Comaplex Minerals Corp. Announces First Quarter 2009 Results



    
    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION
    IN THE UNITED STATES/
    

    CALGARY, May 13 /CNW/ - Comaplex Minerals Corp. (TSX: CMF) is pleased to
announce its financial and operational results for the three months ended
March 31, 2009.

    
    Financial and Operational Highlights

                                                  2009       2008       2008
                                                   Q1         Q4         Q1
    -------------------------------------------------------------------------
    Financial ($000, except $ per share)
    Revenue
      Mineral Division                              39        152        192
      Oil and Gas Division                         557        817        789
    Cash Flow from Operations                      321        336        721
      Per Share Basic                             0.01       0.01       0.02
      Per Share Diluted                           0.01       0.01       0.02
    Net Earnings (Loss)                           (332)       328         98
      Per Share Basic                            (0.01)      0.01       0.00
      Per Share Diluted                          (0.01)      0.01       0.00
    Capital Expenditures
      Mineral Division                           3,122      8,292      8,449
      Oil and Gas Division                         164        253         18
    Total Assets
      Mineral Division                         120,094    126,553     89,777
      Oil and Gas Division                       5,500      5,812      7,777
    -------------------------------------------------------------------------
    Oil and Gas Operations
    Barrels of Oil Equivalent (BOE) per Day(1)     177        195        186
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (1) Barrels of Oil Equivalent (BOE) are calculated using a conversion
        ratio of 6 MCF to 1 barrel of oil. The conversion is based on an
        energy equivalency conversion method primarily applicable at the
        burner tip and does not represent a value equivalency at the wellhead
        and as such may be misleading if used in isolation.
    

    Report to Shareholders

    Comaplex Minerals Corp. (the Company or Comaplex) is pleased to announce
its financial and operating results for the three months ended March 31, 2009
and the significant progress it has made in advancing the Meliadine West
property towards feasibility and thereafter a production decision.

    Meliadine West

    Comaplex remains focused on rapidly advancing the Meliadine West project
forward and after making extensive progress during 2008 with the successful
completion of its 2008 surface drilling program and the underground bulk
sample program, Comaplex has continued to advance the project forward with the
release of its National Instrument 43-101 (NI 43-101) compliant Preliminary
Assessment (PA) during the first quarter of 2009.
    The PA was an important step for the project and indicated that
production of gold from the Meliadine property is feasible using both current
and projected future economic conditions. The PA detailed an operation with a
production rate of 3,000 tonnes per day (based on 328 days per year) supplied
through a combination of open pit and underground mining over a preliminary
mine life of 9.5 years for the production of 2.23 million ounces of gold.
    Life of mine costs (including appropriate contingencies) are estimated
at:

    
    Pre-production capital expenditures(*)             Cdn $297 million
    Operating cost/tonne ore                              Cdn $91/tonne
    Cash operating cost per ounce                        Cdn $378/ounce
    Payback                                                   2.7 years

    (*) Total capital is estimated at $382 million (includes $85 million of
        sustaining capital, of which $28.8 million is for reclamation costs).

    At a gold price of U.S. $700 per ounce (U.S. $0.85 exchange), the economic
performance of the project would be as follows:

    After tax internal rate of return                             21.6%
    After tax NPV: 7.5% discount rate                  Cdn $174 million
    Net cash flow before tax, 0% disc.                 Cdn $570 million
    Net cash flow after tax, 0%                        Cdn $408 million
    

    The PA contained an updated NI 43-101 compliant resource estimate for the
F Zone that included 2008 drilling results but did not include the results of
the 2008 drilling programs on the Tiriganiaq and Discovery gold deposits which
were not completed at the date of completion of the PA.

    New Resource Estimate - F Zone Deposit

    In December 2008, an updated mineral resource estimate was completed on
the Company's F Zone gold deposit by Snowden Mining Industry Consultants Inc.
(Snowden) of Vancouver. The updated resource, disclosed in accordance with NI
43-101 requirements, was incorporated into the Preliminary Assessment report
and includes all of the drilling conducted on the deposit, including that
completed during the 2008 field season.
    Mineral resources for the F Zone are reported and categorized in the
summary tables below, consistent with the CIM definitions required by NI
43-101. Mineral resources that are not mineral reserves do not have
demonstrated economic viability.

    
    Resource report for the F Zone above 9,980m elevation: (potential open
    pit)

    Cut-Off Grade                                    Grade             Metal
    (g/t Au)          Category        Tonnage      (g/t Au)     (Ounce Au)(*)
    -------------------------------------------------------------------------
    2.5              Indicated        692,800         4.66           103,800
    2.5               Inferred        775,100         3.88            96,700
    -------------------------------------------------------------------------
    

    New Resource Estimate - Tiriganiaq Deposit

    Subsequent to quarter end, Comaplex reported an updated mineral resource
estimate on the Company's Tiriganiaq gold deposit. This resource was completed
by Snowden Mining Industry Consultants Inc. (Snowden) and prepared in
accordance with NI 43-101 requirements and all previous resource estimates,
incorporates all of the drilling in the deposit, including that completed
during the 2008 field season.
    The main object of the 2008 drilling program on the Tiriganiaq deposit
was to move inferred mineral resources to a higher resource category,
primarily in the Western Deeps portion of the deposit. Recent assessment of
the project resulting from the underground exploration program (for the
potential open pit and the potential underground operation) and the
Preliminary Assessment, concluded that a shallower pit depth of 70 meters, and
a lower cutoff grade of 5.5 g/t gold for the underground ore is justified for
the Tiriganiaq deposit (a 170 meter deep pit and a 6.5 g/t gold underground
cutoff were used for the previous two resource estimates). Measured resources
are now also included as a result of the underground bulk sample completed
this past year.
    Details on the 2009 resource estimate are outlined below:

    
    Tiriganiaq Deposit - Mineral Resources above 10,000m level (70m below
    surface):

    Cut-Off Grade                                    Grade             Metal
    (g/t Au)          Category        Tonnage      (g/t Au)     (ounce Au)(*)
    -------------------------------------------------------------------------
    2.5               Measured        122,800          8.5            33,600
    2.5              Indicated      2,107,800          6.1           414,500
    2.5               Inferred        581,600          3.7            69,200
    -------------------------------------------------------------------------

    Tiriganiaq Deposit - Mineral Resources below 10,000m level (below 70m
    from surface):

    Cut-Off Grade                                    Grade             Metal
    (g/t Au)          Category        Tonnage      (g/t Au)     (ounce Au)(*)
    -------------------------------------------------------------------------
    5.5               Measured        126,900         16.8            68,700
    5.5              Indicated      4,639,900         10.2         1,519,900
    5.5               Inferred      3,225,000          7.9           823,800
    -------------------------------------------------------------------------

    2009 Total Indicated and Measures Resources = 2,036,750 oz gold
    2009 Total Inferred Resources = 893,000 oz gold

    To directly compare this year's resource estimate with last year's
estimate, Snowden reran the 2009 model using the old criteria of 2.5 g/t
cutoff for the pit, 6.5 g/t cutoff for the underground, and a 170 meter deep
pit. As shown below, the indicated and measured resource estimate for
Tiriganiaq increased by 430,000 ounces with the 2008 drilling.

