Comaplex corrects Meliadine scoping study numbers
2009-02-13 06:19 EST - News Release
Mr. George Fink reports
Meliadine property is located in Nunavut Territory
COMAPLEX MINERALS CORP. - CORRECTION TO PRELIMINARY ASSESSMENT NUMBERS
Comaplex Minerals Corp. has discovered a spreadsheet error that has an effect on some of the economic numbers released in Stockwatch on Feb. 2, 2009, in conjunction with the independent NI 43-101-compliant preliminary assessment (PA or scoping study) on the Meliadine gold property. The correction involved the grade of one of the open pits used in the study. Revised economic numbers are listed below.
Life of mine costs (including appropriate contingencies) are estimated at:
Capital expenditure (note 1): $382-million
Operating cost per tonne of ore processed: $91 per tonne
Cash operating cost per ounce of gold produced: $378 per ounce of gold
Payback 2.7 years
Note 1: This includes approximately $85-million of sustaining capital (of which $28.75-million is for reclamation costs) that will be financed from cash flow, after the commencement of production.
At a gold price of $700 (U.S.) per ounce and exchange rate of 85 U.S. cents, the economic performance of the project would be as follows:
After-tax IRR: 21.6 per cent
After-tax NPV; 7.5-per-cent discount rate: $174-million
Net cash flow before tax; 0-per-cent discount (note 1): $570-million
Net cash flow after tax; 0-per-cent discount (note 1): $408-million
Note 1: This is net after recovery of capital.
Doug Dumka (PGeo) and Mark Balog (PGeol) of Comaplex Minerals are qualified persons, as defined by NI 43-101. Mr. Balog and Mr. Dumka have verified the technical information contained in this news release. Mr. Dumka, PGeo, is the chief geologist for Comaplex and is the designated qualified person, as defined by NI 43-101, for the Meliadine West project.
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