Corporate History

2010

New resource estimates for the Tiriganiaq, F Zone, Discovery, Wolf and Pump gold deposits on the Meliadine property were released in January, 2010. All five resource estimates were completed by Snowden Mineral Industry Consultants and were prepared with CIM Definition Standards.

The 2009 drill program (26,607) was very successful and resulted in a substantial increase in the indicated and inferred mineral resources on the property.  All five deposits continue to be open to depth and down plunge.  Details on the resource estimates for each deposit can be accessed in the Exploration section of the website and the full news release can be accessed by clicking here.

Total resources for the Meliadine Gold Project (all five deposits) are estimated to be:

Total Measured and Indicated Resources (5 deposits) = 3,291,800 oz gold
Total Inferred Resources (5 deposits) = 1,729,600 oz gold

2009

In February 2009, Comaplex released a Preliminary Assessment (Scoping Study) on the Meliadine property. The report included potential open pit ore from the Discovery and F gold zones deposits and pit and underground ore from the Tiriganiaq gold deposit. The study indicates that production of gold from Meliadine may be feasible using current and future economic conditions.

Also in February, 2009, Comaplex filed a summary technical report outlining the results of the bulk sample program on the Tiriganiaq gold deposit on SEDAR. A total of 25,500 tonnes of mineralized material was mined primarily from the 1100 and 1000 lodes. Both lodes are physically continuous and mineralization is visually identifiable. The 1100 lode is very straight and well behaved and thus a portion of its mineralization may be amenable to lower cost open pit methods. The rock quality is excellent with no obvious adverse mining of geotechnical issued noted in the program.

A new resource estimate for the Tiriganiaq was completed by Snowden Mineral Industry Consultants Inc. 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.

Comaplex is currently working on the compilation of a Preliminary Project Description (PPD) for the regulators. Filing of this document with the government is the first major step in permitting the Meliadine gold project. Numerous geotechnical, geochemical and environmental studies are ongoing, several of which are required for inclusion in the PPD.

Comaplex has consolidated a 100 percent interest in the entire Meliadine gold property. The Company completed a transaction with Perfora Investments S.a.r.l. (“Perfora”), 100% owner of Comaplex joint venture partner Meliadine Resources Ltd. (“MRL”). MRL held a 22 percent interest in the Meliadine West property and a 50 percent interest in the Meliadine East property. This transaction consolidated the various interests in the Meliadine Gold Property, located in Nunavut Territory, Canada, such that Comaplex owns a 100 percent interest in the Meliadine East and West properties.

2008

In January of 2008, Comaplex reported an updated resource estimate for the Tiriganiaq deposit completed by Snowden Mineral Industry Consultants. The block modeled estimate incorporated both underground and open pit resources and applied reasonable cut-off grades to each. The resource was detailed in a NI43-101 technical report and was released on the Sedar website.

On June 6, 2008, the Company completed a bought deal financing that consisted of the issuance of an aggregate of 1,832,061 common shares in the capital of the Corporation issued on a “flow-through” basis at a price of $6.55 per flow-through share for gross proceeds of $12,000,000. In a concurrent bought-deal financing, Comaplex issued an aggregate of 4,200,000 common shares in the capital of the Corporation at a price of $5.55 per common share for gross proceeds of $23,310,000. The proceeds of both financings were used to advance the exploration and development of the Meliadine property in Nunavut and for general corporate purposes.

In July, 2008, Agnico-Eagle Mines Limited (Agnico-Eagle) purchased the 7,628,571 shares from Troy. After the agreement closed, Agnico-Eagle became the largest shareholder in Comaplex with an interest of 8,228,571 common shares, approximately 15.6 percent of common shares outstanding.

In August 2008, Comaplex completed its underground exploration and bulk sampling program on two of the dominant gold bearing lodes in the Tiriganiaq gold deposit. In February 2009, a NI 43-101 technical report was released on SEDAR detailing the results of the underground program.

In December 2008, an updated mineral resource estimate was completed on the Company’s F Zone deposit by Snowden Mining Industry Consultants Inc. (Snowden). The updated resource, disclosed in accordance with NI 43-101 requirements, includes all previous drilling conducted on the deposit, including that completed during the 2008 field season. Multiple indicator kriging, restricted to the interpreted mineralized iron formation domain, was used to estimate gold grades into the block model. Ordinary kriging (OK), inverse power of distance (IPD) and nearest neighbor estimates were also generated for the F Zone block model for model validation purposes.

