Comaplex corrects Meliadine scoping study numbers

2009-02-13 06:19 EST - News Release

Mr. George Fink reports

Meliadine property is located in Nunavut Territory

COMAPLEX MINERALS CORP. - CORRECTION TO PRELIMINARY ASSESSMENT NUMBERS

Comaplex Minerals Corp. has discovered a spreadsheet error that has an effect on some of the economic numbers released in Stockwatch on Feb. 2, 2009, in conjunction with the independent NI 43-101-compliant preliminary assessment (PA or scoping study) on the Meliadine gold property. The correction involved the grade of one of the open pits used in the study. Revised economic numbers are listed below.

Life of mine costs (including appropriate contingencies) are estimated at:

Capital expenditure (note 1): $382-million

Operating cost per tonne of ore processed: $91 per tonne

Cash operating cost per ounce of gold produced: $378 per ounce of gold

Payback 2.7 years

Note 1: This includes approximately $85-million of sustaining capital (of which $28.75-million is for reclamation costs) that will be financed from cash flow, after the commencement of production.

At a gold price of $700 (U.S.) per ounce and exchange rate of 85 U.S. cents, the economic performance of the project would be as follows:

After-tax IRR: 21.6 per cent

After-tax NPV; 7.5-per-cent discount rate: $174-million

Net cash flow before tax; 0-per-cent discount (note 1): $570-million

Net cash flow after tax; 0-per-cent discount (note 1): $408-million

Note 1: This is net after recovery of capital.

Doug Dumka (PGeo) and Mark Balog (PGeol) of Comaplex Minerals are qualified persons, as defined by NI 43-101. Mr. Balog and Mr. Dumka have verified the technical information contained in this news release. Mr. Dumka, PGeo, is the chief geologist for Comaplex and is the designated qualified person, as defined by NI 43-101, for the Meliadine West project.

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