Comaplex Minerals Corp. Announces Second Quarter 2008 Results



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

    CALGARY, Aug. 13 /CNW/ - Comaplex Minerals Corp. ("the Company" or
"Comaplex") (www.comaplex.com) (TSX:CMF) is pleased to announce its financial
and operational results for the three months and six months ended June 30,
2008.

    
    Financial and Operational Highlights

                                    Three Months Ended      Six Months Ended
                                           June 30               June 30
                                       2008       2007       2008       2007
    -------------------------------------------------------------------------
    Financial ($000, except
     $ per share)
    Revenue
      Mineral Division                  136        407        328        496
      Oil and Gas Division              914        759      1,703      1,540
    Funds Flow from Operations(1)       548        687      1,036      1,114
      Per Share Basic                  0.01       0.02       0.02       0.02
      Per Share Diluted                0.01       0.02       0.02       0.02
    Net Earnings                      1,601        270      1,699       (441)
      Per Share Basic                  0.03       0.01       0.04      (0.01)
      Per Share Diluted                0.03       0.01       0.04      (0.01)
    Capital Expenditures
      Mineral Division                8,749      4,468     17,198      7,169
      Oil and Gas Division               41         81         59        123
    Total Assets
      Mineral Division                                    126,840     79,204
      Oil and Gas Division                                  9,825      8,518
    -------------------------------------------------------------------------
    Oil and Gas Operations
    Barrel of Oil Equivalent
     per Day(2)                         162        196        174        212
    -------------------------------------------------------------------------

    (1) Funds flow from operations is not a recognized measure under GAAP.
        Management believes that in addition to cash flow from operations,
        funds flow from operations is a useful supplemental measure as it
        demonstrates the Company's ability to generate the funds necessary to
        fund future growth through capital investment. Investors are
        cautioned, however, that this measure should not be construed as an
        indication of the Company's performance. The Company's method of
        calculating this measure may differ from other issuers and
        accordingly, it may not be comparable to that used by other issuers.
        For these purposes, the Company defines funds flow from operations as
        funds provided by operations before foreign exchange, changes in
        non-cash operating working capital items and asset retirement
        expenditures.
    (2) BOE's 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.
    

    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, particularly in the Arctic. These include delays caused by weather,
labour and equipment shortages, available technical expertise, and contractor
issues. Additional risks include reductions in gold resources and mineable
grades and non-technical issues, such as variation in commodity prices may
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 there from. 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.

    Report to Shareholders

    Comaplex Minerals Corp. (the Company or Comaplex) is pleased to announce
its financial and operating results for the three months and six months ended
June 30, 2008. The second quarter of 2008 was especially active for Comaplex
as the Company continued to make significant progress on its Meliadine West
project. The Company is extremely pleased with the progress and results
obtained to date. In addition, Comaplex further strengthened its financial
position to support the increased investment in this and other high-quality
growth projects.

    Meliadine West Project Update

    The Company's chief exploration focus remains on its Meliadine West
project in which Comaplex holds a 78 percent working interest with an option
to increase its working interest to 80 percent at any time. Mr. Doug Dumka,
P.Geo. is the Chief Geologist for Comaplex and is the Senior Project Geologist
and designated Qualified Person (Q.P.) for the Meliadine West Project.
    During the second quarter of 2008, Comaplex continued its progress on
several important components of this project.

    Scoping Study
    -------------

    The internal scoping study has been completed. An independent third party
Scoping Study (NI43-101 compliant) is presently being completed and should be
ready for distribution in the third quarter of 2008. The study is expected to
assist the company in determining the overall economics, the potential rate of
production, and the type of mine and mining methods that may be used.

    Drilling Program
    ----------------

    The 2008 drilling program on the Tiriganiaq deposit started in early
April and 20,000 to 25,000 meters of drilling is expected to be completed some
time in the third quarter of this year. There are presently three drills
active on the property with 10,024 meters in 32 holes completed at June 30,
2008. The 2008 drill program is predominantly an infill program to upgrade
resource status and increase understanding in the Western Deeps portion of the
Tiriganiaq gold deposit.
    A total of 18 drill-holes (8,518 meters) have been completed in the
Western Deeps to date with lab results having been received for only five of
these holes due to slower than normal lab turn-around. All five of the
drill-holes released targeted the 1,255 lode gold mineralization at depths of
375 to 450 meters below surface.
    The exploration drilling continues to provide impressive results
confirming that significant gold mineralization is present in multiple lodes
in the Western Deeps.

