Meliadine East Property

Comaplex has a 50% interest in the Meliadine East property. The property consists of a combination of federal mineral leases (21 year terms) and NTI concessions.  Meliadine Resources Ltd. (a privately held company wholly owned by Resource Capital Fund III of Denver Colorado) is the operator of the Meliadine East property. 

Intermittent exploration from 1990 to 1997 discovered and outlined a small gold resource called the Discovery Zone on the Meliadine East property. The Discovery gold mineralization is hosted by oxide iron formation and is associated with abundant quartz-carbonate veining and elevated sulphide contents (arsenopyrite, pyrite, pyrrhotite). There is a strong similarity and continuity of geology and structural controls between the East and West Meliadine properties.

From 1998-2007, the Joint Venture completed numerous exploration programs on the Meliadine East property for gold, with the exception of the period from 2001-2003, when exploration for diamonds was conducted. This included a 16 hole, 1650 meter drill program tracing kimberlite indicator sources. Kimberlite dikes and pipes were intersected in 14 of the 16 holes (total of 10 kimberlite bodies). Analysis by the Saskatchewan Research Council Laboratories confirmed that 9 of the 10 bodies were barren of diamonds. One kimberlite contained 3 micro-diamonds that were clear, white stones with octahedral shapes but that passes through a 212 micron square mesh screen. Based on these results, no further work was proposed, although monitoring of other companies exploration programs in the immediate area is ongoing.

A $90,000 program was spent on the Meliadine East property by Meliadine Resources Ltd, the operator, for 2007 (Comaplex’s share of expenditures - $45,000).  The program was one of maintenance of the existing claim block.  As in previous years, certain marginal concessions and claims outside of the core area of interest that have been determined to have little to no geological potential to host economic mineral deposits, will be dropped from the portfolio. 

Mineral Resources – Meliadine East Property

H. A. Simons Ltd. (Simons) completed an independent preliminary resource estimate of the Discovery deposit on the Meliadine East property for the Joint Venture partners in 1996. The historical resource study included constructing a geological model and estimating inferred resources. Comaplex supplied a preliminary geological model, 25 meter spaced cross section data, down hole surveys, and assay information from 39 diamond drill holes. Simons interpolated intermediate cross-sections at 5-meter spacings.

A three-dimensional search using inverse distance to the third power was used to determine the resource estimate. Drill hole assay composites are a fixed length of 2.0 meters assuming a minimum mining width of 2.0 meters. Composite values greater than 30 g/t gold were limited to a 10 meter distance of influence. 

	Inferred Resources for the Discovery Deposit
Type		Cutoff (g/t Au)	Tonnes	Grade (g/t Au)	Ounces of Gold
Inferred		3.0	2,030,000	6.7	398,000

 

2007 Resource Estimate – Discovery Deposit (Meliadine East property)
Meliadine Resources Ltd., an equal partner of Comaplex on the property, generated a NI 43-101 compliant resource estimate for the Discovery deposit in late 2007.   This estimate was based on  112 historic drill holes and 21 surface diamond saw channel cuts.  The modelling method used to arrive at the mineral resource estimate included:  1) grade capping to 67 g/t gold;  2) grade envelopes that honour the main geologic trends in the deposit;  3) the inverse distance cubed (ID3) technique utilizing the industry standard Gems software package;  4) resource classification based on point density and distance modelling.  This estimate was reviewed and verified by Pincock, Allen & Holt of Colorado.    

The resource estimate is reported in two groups based on the anticipated mining method.  According to Meliadine Resources Ltd., preliminary mine planning and cost estimation assessments indicate resources down to 120 meters below surface may be mined by open pit methods at a two g/t gold cut-off.  Those resources deeper than 120 meters are likely candidates for underground mining at a five g/t gold cut-off.  Details of the resource are outlined below:

 Discovery Deposit - Mineral Resources from surface to 120 meters below surface
                                                                                     

cut-off grade (g/t)		category		tonnage		grade (g/t)		contained oz Au
2.0		Indicated		697,400		6.9		155,600
2.0		Inferred		322,000		7.0		72,250

Discovery Deposit - Mineral Resources below 120 meters from surface
                                                    

cut-off grade (g/t)		category		tonnage		grade (g/t)		contained oz Au
5.0		Indicated		333,000		9.7		103,500
5.0		Inferred		300,600		7.9		76,700

Total Indicated Resources = 259,100 oz gold
Total Inferred Resources = 148,950 oz gold

Proposed 2008 Meliadine East Exploration Program
Meliadine Resources Ltd., operator of the Meliadine East property, has proposed a budget of $2.5 million for an exploration program to be carried out in the summer of 2008.  The proposal has been approved by both parties and is focussed predominantly towards drilling into, and immediately peripheral to, the Discovery gold deposit.  The main objective of the program is to increase the resource base of the deposit.  It is expected to commence in late June and will be operated by Meliadine Resources Ltd. 

Diamond exploration activity by un-related parties on ground peripheral to the Meliadine property continued in 2007 and is expected again in 2008.  Review of the results of this work is routinely done by Comaplex and diamond exploration on the Meliadine property by Comaplex and its partner will take place as it is deemed warranted. Mark Balog (P.Geol.) is the Qualified Person for the project and is the Chief Operating Officer for Comaplex.

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