    Measured and   7.64 M tonnes at 7.3 gmt gold        1.79 M ounces   2008
     Indicated     9.01 M tonnes at 7.7 gmt gold        2.22 M ounces   2009

    Inferred       4.88 M tonnes at 8.8 gmt gold   1.39 M ounces gold   2008
                   3.61 M tonnes at 6.7 gmt gold   0.78 M ounces gold   2009
    

    Exploration Update

    An aggressive exploration program was approved for the Meliadine West
property in 2009. It consists of preparation for, and then the commencement
of, a feasibility study and a total of 20,000 meters of surface diamond
drilling. The 2009 drilling program is expected to end in the third quarter of
2009 and to date, approximately 650 meters has been completed. The proposed
drill targets are intended to increase and potentially upgrade the gold
resources in the Tiriganiaq and F Zone deposits, as well as to test the
potential of the Wolf and Pump satellite deposits.
    Meterage will also be allocated to exploration drilling on the west end
of the property (approximately five kilometers west along strike of the
Tiriganiaq deposit). The object of this drilling will be to locate the source
of high grade (multi-ounce) gold boulder fields in the immediate area. Further
prospecting of the property will also take place in 2009.
    Comaplex is presently completing a Preliminary Project Description for
the Meliadine property and will be forwarding this document to the regulatory
authorities to start the formal permitting process on the project. Discussions
with various regulatory groups are ongoing and Comaplex is engaging several
northern experienced consulting groups to assist with the process. Significant
time and expenditures will also be directed to ongoing environmental,
geochemical, and geotechnical studies required for a feasibility study.
Comaplex will proceed with the project in 2009 by engaging the regulatory
process, along with the commencement of a Feasibility Study. The underground
exploration program at Meliadine West was completed in the fall of 2008.
Further underground exploration work will be planned. The portal has been
sealed, but if required, could be re-opened at any time for further work.

    Meliadine East

    Comaplex is presently reviewing the 2008 drilling data recently obtained
from its partner and operator (Meliadine Resources Ltd.) on the Meliadine East
property. This data, and a pending updated resource estimate for the Discovery
gold deposit, will determine the 2009 exploration program.

    Financial

    At March 31, 2009, Comaplex had a working capital position of
approximately $18.4 million and is adequately financed to complete 2009
capital projects that are budgeted at approximately $15.0 million for both the
Meliadine West and Meliadine East projects.

    
    Outlook

    Key near-term objectives include:

    -   Commencement of a feasibility study on the Tiriganiaq deposit;
    -   Submission of the Preliminary Project Description to the regulatory
        authorities to begin the formal permitting process;
    -   Commencement of the Draft Environmental Impact Study after receiving
        regulatory guidelines;
    -   Completion of the 2009 drilling program;
    -   Reconnaissance drilling to locate the source of the high grade gold
        boulder trains on the Meliadine West property;
    -   Initiation of interim technical, environmental and engineering
        studies as required; and
    -   Commencement with financing for these projects as required.

    The company remains pleased with the progress made on the Meliadine West
project and is highly optimistic with regard to its future positive impact on
shareholder value.

    (signed)
    George F. Fink
    President, CEO and Director
    

    Financial and Operational Discussion

    The following press release is a review of the operations and financial
position for Comaplex Mineral Corp. (the Company or Comaplex) and should be
read in conjunction with the unaudited financial statements for the three
months ended March 31, 2009, including the notes related thereto, and the
audited financial statements for the year ended December 31, 2008, together
with the notes related thereto.

    Forward-looking Information

    Certain statements contained in this press release include statements
which contain words such as "anticipate", "could", "should", "expect", "seek",
"may", "intend", "likely", "will", "believe" and similar expressions,
statements relating to matters that are not historical facts, and such
statements of our beliefs, intentions and expectations about development,
results and events which will or may occur in the future, constitute
"forward-looking information" within the meaning of applicable Canadian
securities legislation and are based on certain assumptions and analysis made
by us derived from our experience and perceptions. Forward-looking information
in this press release includes, but is not limited to: expected cash provided
by continuing operations; future capital expenditures, including the amount
and nature thereof; gold, oil and natural gas prices and demand; expansion and
other development trends of the precious metal industry; business strategy and
outlook; expansion and growth of our business and operations; and maintenance
of existing customer, supplier and partner relationships; supply channels;
accounting policies; credit risks; and other such matters.
    All such forward-looking information is based on certain assumptions and
analyses made by us in light of our experience and perception of historical
trends, current conditions and expected future developments, as well as other
factors we believe are appropriate in the circumstances.
    The risks, uncertainties, and assumptions are difficult to predict and
may affect operations, and may include, without limitation: the risks of
foreign exchange fluctuations; inflationary costs; general economic
conditions; industry conditions; changes in applicable environmental, taxation
and other laws and regulations as well as how such laws and regulations are
interpreted and enforced; the existence of operating risks; volatility of
precious metals and oil and natural gas prices; precious metal and oil and gas
product supply and demand; risks inherent in the ability to generate
sufficient cash flow from operations to meet current and future obligations;
increased competition; stock market volatility; opportunities available to or
pursued by us; and other factors, many of which are beyond our control.
    In particular, the Company's largest project, the 'Meliadine West Gold
Project', faces risks which are common to all projects in the current economic
climate. These include delays caused by weather, labour and equipment
shortages, available technical expertise, and contractor availability.
Additional risks could include reductions in gold resources and mineable
grades and non-technical issues, such as variation in commodity prices; all
would impact the Company's ability to raise capital and influence project
economics.
    Actual results, performance or achievements could differ materially from
those expressed in, or implied by, this forward-looking information and,
accordingly, no assurance can be given that any of the events anticipated by
the forward-looking information will transpire or occur, or if any of them do
so, what benefits will be derived therefrom. Except as required by law,
Comaplex disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new information, future
events or otherwise.
    The forward-looking information contained herein is expressly qualified
by this cautionary statement.