    
    Highlights include:

      -  11.8 gmt gold over 6.9 meters in hole M08-720A including: 17.4 gmt
         gold over 4.0 meters
      -  48.3 gmt gold over 9.4 meters in hole M08-721 and: 12.9 gmt gold
         over 2.8 meters
      -  17.5 gmt gold over 3.6 meters in hole M08-723
      -  15.3 gmt gold over 10.1 meters in hole M08-725 and: 10.8 gmt gold
         over 21.5 meters including: 15.2 gmt gold over 7.6 meters
    

    Kindly refer to the 2008 press release for detailed results. Results from
the remaining drill program will be released on a timely basis as the company
receives assays from the lab.

    Underground Exploration Program
    -------------------------------

    Underground exploration on the Tiriganiaq gold deposit has continued
throughout the second quarter of 2008. Currently, 948 meters of decline
development (5.2m x 5.3m) has been completed and access to the 1,100 gold lode
at 70 meters below surface was achieved during the second quarter.
    Drifting along the 1,100 mineralized lode is largely complete (total of
157 meters) and a total of 95 rounds were excavated and processed through a
crusher and sample tower on a round by round basis. Assay results of the bulk
sample ore rounds will be compared to the drill results for each zone and will
be reported when the results have been interpreted and verified by an
independent third party.
    Decline development was completed in July with drifting and bulk sampling
of the 1,000 lode mineralization (approximately 120 meters below surface)
expected to be completed sometime in the third quarter. Comaplex has extended
the original underground program to include additional drifting, cross-cuts,
and raises through other gold bearing lodes in the deposit. The underground
exploration work should be finished at about the same time as the surface
drilling program, in mid to late September.

    Financial and Budgeting

    On June 5, 2008, Comaplex completed two private placements consisting of
4.2 million common shares at a price of $5.55 and 1.83 million flow through
common shares at a price of $6.55 for gross proceeds of approximately
$35.3 million and net proceeds of approximately $32.9 million.
    As a result, Comaplex's working capital position at June 30, 2008 has
increased to $43,162,000. In addition, estimated funds flow of approximately
$1.5 million for the remainder of 2008 will assist the Company in its ability
to carry out its project plans going forward.
    The 2008 exploration program is weighted towards its Meliadine drilling
program with an objective of upgrading the resource status and completing a
scoping study which is expected to be finalized during the third quarter of
this year. Capital expenditures were $17.2 million during the first six months
of 2008 with approximately 95 percent attributed to the Meliadine West
project. The Company has updated its 2008 capital expenditure guidance to
approximately $26.3 million from $23 million. The increased budget will be
targeted towards additional underground development at Meliadine West.
    Anticipated costs for the third quarter of 2008 are expected to be
comparable to the first and second quarters of 2008. However, a significant
decrease is expected to be realized in the fourth quarter of the year as the
bulk sample decline will be completed.

    Major Share Transaction

    In July 2008, Comaplex was advised by Agnico-Eagle Mines Limited
(Agnico-Eagle) that it had agreed to purchase 7,628,571 common shares of
Comaplex in a private transaction from Troy Resources NL. Agnico-Eagle has
become the largest shareholder in Comaplex with a holding of approximately 8.2
million common shares or 15.6 percent of the common shares outstanding.
    Agnico-Eagle has advised that the shares were acquired for investment
purposes only and the Board of Directors and management of Comaplex were
pleased to welcome Agnico-Eagle as its new major shareholder.

    Meliadine East Project Update

    During the second quarter of 2008, a 4,000 meter diamond drill program
commenced on the Meliadine East property in which Comaplex holds a 50 percent
working interest. Meliadine Resource Ltd. retains the other 50 percent working
interest and is operating the project. The drilling is in, and adjacent to,
the Discovery deposit. The program's objective is to increase the resource
base and Comaplex will report the results as they are received.

    Outlook

    The company is optimistic with regard to the Meliadine West project and
is continuing in an aggressive manner with further programs to enhance the
value of the Meliadine property. The Board of Directors and management would
like to take this opportunity to thank shareholders for their continued
support and recognize the employees and their substantial efforts in moving
these projects forward.

