Comaplex gets $8.5-m infusion from Gold Fields

Vancouver — Comaplex Minerals (CMF-T) is set to receive its second major financial investment from Gold Fields (GFI-N) in three months.

Through a non-brokered private placement, Gold Fields subsidiary Orogen Holdings is subscribing for 2.4 million Comaplex shares priced at $3.50 apiece. Proceeds are pegged at $8.5 million.

Orogen acquired 5.2 million shares of Comaplex in late 2004. Those shares plus the new subscription translate into a 19.8% interest.

Proceeds are earmarked for the 1,000-sq.-km Meliadine gold project, 20 km north of Rankin Inlet in Nunavut. Comaplex has a 78% interest in Meliadine West, as well as a half-stake in the eastern portion. The remainder, in both cases, is held by Cumberland Resources (CLG-T).

Gold mineralization at Meliadine West occurs in quartz-vein stockworks, laminated veins, and sulphidized iron formations hosted in a complexly folded and sheared greenstone environment.

A 2000 study outlined an indicated and inferred resource of 22.1 million tonnes grading 6.3 grams gold per tonne, or 4.5 million oz., at Meliadine West. The calculation, which predates National Instrument 43-101, is based on a cutoff grade of 3 grams gold per tonne. A revised estimate is under way.

Comaplex holds precious metal, base metal and diamond projects in the Northwest Territories, Nunavut, Ontario and Mexico. The company also produces oil and gas in Alberta.

With 36.1 million shares outstanding, Comaplex has a market capitalization of $114 million. Shares recently traded at $3.15.