2007

In January, 2007 Gold Fields sold their 14.4 percent interest to Troy Resources NL (Troy).

In February of 2007, Comaplex reported an updated resource estimate for the Tiriganiaq deposit completed by Snowden Mineral Industry Consultants. The block modeled estimate incorporated both underground and open pit resources and applied reasonable cut-off grades to each. The resource was detailed in a NI43-101 technical report and was released on the Sedar website.

In February 2007, Comaplex disposed of its interests in the Caballo Blanco property in Mexico for proceeds of $1,250,000 US.

On March 23, 2007, the Company completed a private placement for 6,000,000 common shares at a price of $4.45 per common share for aggregate gross proceeds of $26,700,000. The Company paid a commission of $1,535,000 plus legal, accounting and commission costs of approximately $210,000.

On December 14, 2007, the Company completed a private placement for 649,999 common (flow through shares) at a price of $7.75 per common share for aggregate gross proceeds of $5,037,000. The Company paid approximately $324,000 in commissions, legal and accounting costs. The proceeds of the placement were used for further exploration and development of the Meliadine properties.

2006

In January of 2006, Comaplex reported an updated resource estimate for the Tiriganiaq deposit completed by Snowden Mineral Industry Consultants. The block modeled estimate incorporated both underground and open pit resources and applied reasonable cut-off grades to each. The resource was detailed in a NI43-101 technical report and was released on the Sedar website.

In November, 2006 Cumberland Resources Ltd. (Cumberland) sold its 22 percent working interest in the Meliadine properties to Resource Capital Fund III L.P. (RCF), a resource focused private equity fund based in Denver, Colorado.

2005

In February 2005, Orogen purchased, on a private placement basis, 2,428,571 common shares in Comaplex at a price of $3.50 per share for gross proceeds to Comaplex of $8,500,000. The Company had been advised by Gold Fields that after giving consideration to this private placement, Orogen owned a total of 7,628,571 common shares of Comaplex.

In March, 2005, Comaplex reported a revised resource estimate for the Tiriganiaq deposit on the Meliadine West property. The estimate completed by Strathcona Mineral Services Limited (Strathcona) was a manual estimate cross-referenced on cross and longitudinal section and plan that looked at the deposit from the point of view of narrow, high-grade underground only mining. This was a departure from previous published estimates.

2004

In December, 2004, Orogen Holdings (BVI) Limited (Orogen) an indirect wholly-owned subsidiary of Gold Fields Limited (Gold Fields) purchased WMC Limited’s (WMC) 14.4 percent interest in Comaplex.

2003

In a deal that was announced on July 16, 2003 and that closed on October 7, 2003, Comaplex entered into an agreement with WMC Resources Ltd. (WMC) to merge WMC’s Canadian subsidiary, WMC International Limited, with Comaplex. This transaction involved WMC receiving $6.75 million US in cash from the Company and 5.2 million shares of Comaplex. In return, this resulted in Comaplex taking control of 100 percent of WMC’s Canadian exploration properties, including WMC’s 56 percent interest in the Meliadine West property in Nunavut Territory. Comaplex now owns a 78 percent interest in the property, with the option to buy an additional two percent from joint venture partner, Cumberland Resources Ltd. (Cumberland), who retains a 22 percent carried interest in the project.

Some other aspects of the agreement were as follows:

• Comaplex received an approximately $13 million receivable that will be payable to Comaplex from cash flow from this property.
• Comaplex received approximately $64 million tax pools, of which about 50 percent were unsuccessored.
• Comaplex become operator of Meliadine West.
• Under the terms of the 1995 agreement amongst WMC, Comaplex and Cumberland, Comaplex will now be the entity that carries Cumberland to production and then recovers these expenditures along with the $13 million outlined above plus interest on both of these items from 70 percent of Cumberland’s cash flow from the property. After payout the Company will receive 80 percent of cash flow.

2002

In 2002, WMC spent a total of $2.405 million on the Meliadine West property. The majority of this expense, outside of the $1 million option payment to the two juniors, was spent on an airborne mag-EM survey on the NTI concession lands.

2001

Since 2001, WMC’s objective has been, and continues to be, the sale or option of its 56 percent share in the Meliadine West property to a third party. This decision is a direct consequence of WMC Ltd.’s corporate decision to sell its Gold Business Unit (GBU) and get out of gold production and exploration worldwide. During this time, Comaplex has been aggressively cooperating with WMC to secure an interested partner to purchase WMC’s interest.