    
    QUARTERLY COMPARISONS

                                2009                      2008
    -------------------------------------------------------------------------
                                  Q1        Q4        Q3        Q2        Q1

    Financial ($000, except
     $ per share)
    Revenue
      Mineral Division            39       152       328       136       192
      Oil and Gas Division       557       817       948       914       789
    Cash Flow from Operations    321       336       774       421       721
      Per Share Basic           0.01      0.01      0.01      0.01      0.02
      Per Share Diluted         0.01      0.01      0.01      0.01      0.02
    Net Earnings (Loss)         (332)      328        95     1,601        98
      Per Share Basic          (0.01)     0.01      0.00      0.03      0.00
      Per Share Diluted        (0.01)     0.01      0.00      0.03      0.00
    Capital Expenditures
     and Acquisitions
      Mineral Division         3,122     8,292     9,559     8,749     8,449
      Oil and Gas Division       164       253       115        41        18
    -------------------------------------------------------------------------
    Oil and Gas Operations
    Barrels of Oil Equivalent
     (BOE) per day(1)            177       195       179       162       186
    -------------------------------------------------------------------------

                                               2007
    ---------------------------------------------------------------
                                  Q4        Q3        Q2        Q1

    Financial ($000, except
     $ per share)

    Revenue
      Mineral Division           282       288       407        89
      Oil and Gas Division       818       671       759       781
    Cash Flow from Operations    (76)      645       851       685
      Per Share Basic          (0.00)     0.01      0.02      0.01
      Per Share Diluted        (0.00)     0.01      0.02      0.01
    Net Earnings (Loss)        2,854       (40)      270      (711)
      Per Share Basic           0.06     (0.00)     0.01     (0.02)
      Per Share Diluted         0.06     (0.00)     0.01     (0.02)
    Capital Expenditures
     and Acquisitions
      Mineral Division         3,686     9,344     4,468     2,701
      Oil and Gas Division        38        71        81        42
    ---------------------------------------------------------------
    Oil and Gas Operations
    Barrels of Oil Equivalent
     (BOE) per day(1)            207       195       196       227
    ---------------------------------------------------------------
    (1) Barrels of Oil Equivalent (BOE) are calculated using a conversion
        ratio of 6 MCF to 1 barrel of oil. The conversion is based on an
        energy equivalency conversion method primarily applicable at the
        burner tip and does not represent a value equivalency at the wellhead
        and as such may be misleading if used in isolation.


    Revenues

                                                    Three months ended
                                               March    December       March
    ($ 000s)                                31, 2009    31, 2008    31, 2008
    -------------------------------------------------------------------------

    Revenue:
      Mineral Division                            39         152         192
      Oil and Gas Sales                          481         854         922
      Investment income                           82         160          92
    -------------------------------------------------------------------------
    Gross Revenue                                602       1,166       1,206
    -------------------------------------------------------------------------

    Average Realized Prices (Cdn $):
      Natural gas (per MCF)                     5.04        7.15        5.94
      Natural gas liquids (per barrel)         14.72       62.98       60.79
    -------------------------------------------------------------------------
    

    Revenues from mineral operations in the first three months of 2009
decreased from the 2008 three months ended March 31 ($153,000) and the 2008
three months ended December 31 ($113,000). This was due to reduced interest on
the cash held by Comaplex resulting from the combination of lower interest
rates and reduced cash balances. Interest rates of less than 0.75 percent are
currently available from the major chartered banks. As a result, the Company
has loaned $12,000,000 to Bonterra Energy Corp. (see related party section) at
a present rate of Canadian Chartered Bank prime plus 0.25 percent. The loan is
currently generating an interest rate of 2.5 percent on the balance of
$12,000,000.
    Gross revenue from the Company's petroleum and natural gas properties
decreased compared to both the three months ended March 31, 2008 and December
31, 2008 due to decreases in commodity prices as well as production volumes.
On February 1, 2009, the operator of one of the Company's oil and gas
properties has unilaterally stopped allocating natural gas production
(approximately 55 MCF per day) to the Company based on their interpretation of
the unit agreement. It is the Company's position that their interpretation of
the agreement is incorrect and Comaplex should continue to receive its natural
gas production. No amount of the natural gas in dispute has been recorded as
sales from this property for the months of February and March 2009. The
Company has filed an objection with the operator outlining the Company's
position and will actively defend its position through whatever legal options
it has. Until the matter is resolved, no amounts will be accrued in respect of
this production.
    During the first quarter of 2009, the Company received an adjustment from
the operator of the Company's most significant producing property (Garrington
Elkton). The adjustment impacted the years 2004 and 2005. The overall net
impact of the adjustment was not that significant but it did result in some
significant financial line item adjustments. The adjustment increased natural
gas sales and revenue but reduced liquid sales and revenues by an even greater
amount (net reduction of approximately $62,000). The result was slightly lower
production volumes of approximately 125 BOE (1.3 BOE per day) for the quarter.
The impact to average pricing was greater as the average liquid revenue was
reduced at approximately $105 per barrel while gas revenues increased by $7.08
per MCF.

    
    Production

                                                    Three months ended
                                               March    December       March
                                            31, 2009    31, 2008    31, 2008
    -------------------------------------------------------------------------

    Natural gas (MCF per day)                    884         904         860
    Natural gas liquids (barrels per day)         30          44          43
    Total BOE per day                            177         195         186
    -------------------------------------------------------------------------

    The Company anticipates approximately 12 percent annual decline rates from
its existing production for 2009. The decline rate for the first three months
of 2009 was partially offset from additional production resulting from
drilling on the Garrington Elkton property, however, the approximately 10 BOE
per day reduction due to the above mentioned dispute will impact production
volumes until the situation is resolved.

    Royalties

                                                    Three months ended
                                               March    December       March
    ($ 000s)                                31, 2009    31, 2008    31, 2008
    -------------------------------------------------------------------------

    Crown royalties                              (23)        148         179
    Gross overriding royalties                    29          49          46
    -------------------------------------------------------------------------
    Total royalty expense                          6         197         225
    -------------------------------------------------------------------------
    

    Royalties for the first three months of 2009 decreased by $219,000 over
the comparable 2008 three month period and $191,000 from the previous three
month period. The decrease was partially due to the above mentioned adjustment
on the Garrington property ($66,000 crown royalty credit adjustment) as well
as the impact from the new Albert Crown Royalty Regime. Low commodity prices
combined with lower production volumes has significantly reduced the amount of
royalties payable to the Province of Alberta. The decrease in gross overriding
royalties quarter over quarter is due to decreased commodity prices on
production from wells subject to gross overriding royalties.

    
    Production Costs

                                                    Three months ended
                                               March    December       March
    ($ 000s)                                31, 2009    31, 2008    31, 2008
    -------------------------------------------------------------------------

    Production costs - natural gas/NGLs          189         151         166
    $ per BOE                                  11.81        8.37        9.82
    -------------------------------------------------------------------------

    The increase in 2009 production costs over the first three months of 2008
was due to increased natural gas processing fees. The increase relates to the
third quarter 2008 settlement made in respect of these fees. Quarter over
quarter increase of $38,000 relates primarily to freehold mineral taxes (2009
- $33,000) that are paid in the first quarter of each year.

    General and Administrative (G&A) Costs

                                                    Three months ended
                                               March    December       March
    ($ 000s)                                31, 2009    31, 2008    31, 2008
    -------------------------------------------------------------------------

    G&A costs - Minerals Division                308         326         323
    G&A costs - Oil and Gas Division              34          36          51
    -------------------------------------------------------------------------
    Total G&A                                    342         362         374
    -------------------------------------------------------------------------
    

    G&A costs related to the mineral division declined by $15,000 from the
same three month period of 2008 due to reductions in employee benefits related
to temporary field employees required for the Company's underground
exploration program. Quarter over quarter saw a decline of $18,000 in mineral
division G&A costs due to a reduction of $82,000 in provision for bad debts
offset by increased Q1 2009 costs related to continuous disclosure
requirements.
    Oil and gas division G&A costs have remained relatively unchanged. The
slightly increased costs in Q1 of 2008 were due to additional work required to
prepare the Company's 2007 oil and gas engineering report.

