two deposits plus mill, waste piles, tailings dam, etc.).

The drilling was expected to continue into the third week of September.

Comaplex's goal in 2009 is to advance the Meliadine property to a level that will support initiation of a feasibility study as soon as possible.

This will require additional surface drilling of the various gold deposits on the property, rapid advancement of geotechnical, geochemical, and environmental studies to feasibility levels, and advanced engineering of the open pit and underground components.

Cash and short-term deposits: C$1.1 million

Working capital: C$15.5 million (at June 30 and C$22.2 million (net proceeds from Aug. 25 share offering)

Market Capitalization: C$210 million

Suite 901, 1015 Fourth St. SW., Calgary, AB Canada T2R 1J4

Tel: 403-265-2846 • Fax: 403-232-1421

http://www.comaplex.com

 

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