Thorunn Howatt
Northern News Services

Rankin Inlet (June 24/02) - The Meliadine gold exploration property is getting another look thanks to rising gold prices and investor confidence and another partner.

"It is our premium property," said Comaplex Minerals Corporation exploration manager Mark Balog. Meliadine is located within 100 kilometres of Rankin Inlet.

"Melliadine is not on the back-burner. There hasn't been any activity there for quite some time," he said.

The major interest-holder, WMC Limited, decided to get out of the gold mining business and sell its share of Melliadine

The property has been on hold since. WMC is the operator of Melliadine and holds a 56 percent interest.

Comaplex has 22 percent and another partner, Cumberland Resources Ltd., has another 22 percent.

There could be a fourth partner soon though. Someone who would get the ball rolling again.

"There could be exploration at Melliadine this year," said Balog, who wouldn't identify the new party.

WMC spent $57 million exploring the property in the past.

"We've probably dropped another $15 million," said Balog.

Comaplex has been busy with other Northern properties too.

Crews will be leaving this week and more than $1 million will be spent on exploration at the Noomut gold property.

Last May Comaplex signed on with Placer Dome Limited on its location 200 kilometres from Arviat. Placer has an option to earn up to a 75 per cent working interest by spending $8 million over a five-year period.

Comaplex Minerals Corp. is a junior resource company that explores for precious and base metals primarily in the NWT and Nunavut.

To support its mineral exploration activities, Comaplex invested in producing oil and gas properties. Cash flow generated from these properties is used to pay for mineral property acquisitions and exploration programs. Comaplex trades on The Toronto Stock Exchange, CMF.

The Fox property, about 70 kilometres northwest of Rankin Inlet, is a new

discovery.

Comaplex signed with NDT Ventures Ltd. giving NDT the option to earn up to a 75 per cent interest in the Fox Gold property.

NDT can earn up to a 75 per cent interest in the Fox Claims over a five-year period by completing just more than $1 million in exploration expenditures, issuing 500,000 NDT shares to Comaplex, and paying $150,000 in cash.

Earlier this month, Comaplex signed an agreement with Falconbridge Limited on its Roche Bay PGE property on Melville Peninsula in Nunavut.

The property is located approximately 70 kilometres southwest of Hall Beach.

The agreement allows Falconbridge the option for 50 per cent interest in the project by incurring exploration expenditures of $2.25 million over four years.