    Foreign Exchange Gain

    The foreign exchange gain decreased to $11,000 for the first three months
of 2009 from a foreign exchange gain of $47,000 in the same period of 2008 and
a $77,000 gain in the three months ended December 31, 2008. The gain on
foreign exchange results from U.S. funds held in an interest bearing cash
account. As the Canadian dollar depreciated against the U.S. dollar in the
first three quarters of 2009, it created a foreign exchange gain. This gain
was smaller as Comaplex had a significantly smaller U.S. cash position in the
first quarter of 2009 compared to the first and last quarters of 2008.

    Stock Based Compensation

    Stock based compensation is a statistically calculated value representing
the estimated expense of issuing employee stock options. The Company records a
compensation expense over the vesting period based on the fair value of
options granted to employees, directors and consultants. Stock based
compensation increased to $242,000 in the first three months of 2009 from
$214,000 for the first three months of 2008. The increase was due primarily to
the granting of 731,000 stock options in September, 2008, with the majority of
the stock based compensation being recognized in the first year after
issuance. Stock based expense decreased $31,000 from Q4 due to the escalating
reduction in the compensation costs related to the 2006 stock options.
    During the first three months of 2009 the Company did not issue any stock
options.

    
    Depletion, Depreciation and Accretion Expense

                                                    Three months ended
                                               March    December       March
    ($ 000s)                                31, 2009    31, 2008    31, 2008
    -------------------------------------------------------------------------
    Depletion, depreciation and accretion
     expense                                     191         152         102
    Abandonment of mineral properties              -         117           -
    -------------------------------------------------------------------------
    

    The increase in depletion, depreciation and accretion expense for the
first three months of 2009 compared with the first three months of 2008 was
due primarily to $100,000 of depreciation related to tangible mining equipment
purchased during the fourth quarter of 2008. This was also the primary reason
for the $39,000 increase over the Q4 2008 figure. No mineral property
abandonment costs were incurred in the first three months of 2009. The Company
reviews the carrying value of its mineral properties on an ongoing basis and
reduces the cost of properties if it is determined that the property values
are lower than the property cost.

    Income Tax Expense

    Comaplex has no current income tax expense. Comaplex has sufficient tax
pools to ensure that no current income taxes are payable.
    The tax pool balances at March 31, 2009 totalled $113,761,000 and consist
of the following pool balances.

    
                                                         Rate of      Amount
                                                   Utilization %     ($ 000s)
    -------------------------------------------------------------------------
    Undepreciated capital costs                           10-100       3,044
    Foreign exploration expenditures                          10         766
    Share issue costs                                         20       2,925
    Earned depletion expenses (successored)                   25       2,299
    Canadian development expenditures                         30      21,534
    Non-capital loss carryforward(1)                         100       3,055
    Canadian exploration expenditures (successored)          100      33,368
    Canadian exploration expenditures                        100      46,770
    -------------------------------------------------------------------------
                                                                     113,761
    -------------------------------------------------------------------------
    (1) The non-capital losses expire $2,788,000 in 2010 and $267,000 in
        2029.

    The ability to claim the above successored amounts is restricted to income
from 56 percent of the Meliadine property (71.8 percent of the Company's
interest).

    Net Earnings (Loss)

                                                    Three months ended
                                               March    December       March
    ($ 000s)                                31, 2009    31, 2008    31, 2008
    -------------------------------------------------------------------------

    Net earnings (loss)                         (332)        328          98
    -------------------------------------------------------------------------

    Net earnings (loss) for the first three months of 2009 decreased by
$430,000 and $660,000 compared to Q1 2008 and Q4 2008, respectively. The
reductions were mainly due to reduced oil and gas sales resulting from lower
commodity prices as well as reduced interest income.

    Cash Flow from Operations

                                                    Three months ended
                                               March    December       March
    ($ 000s)                                31, 2009    31, 2009    31, 2008
    -------------------------------------------------------------------------

    Cash flow from operations                    321         336         721
    -------------------------------------------------------------------------
    

    Cash flow from operations decreased 55 percent in the first three months
of 2009 compared to the first three months of 2008. The decrease was primarily
due to decreased oil and gas sales resulting from lower commodity prices as
well as reduced interest income. Even though commodity prices and interest
income declined in the first quarter of 2009, the Company experienced only a
moderate reduction in cash flow from operations as Comaplex collected its GST
receivable for $452,000 which offset the revenue declines.

    Liquidity and Capital Resources

    At March 31, 2009, the Company had a working capital position of
$18,364,000 (December 31, 2008 - $21,929,000). These numbers include the value
of liquid investments of $3,268,000 at March 31, 2009 (December 31, 2008 -
$3,621,000).
    The Company currently has a projected capital expenditure budget of
$12,500,000 for the Meliadine West and East projects for the 2009 year.
Included in this amount is an annual option payment of $1,580,000 and
expenditures of $10,920,000 on the development of the Meliadine West and East
projects. A further $460,000 is planned to be spent on oil and gas development
projects. Existing working capital, anticipated cash flow from oil and gas
operations and investment income is expected to cover all planned expenditures
for the remainder of the year. The Company attempts to maintain at least a six
month cash balance for the estimated required capital expenditures.

    Related Party

    The Company paid a management fee to Bonterra Energy Corp. (Bonterra
Corp.), a wholly owned subsidiary of Bonterra O&G, of $82,500 (2008 -
$82,500). The Company also shares office rental costs and reimburses Bonterra
Corp. for costs related to employee benefits and office materials. These costs
have been included in general and administrative costs of the Company. In
addition, Bonterra Corp. owns 689,682 (December 31, 2008 - 689,682) common
shares in the Company. Services provided by Bonterra Corp. include executive
services (president and vice president, finance duties), accounting services,
oil and gas administration and office administration. All services performed
are charged at estimated fair value. As at March 31, 2009, the Company had an
account payable to Bonterra Corp. of $60,000 (December 31, 2008 - $56,000).
    The Company at March 31, 2009 owns 204,633 (December 31, 2008 - 204,633)
shares in Bonterra O&G representing just over one percent of the outstanding
shares of Bonterra O&G. The shares have a fair value of $3,213,000 (December
31, 2008 - $3,534,000). In 2009, the Company received investment income of
$82,000 (2008 - $92,000).
    During the first quarter of 2009, the Company loaned Bonterra Corp.
$12,000,000. The funds presently bear interest at Canadian Chartered Bank
Prime plus 0.25 percent. The loan is subordinated to Bonterra Corp.'s bank
debt and is unsecured. The loan is payable upon demand subject to availability
under Bonterra Corp.'s line of credit. Bonterra Corp. has sufficient room
under its line of credit to repay the loan.
    The Company at March 31, 2009 owns 346,000 (December 31, 2008 - 346,000)
common shares in Pine Cliff. Pine Cliff has common directors and management
with the Company. Pine Cliff trades on the TSX Venture Exchange. As of March
31, 2009 the common shares have a fair value of $55,000 (December 31, 2008 -
$87,000). The Company's ownership of 346,000 common shares represents less
than one percent of the total issued and outstanding common shares of Pine
Cliff. There were no intercompany transactions between Pine Cliff and the
Company.
    Additional information relating to the Company may be found on
www.sedar.com and by visiting our website at www.comaplex.com.
    The following consolidated financial statements and notes to the
consolidated financial statements have been provided for further details.


