Comaplex getting $8.5-million infusion from Gold Fields

Vancouver – Comaplex Minerals (CMF-T) has entered an agreement whereby it will see $8.5 million invested into it by Gold Fields (GFI-N).

Gold Fields’ wholly-owned British Virgin Island subsidiary, Orogen Holdings, will subscribe for just over 2.4-million common shares of Comaplex at $3.50 apiece.

When combined with its existing shareholdings of 5.2-million shares, Orogen will hold 19.8% of Comaplex.

The funds will be allocated towards continued exploration and development of the Meliadine gold project, located about 20 km north of Rankin Inlet in Nunavut. Comaplex holds a 78% interest in Meliadine West and 50% in the eastern portion with the remaining interests held by Cumberland Resources (CLG-T).

In conjunction with the financing, Comaplex and Gold Fields will enter into a technical assistance agreement where the latter will provide its expertise in planning and execution of advanced exploration and other programs required for advancement towards a feasibility study on Meliadine West.

Gold mineralization at Meliadine occurs primarily in an assemblage of quartz-vein stockworks, laminated veins and sulphidized iron formations within a complexly folded and sheared greenstone environment.

A 2000 study initiated by WMC Resources, since merged into Comaplex, outlined a pre-NI43-101 indicated and inferred resource of 22.1 million tonnes grading 6.33 grams gold per tonne (about 4.5 million ounces) on Meliadine West, using a 3 grams gold cut-off grade.

Comaplex also holds a number of precious and base metal, and diamond mineral projects in the Northwest Territories, Nunavut, Ontario and Mexico. The company also realizes revenue from producing oil and gas operations in Alberta.