Exploration on the Meliadine West property was limited to surface exploration only in 2001. A total of $5.6 million was spent by WMC on Meliadine West in 2001. This work consisted of a helicopter aero-magnetic survey (13,785 line kms), limited ground magnetic and HLEM surveys (28 line kms) and extensive channel, boulder/outcrop, stream sediment and till geochemistry (total of 692 samples).

A total of 7 new zones were either discovered or expanded during the 2001 surface program. The most exciting zone is the Raptor Shear Zone, where boulders returned assays of 2.0-125.0 grams per tonne (gmt) gold down-ice from a 15 kilometer long, 500 meter wide shear zone. The zone had not previously been worked on. A second area, the Nanook and Peregrine Zones also returned highly anomalous values of 4.1-256.0 gmt gold in outcrop. These new zones in addition to F, Wolf, North Wolf, and Pump provide numerous exploration plays that need to be evaluated in the future.

2000

Drilling in 2000 in the Tiriganiaq Zone consisted of infill drilling and extension drilling to the west of the present Tiriganiaq deposit. The drilling exceeded 5,000 meters in the area.

1999

Project drilling during 1999 was focused primarily on delineating the open pit potential at the Tiriganiaq Zone as well as improving the quality of the resource estimates previously calculated. Individual drilling results were released during 1999.

1998

In spring of 1998, WMC completed a large program including early in-house scoping work.

1997

In June, 1997, the Company and Cumberland completed an agreement whereby Cumberland acquired the Company’s 40 percent working interest in the Meadowbank property. The Company received $3,200,000 cash, 1,500,000 common shares of Cumberland, and an option for two years to acquire an additional 750,000 common shares of Cumberland at a price of $4.25 per common share. The options expired in 1999 without being exercised.

The Company completed this sale for four reasons. It substantially added to an already strong working capital position, it enabled the Company to focus more on its 100 percent owned properties, it indirectly (through the share ownership in Cumberland) increased the Company’s position in Meliadine West and Meliadine East since Cumberland is an equal partner with the Company in these properties, and we continue to have an indirect ownership in the Meadowbank property through our share ownership in Cumberland.

1996

In September, 1996, the Company cleared for trading an additional 1,000,000 common shares at an issue price of $6.50 per share. Net proceeds after issue costs were $5,971,485. Attached to each common share was a one half common share purchase warrant. Each whole warrant entitled the holder to a common share upon payment of $7.25. The common share purchase warrants expired January 5, 1998.

1995

In June, 1995 the Company optioned the west half of its Meliadine property to WMC International Limited (WMC) a subsidiary of WMC Limited of Australia. Under terms of the option agreement, WMC had the right to earn a 56 percent interest by spending $12.5 million and the right to purchase an additional 4 percent working interest. The Company and 50 percent partner Cumberland Resources Ltd. (Cumberland) each retain a 22 percent working interest. WMC will provide under the option agreement non-recourse loans to the Company for all future exploration and development activities in excess of the $12.5 million with repayment only from production cash flow from the Meliadine West property.

As at July 31, 1997, WMC had incurred $12,500,000 of eligible exploration expenditures on the Meliadine West property and therefore earned a 56 percent working interest. Subsequent to July 31, 1997, WMC has incurred an additional $45,869,000 of exploration expenditures of which $12,353,000 including interest is owing to WMC by the Company as at December 31, 2002. Due to the contingent nature of the amount owing, no amount has been recorded in the Company’s financial statements.

1994

The Company received approval to list its shares on the TSE on June 2, 1994. Prior to June 2, 1994, the Company was a wholly owned subsidiary of Comstate Resources Ltd.

On June 8, 1994, the Company issued 3,500,000 common shares to the public at a price of $1.20 per share. The issue netted the Company approximately $3,830,000 after deducting issue costs.

General Developments

Comaplex Minerals Corp. was incorporated under the laws of Alberta under the name of 365193 Alberta Inc. pursuant to Articles of Incorporation on April 28, 1987. On June 18, 1987, 365193 Alberta Inc. changed its name to Comaplex Minerals Corp.

The Company, since incorporation, has been primarily engaged in mineral exploration in Canada. In addition, Comaplex has provided consulting services to third parties in the mineral exploration industry in Canada.