    
    Consolidated Balance Sheets

    As at March 31, 2009 and December 31, 2008
    (unaudited)
    ($ 000s)                                                2009        2008
    -------------------------------------------------------------------------
    Assets
    Current
      Cash                                                 4,244      21,870
      Accounts receivable                                    289         817
      Prepaid expenses                                       217         187
      Loan to related party (Note 2)                      12,000           -
      Investments (Note 2)                                 3,268       3,621
    -------------------------------------------------------------------------
                                                          20,018      26,495
    Future Income Tax Asset (Note 3)                       3,657       7,056
    -------------------------------------------------------------------------
    Property and Equipment
      Property and equipment                             110,100     106,813
      Accumulated depletion, depreciation
       and amortization                                   (8,181)     (7,999)
    -------------------------------------------------------------------------
    Net Property and Equipment                           101,919      98,814
    -------------------------------------------------------------------------
                                                         125,594     132,365
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Liabilities
    Current
      Accounts payable and accrued liabilities (Note 2)    1,654       4,566
    Asset Retirement Obligations                             748         740
    -------------------------------------------------------------------------
                                                           2,402       5,306
    -------------------------------------------------------------------------
    Shareholders' Equity (Note 4)
      Share capital                                      105,022     108,502
      Contributed surplus                                  3,750       3,508
    -------------------------------------------------------------------------
                                                         108,772     112,010
    -------------------------------------------------------------------------
      Retained earnings                                   13,786      14,118
      Accumulated other comprehensive income (Note 5)        634         931
    -------------------------------------------------------------------------
                                                          14,420      15,049
    -------------------------------------------------------------------------
                                                         123,192     127,059
    -------------------------------------------------------------------------
                                                         125,594     132,365
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Consolidated Statements of Earnings and Retained Earnings

    For the Three Months Ended March 31 (unaudited)
    ($ 000s except $ per share)                             2009        2008
    -------------------------------------------------------------------------

    Minerals Division
      Interest                                                39         158
      Mineral production royalty                               -          34
    -------------------------------------------------------------------------
                                                              39         192
    -------------------------------------------------------------------------
    Oil and Gas Division
      Oil and gas sales                                      481         922
      Royalties                                               (6)       (225)
      Investment income (Note 2)                              82          92
    -------------------------------------------------------------------------
                                                             557         789
    -------------------------------------------------------------------------
    Total Net Revenue                                        596         981
    -------------------------------------------------------------------------
    Expenses
      Oil and gas production costs                           189         166
      General and administrative
        Minerals division                                    308         323
        Oil and gas division                                  34          51
      Foreign exchange gain                                  (11)        (47)
      Stock based compensation                               242         214
      Depletion, depreciation and accretion                  191         102
    -------------------------------------------------------------------------
                                                             953         809
    -------------------------------------------------------------------------
    Earnings (Loss) Before Taxes                            (357)        172
    Income Taxes (Recovery)
      Current                                                  -           -
      Future                                                 (25)         74
    -------------------------------------------------------------------------
                                                             (25)         74
    -------------------------------------------------------------------------
    Net Earnings (Loss) for the Period                      (332)         98
    Retained earnings, beginning of period                14,118      11,996
    -------------------------------------------------------------------------
    Retained Earnings, End of Period                      13,786      12,094
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Net Earnings (Loss) Per Share - Basic and Diluted      (0.01)       0.00
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Consolidated Statements of Comprehensive Income

    For the Three Months Ended March 31 (unaudited)
    ($ 000s except $ per share)                             2009        2008
    -------------------------------------------------------------------------

    Net earnings (loss) for the period                      (332)         98
    -------------------------------------------------------------------------
    Other Comprehensive loss
      Gain (loss) on investments                            (353)        537
      Future taxes on gain (loss) on investments              56          (8)
    -------------------------------------------------------------------------
    Other comprehensive income (loss)                       (297)        529
    -------------------------------------------------------------------------
    Comprehensive income (loss)                             (629)        627
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Comprehensive Income (Loss) Per Share
     - Basic and Diluted                                   (0.01)       0.01
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Consolidated Statements of Cash Flow

    For the Three Months Ended March 31 (unaudited)
    ($ 000)                                                 2009        2008
    -------------------------------------------------------------------------
    Operating Activities
      Net earnings (loss) for the period                    (332)         98
      Items not affecting cash
        Stock based compensation                             242         214
        Depletion, depreciation and accretion                191         102
        Unrealized foreign exchange gain                       -         (47)
        Future income taxes                                  (25)         74
    -------------------------------------------------------------------------
                                                              76         441
    -------------------------------------------------------------------------
    Change in non-cash operating working capital items
        Accounts receivable                                  528         217
        Prepaid expenses                                     (30)         18
        Accounts payable and accrued liabilities            (251)         46
    Asset retirement obligations settled                      (2)         (1)
    -------------------------------------------------------------------------
                                                             245         280
    -------------------------------------------------------------------------
    Cash Provided By Operating Activities                    321         721
    -------------------------------------------------------------------------
    Financing Activities                                       -           -
    -------------------------------------------------------------------------
    Investing Activities
      Mineral exploration property and equipment
       expenditures                                       (3,122)     (8,449)
      Oil and gas property and equipment expenditures       (164)        (18)
      Loan to related party                              (12,000)          -
      Changes in non-cash working capital
        Accounts payable and accrued liabilities          (2,661)        979
    -------------------------------------------------------------------------
    Cash Used in Investing Activities                    (17,947)     (7,488)
    -------------------------------------------------------------------------
    Foreign Exchange Gain on Cash Held in
     Foreign Currency                                          -          47
    -------------------------------------------------------------------------
    Net Cash Outflow                                     (17,626)     (6,720)
    Cash, Beginning of Period                             21,870      20,987
    -------------------------------------------------------------------------
    Cash, End of Period                                    4,244      14,267
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Cash, interest paid                                        -           -
    Cash, taxes paid                                           -           -



    Notes to the Consolidated Interim Financial Statements

    Periods ended March 31, 2009 and 2008 (unaudited)

    1.  SIGNIFICANT ACCOUNTING POLICIES

        The accounting policies and methods of application followed in the
        preparation of the interim financial statements are the same as those
        followed in the preparation of Comaplex Minerals Corp.'s (the Company
        or Comaplex) 2008 annual financial statements except as described
        below. These interim financial statements do not include all
        disclosures required for annual financial statements. The interim
        financial statements as presented should be read in conjunction with
        the 2008 annual financial statements.

        In February 2008, the Canadian Institute of Chartered Accountants
        (CICA) issued Section 3064, "Goodwill and intangible assets",
        replacing Section 3062, "Goodwill and other intangible assets" and
        Section 3450, "Research and development costs". Various changes have
        been made to other sections of the CICA Handbook for consistency
        purposes. The new Section is applicable to financial statements
        relating to fiscal years beginning on or after October 1, 2008.
        Accordingly, the Company adopted the new standards for its fiscal
        year beginning January 1, 2009. It establishes standards for the
        recognition, measurement, presentation and disclosure of goodwill
        subsequent to its initial recognition and of intangible assets by
        profit-orientated enterprises. Standards concerning goodwill are
        unchanged from the standards included in the previous Section 3062.
        The adoption of this Standard did not have an impact on the
        Consolidated Financial Statements.

        In January 2009, the CICA issued EIC-173, "Credit Risk and the Fair
        Value of Financial Assets and Financial Liabilities". The EIC
        provides guidance on how to take into account credit risk of an
        entity and counterparty when determining the fair value of financial
        assets and financial liabilities, including derivative instruments.
        This standard is effective for the Company's fiscal periods ending on
        or after January 20, 2009 with retrospective application. The
        application of this EIC did not have a material effect on the
        Consolidated Financial Statements.

        Effective January 1, 2009, the Company prospectively adopted the
        Canadian Institute of Chartered Accountants (CICA) Section 1582,
        "Business Combinations", which replaces former guidance on business
        combinations. Section 1582 establishes principles and requirements of
        the acquisition method for business combinations and related
        disclosures. The adoption of this Standard did not have an impact on
        the Consolidated Financial Statements.

        Effective January 1, 2009, the Company prospectively adopted CICA
        Sections 1601, "Consolidated Financial Statements", and 1602, "Non-
        controlling Interests", which replaces existing guidance. Section
        1601 establishes standards for the preparation of consolidated
        financial statements. Section 1602 provides guidance on accounting
        for a non-controlling interest in a subsidiary in consolidated
        financial statements subsequent to a business combination. The
        adoption of this Standard did not have an impact on the Consolidated
        Financial Statements.

        Recent Accounting Pronouncements

        The Accounting Standards Board has confirmed the convergence of
        Canadian GAAP with International Financial Reporting Standards (IFRS)
        will be effective January 1, 2011. The Company has performed an
        initial scoping process in order to ensure successful implementation
        within the required timeframe. The impact on the Company's
        consolidated financial statements is not reasonably determinable at
        this time. Key information will be disclosed as it becomes available
        during the transition period.

    2.  RELATED PARTIES

        The Company paid a management fee of $82,500 (2008 - $82,500) to
        Bonterra Energy Corp. (Bonterra Corp.) (a wholly owned subsidiary of
        Bonterra Oil & Gas Ltd. (Bonterra O&G) a publicly traded oil and gas
        corporation on the Toronto Stock Exchange) a company that has common
        directors and management with the Company. The Company also shares
        office rental costs and reimburses Bonterra Corp. for costs related
        to employee benefits and office materials. These costs have been
        included in general and administrative expenses.

        Bonterra Corp. owns 689,682 (December 31, 2008 - 689,682) common
        shares in the Company. Bonterra Corp. is the administrator for
        Bonterra O&G. Services provided by Bonterra Corp. include executive
        services (president and vice president, finance duties), accounting
        services, oil and gas administration and office administration.

        As at March 31, 2009, the Company had an account payable to Bonterra
        Corp. of $60,000 (December 31, 2008 - $56,000).

        During the first quarter of 2009, the Company loaned Bonterra Corp.
        $12,000,000. The funds presently bear interest at Canadian Chartered
        Bank Prime plus 0.25 percent. The loan is subordinated to Bonterra
        Corp.'s bank debt and is unsecured. The loan is payable upon demand
        subject to availability under Bonterra Corp.'s line of credit.
        Bonterra Corp. has sufficient room under its line of credit to repay
        the loan. Interest earned on the loan during the first quarter of
        2009 was $48,000.

        The Company at March 31, 2009 owns 204,633 (December 31, 2008 -
        204,633) shares in Bonterra O&G representing just over one percent of
        the outstanding shares of Bonterra O&G. The shares have a fair value
        of $3,213,000 (December 31, 2008 - $3,534,000). In 2009, the Company
        received investment income of $82,000 (2008 - $92,000).

        The Company at March 31, 2008 owns 346,000 (December 31, 2008 -
        346,000) common shares in Pine Cliff Energy Ltd. (Pine Cliff). Pine
        Cliff has common directors and management with the Company. Pine
        Cliff shares trade on the TSX Venture Exchange. As of March 31, 2009,
        the common shares have a fair value of $55,000 (December 31, 2008 -
        $87,000). The Company's ownership of 346,000 common shares represents
        less than one percent of the total issued and outstanding common
        shares of Pine Cliff.

    3.  INCOME TAXES

        The Company has recorded a future income tax asset. The asset relates
        to the following temporary differences:

                                                        March 31,   March 31,
                                                            2009        2008
        ($ 000s)                                          Amount      Amount
        ---------------------------------------------------------------------

        Future income tax assets:
          Capital assets                                   1,629       4,194
          Asset retirement obligations                       189         175
          Share issue costs                                  739         401
          Loss carry-forward                                 880       1,639
          Other                                              220        (393)
        Valuation adjustment                                   -      (1,434)
        ---------------------------------------------------------------------
                                                           3,657       4,582
        ---------------------------------------------------------------------

        The Company has the following tax pools which may be used to reduce
        taxable income in future years, limited to the applicable rates of
        utilization:

                                                         Rate of      Amount
                                                  Utilization (%)      ($000)
        ---------------------------------------------------------------------
        Undepreciated capital costs                       10-100       3,044
        Foreign exploration expenditures                      10         766
        Share issue costs                                     20       2,925
        Earned depletion expenses (successored)               25       2,299
        Canadian development expenditures                     30      21,534
        Non-capital loss carried forward(1)                  100       3,055
        Canadian exploration expenditures (successored)      100      33,368
        Canadian exploration expenditures                    100      46,770
        ---------------------------------------------------------------------
                                                                     113,761
        ---------------------------------------------------------------------
        (1) The non-capital losses expire $2,788,000 in 2010 and $267,000 in
            2029.

        During the first quarter of 2009, the Company renounced $12,000,000
        of Canadian exploration expenditures with an effective date of
        December 31, 2008.

    4.  SHARE CAPITAL

        Authorized

        Unlimited number of common shares without nominal or par value
        Unlimited number of first preferred shares

        Issued
                                                                 2009
                                                                      Amount
                                                          Number       ($000)
        ---------------------------------------------------------------------
        Common Shares
        Balance, January 1, 2009                      52,706,531     108,502
        Future tax adjustment on renouncement
         of tax pools                                          -      (3,480)
        ---------------------------------------------------------------------
        Balance, March 31, 2009                       52,706,531     105,022
        ---------------------------------------------------------------------

        A summary of the changes of the Company's contributed surplus is
        presented below:

        Contributed surplus

        ($ 000s)                                            2009        2008
        ---------------------------------------------------------------------
        Balance, January 1                                $3,508      $2,620
        Stock-based compensation expensed (non-cash)         242         214
        ---------------------------------------------------------------------
        Balance, March 31                                 $3,750      $2,834
        ---------------------------------------------------------------------

        The number of shares used to calculate diluted net earnings per share
        for the periods ended March 31:

                                                            2009        2008
        ---------------------------------------------------------------------
        Basic shares outstanding                      52,706,531  46,611,970
        Dilutive effect of share options                  33,532     895,439
        ---------------------------------------------------------------------
        Diluted shares outstanding                    52,740,063  47,507,409
        ---------------------------------------------------------------------

        The Company provides a stock option plan for its directors, officers,
        employees and consultants. Under the plan, the Company may grant
        options for up to 10 percent of the outstanding common shares which
        as of March 31, 2009 was 5,270,653 (December 31, 2008 - 5,270,653).
        The exercise price of each option granted equals the market price of
        the Company's stock on the date of grant and the option's maximum
        term is five years. Options generally vest one-third each year for
        the first three years of the option term.

        A summary of the status of the Company's stock option plan as of
        March 31, 2009 and December 31, 2008 and changes during the three
        months ended March 31, 2009 and year ended December 31, 2008 is
        presented below:

                                   March 31, 2009         December 31, 2008
        ---------------------------------------------------------------------
                                            Weighted-               Weighted-
                                             Average                 Average
                                            Exercise                Exercise
                                 Options       Price     Options       Price
        ---------------------------------------------------------------------
        Outstanding at
         beginning of period   2,890,500       $4.11   2,141,000       $3.40
        Options issued                 -           -     812,000        5.85
        Options exercised              -           -     (62,500)       2.74
        Options cancelled        (18,000)       4.71           -           -
        ---------------------------------------------------------------------
        Outstanding at end
         of period             2,872,500       $4.11   2,890,500       $4.11
        ---------------------------------------------------------------------
        Options exercisable
         at end of period      1,354,000       $3.40   1,290,000       $3.32
        ---------------------------------------------------------------------

        The following table summarizes information about options outstanding
        at March 31, 2009:

                            Options Outstanding          Options Exercisable
    -------------------------------------------------------------------------
                                  Weighted-
                       Number      Average   Weighted-      Number  Weighted-
    Range of      Outstanding    Remaining    Average  Exercisable   Average
    Exercise               At  Contractual   Exercise           At  Exercise
    Prices           03/31/09         Life      Price     03/31/09     Price
    -------------------------------------------------------------------------
    $3.20 to $3.60  1,830,500    1.0 years      $3.20    1,216,500     $3.20
      4.70 to 5.30    225,000    2.0 years       5.03      120,000      5.03
      5.40 to 5.90    767,000    2.3 years       5.84            -         -
      6.00 to 6.30     50,000    2.2 years       6.03       17,500      6.04
    -------------------------------------------------------------------------
    $3.20 to $6.30  2,872,500    1.4 years      $4.11    1,354,000     $3.40
    -------------------------------------------------------------------------

        The Company records a compensation expense over the vesting period
        based on the fair value of options granted to employees, directors
        and consultants.

    5.  ACCUMULATED OTHER COMPREHENSIVE INCOME

                                                           Other
                                                          Compre-
                                           January 1,    hensive    March 31,
        ($ 000s)                                2009        Loss        2009
        ---------------------------------------------------------------------

        Unrealized gains (losses)
         (net of tax) on available-
         for-sale investments                    931        (297)        634
        ---------------------------------------------------------------------

                                                           Other
                                                          Compre-
                                           January 1,    hensive    December
                                                2008        Loss    31, 2008
        ---------------------------------------------------------------------
        Unrealized gains (losses)
         (net of tax) on available-
         for-sale investments                  2,272      (1,341)        931
        ---------------------------------------------------------------------

    6.  BUSINESS SEGMENT INFORMATION

        The Company's activities are represented by two industry segments
        comprised of mineral exploration and oil and gas production:

                                                 Three Months ended March 31
        ---------------------------------------------------------------------
        ($ 000s)                                            2009        2008
        ---------------------------------------------------------------------
        Gross revenue
          Mineral exploration                                 39         192
          Oil and Gas                                        563       1,014
        ---------------------------------------------------------------------
                                                             602       1,206
        ---------------------------------------------------------------------

        Depletions, depreciation, accretion,
         and abandonment
          Mineral exploration                                122          37
          Oil and Gas                                         69          65
        ---------------------------------------------------------------------
                                                             191         102
        ---------------------------------------------------------------------

        Net earnings (loss)
          Mineral exploration                               (521)       (256)
          Oil and Gas                                        189         354
        ---------------------------------------------------------------------
                                                            (332)         98
        ---------------------------------------------------------------------

        Property and equipment expenditures
          Mineral exploration                              3,122       8,449
          Oil and Gas                                        164          18
        ---------------------------------------------------------------------
                                                           3,286       8,467
        ---------------------------------------------------------------------

        Total assets (2008 amounts as of
         December 31, 2008)
          Mineral exploration                            120,094     126,553
          Oil and Gas                                      5,500       5,812
        ---------------------------------------------------------------------
                                                         125,594     132,365
        ---------------------------------------------------------------------

    7.  FINANCIAL AND CAPITAL RISK MANAGEMENT

        Financial Risk Factors
        ----------------------

        The Company undertakes transactions in a range of financial
        instruments including:

        -   Cash deposits;
        -   Receivables;
        -   Loan to related party;
        -   Common share investments;
        -   Payables;

        The Company's activities result in exposure to a number of financial
        risks including market risk (commodity price risk, interest rate
        risk, foreign exchange risk, credit risk, and liquidity risk).
        Financial risk management is carried out by senior management under
        the direction of the Directors.

        The Company does not enter into risk management contracts to sell its
        oil and gas commodities. Commodities are sold at market prices at the
        date of sale in accordance with the Board directive.

        Capital Risk Management
        -----------------------

        The Company's objectives when managing capital are to safeguard the
        Company's ability to continue as a going concern, so that it can
        continue to provide returns to its Shareholders and benefits for
        other stakeholders and to maintain an optimal capital structure to
        reduce the cost of capital. In order to maintain or adjust the
        capital structure, the Company may issue new shares.

        The Company monitors capital on the basis of the ratio of budgeted
        exploration capital requirements to current working capital. This
        ratio is calculated using the projected cash requirements for nine
        months to 18 months in advance and maintaining a working capital
        balance of at least six months to satisfy this requirement on a
        continuous basis.

        The Company believes that maintaining at least a six month current
        working capital balance to the exploration capital budget requirement
        is an appropriate basis to allow it to continue its future
        development of the Company's biggest asset; the "Meliadine West
        Project."

        The following section (a) of this note provides a summary of the
        underlying economic positions as represented by the carrying values,
        fair values and contractual face values of the financial assets and
        financial liabilities. The Company's working capital to capital
        expenditure requirement ratio is also provided.

        The following section (b) addresses in more detail the key financial
        risk factors that arise from the Company's activities including its
        policies for managing these risks.

        a) Financial assets, financial liabilities

        The carrying amounts, fair value and face values of the Company's
        financial assets and liabilities other than cash are shown in
        Table 1.

        Table 1

                               As at March 31, 2009  As at December 31, 2008
        ---------------------------------------------------------------------
                            Carrying    Fair    Face Carrying   Fair    Face
        ($ 000s)               Value   Value   Value    Value  Value   Value
        ---------------------------------------------------------------------
        Financial assets
        Accounts receivable      289     289     379     817     817     906
        Loan to related
         party                12,000  12,000  12,000       -       -       -
        Investments            3,268   3,268       -   3,621   3,621       -
        ---------------------------------------------------------------------
        Financial liabilities
        Accounts payable and
         accrued liabilities   1,654   1,654   1,654   4,566   4,566   4,566
        ---------------------------------------------------------------------

        The budgeted capital expenditure to working capital base figures for
        March 31, 2009 and December 31, 2008 are presented below:

                                                      March 31,  December 31,
        ($ 000s)                                          2009          2008
        ---------------------------------------------------------------------
        Budgeted capital expenditure(1)                  9,500        12,500
        ---------------------------------------------------------------------
        Number of months budgeted                            9            12
        ---------------------------------------------------------------------
        Current assets                                  20,018        26,495
        Current liabilities                             (1,654)       (4,566)
        ---------------------------------------------------------------------
        Working capital                                 18,364        21,929
        ---------------------------------------------------------------------
        Budgeted capital expenditure to working
         capital base                                      0.5           0.6
        ---------------------------------------------------------------------
        Working capital to budgeted capital
         expenditure (in months)                          17.4          21.1
        ---------------------------------------------------------------------
        (1) Budgeted capital expenditure represents the Company's estimated
            future nine months (December 31, 2008 - twelve months) capital
            expenditures and may materially change between quarters. Actual
            capital expenditure from quarter to quarter can be materially
            different from the budgeted capital expenditure.

        b) Risks and mitigations

        Market risk is the risk that the fair value or future cash flow of
        the Company's financial instruments will fluctuate because of changes
        in market prices. Components of market risk to which Comaplex is
        exposed are discussed below.

        Commodity price risk
        --------------------

        The Company's principal operation is the development of its Meliadine
        gold properties. The Company also engages to a much lesser extent in
        the production and sale of oil and natural gas. Fluctuations in
        prices of these commodities may directly impact the Company's
        performance and ability to continue with its operations.

        The Company's management, at the direction of the Board of Directors,
        currently does not use risk management contracts to set price
        parameters for its production.

        Interest rate risk
        ------------------

        Interest rate risk refers to the risk that the value of a financial
        instrument or cash flows associated with the instrument will
        fluctuate due to changes in market interest rates. Interest rate risk
        arises from interest bearing financial assets and liabilities that
        Comaplex uses. The principal exposure to the Company is on its cash
        balances which have a variable interest rate which gives rise to a
        cash flow interest rate risk.

        Comaplex's cash consists of Canadian and U.S. investment chequing
        accounts. Since these funds need to be accessible for the development
        of the Company's capital projects, management does not reduce its
        exposure to interest rate risk through entering into term contracts
        of various lengths. As discussed above, the Company generally manages
        its capital such that its budgeted capital requirements to current
        working capital ratio are at least six months.

        Foreign exchange risk
        ---------------------

        The Company has no foreign operations and currently sells all of its
        product sales in Canadian currency. The Company has a U.S. cash
        balance and earns an insignificant amount of interest on its U.S.
        bank account. Comaplex does not mitigate CAD/USD exchange rate risk
        by using risk management contracts.

        Credit risk
        -----------

        Credit risk is the risk that a contracting party will not complete
        its obligations under a financial instrument and cause the Company to
        incur a financial loss. Comaplex is exposed to credit risk on all
        financial assets included on the balance sheet. To help mitigate this
        risk:

        -   The Company only maintains its cash balances with low risk
            exposure which frequently results in receiving lower interest
            rates on investments.
        -   The majority of the loans and investments are only with entities
            that have common management with the Company.

        Of the accounts receivable balance at March 31, 2009 ($289,000) and
        December 31, 2008 ($817,000) over 90 percent relates to product sales
        with major oil and gas marketing companies all of which have always
        paid within 30 days, amounts due from the government of Canada for
        goods and services tax credits and interest from a major Canadian
        Bank.

        The Company assesses quarterly if there has been any impairment of
        the financial assets of the Company. During the year ended
        December 31, 2008, there was a full impairment provision required on
        an outstanding receivable for the mineral production royalty of
        $84,000 as the operator of the mill went into CCAA protection. No
        impairment provision was required on the oil and gas financial assets
        of the Company due to historical success of collecting receivables.
        The Company does not have any significant credit risk exposure to any
        single counterparty or any group of counterparties having similar
        characteristics.

        The carrying value of accounts receivable approximates their fair
        value due to the relatively short periods to maturity on this
        instrument. The maximum exposure to credit risk is represented by the
        carrying amount on the balance sheet. There are no material financial
        assets that the Company considers past due.

        Liquidity risk
        --------------

        Liquidity risk includes the risk that, as a result of Comaplex's
        operational liquidity requirements:

        -   The Company will not have sufficient funds to settle a
            transaction on the due date;
        -   Comaplex will not have sufficient funds to continue with its
            financing of its major exploration project;
        -   The Company will be forced to sell assets at a value which is
            less than what they are worth; or
        -   Comaplex may be unable to settle or recover a financial asset at
            all.

        To help reduce these risks, the Company:

        -   Has a general capital policy of maintaining at least six months
            of annual budgeted capital requirements as its working capital
            base;
        -   Holds current investments that are readily tradable should the
            need arise; and
        -   Maintains a continuous evaluation approach as to the financing
            requirements for its largest exploration program; the "Meliadine
            West Project."

        The TSX does not accept responsibility for the adequacy or accuracy
        of this release.
    

    %SEDAR: 00001166E




For further information:

For further information: Additional information relating to the Company
may be found on www.sedar.com and by visiting our website at www.comaplex.com
or please contact George F. Fink, President and CEO, Mark J. Balog, Chief
Operating Officer, or Kirsten Kulyk, Manager - Investor Relations at (403)
265-2846 or info@comaplex.com

Organization Profile

COMAPLEX MINERALS CORP.

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