    Financial and Operational Discussion

    Revenues
    --------

    
                                      Three months ended    Six months ended
                             June 30,   Mar 31,  June 30,  June 30,  June 30,
    (Cdn $)                     2008      2008      2007      2008      2007
    -------------------------------------------------------------------------

    Revenue:
      Mineral Division (000s)    136       192       407       328       496
      Oil and  Gas Sales
       (000s)                  1,020       922       835     1,942     1,697
      Trust Distributions
       (000s)                    158        92       135       250       225
    -------------------------------------------------------------------------
    Gross Revenue (000s)       1,314     1,206     1,377     2,520     2,418
    -------------------------------------------------------------------------

    Average Realized Prices:
      Natural gas (per MCF)    10.38      7.94      7.33      9.12      6.85
      Natural gas liquids
       (per barrel)            98.14     77.69     60.79     86.22     57.82
    -------------------------------------------------------------------------
    

    Revenues from mineral operations in the first half of 2008 decreased
slightly from the 2007 six month results as Comaplex investment dispositions
during the 2007 half resulted in a gain on sale of $101,000 compared to a loss
of $38,000 in the first half of 2008. Revenue during Q2 2008 was also lower
than Q1 2008 due to losses resulting from divestments of securities held by
the Company in the second quarter of 2008.
    Gross revenue from the Company's petroleum and natural gas properties
increased in the first half of 2008 when compared with the first half of 2007.
The increase was primarily due to a 31 percent increase in commodity prices
for natural gas, which was partially offset by decreased production volumes.
Gross revenue quarter over quarter increased by approximately eleven percent
due to higher commodity prices in the second quarter of 2008.
    The quarter over quarter increase in oil and gas distributions was due to
timing differences in receipt of distributions in Q2 2008 compared to Q1 2008.
This is a normal event with investments in trust units to have four
distributions in Q4, two distributions in Q1 and three distributions in Q2 and
Q3.

    Production
    ----------

    
                                      Three months ended    Six months ended
                             June 30,   Mar 31,  June 30,  June 30,  June 30,
                                2008      2008      2007      2008      2007
    -------------------------------------------------------------------------
    Natural gas (MCF per day)    789       860       970       825     1,028
    Natural gas liquids
     (barrels per day)            30        43        34        36        40
    Total BOE per day            162       186       196       174       212
    -------------------------------------------------------------------------
    

    The Company anticipates approximately 12 percent annual decline rates for
2008. The decline rate for the first half of 2008 was approximately
18 percent. The higher decline rate in the first half of 2008 was attributed
specifically to the Granta Makepeace property, one of the Company's more
significant non-operated gas properties. The production has recovered from
this property in the second quarter. Second quarter 2008 production over first
quarter 2008 is down due to a routine turnaround on another one of the
Company's major properties. Also, production from one of the Company's major
producing properties may decrease in the third quarter of 2008 due to a fire
at the plant that processes its natural gas. The plant has been reactivated at
the time of this report.

    Royalties
    ---------

    
                                      Three months ended    Six months ended
                             June 30,   Mar 31,  June 30,  June 30,  June 30,
    ($ 000s)                    2008      2008      2007      2008      2007
    -------------------------------------------------------------------------

    Crown royalties              188       179       154       367       274
    Gross overriding royalties    76        46        57       122       108
    -------------------------------------------------------------------------
    Total royalty expense        264       225       211       489       382
    -------------------------------------------------------------------------
    

    The increases in Crown and gross overriding royalties in the first six
months of 2008 are due to higher commodity prices for natural gas which more
than offset lower production volumes. The increase in Crown royalties quarter
over quarter is due to increased commodity prices despite lower production
from wells subject to crown royalties. The increase in gross overriding
royalties quarter over quarter is due to increased production from wells
subject to gross overriding royalties.
    Based on information currently available to management, the Alberta
royalty review will increase future Crown royalties by approximately
20 percent to 23 percent (2008 - 19 percent) of production revenue, which
under current volumes could increase Crown royalties by approximately
$100,000 per annum.

    Production Costs
    ----------------

    
                                      Three months ended    Six months ended
                             June 30,   Mar 31,  June 30,  June 30,  June 30,
    ($ 000s)                    2008      2008      2007      2008      2007
    -------------------------------------------------------------------------

    Production costs -
     natural gas/NGLS            113       166         8       279       116
    $ per BOE                   7.65      9.82      0.45      8.81      3.03
    -------------------------------------------------------------------------
    

    The increase in production costs in the first half of 2008 was primarily
due to decreased revenue from third party plant processing fees. The decrease
in production costs in Q2 2008 compared to Q1 2008 is primarily due to
freehold mineral taxes for the full year being paid in the first quarter of
2008.

    General and Administrative (G&A) Costs
    --------------------------------------

    
                                      Three months ended    Six months ended
                             June 30,   Mar 31,  June 30,  June 30,  June 30,
    ($ 000s)                    2008      2008      2007      2008      2007
    -------------------------------------------------------------------------

    G&A costs - Minerals
     Division                    380       323       214       703       483
    G&A costs - Oil and
     Gas Division                 39        51        44        90        82
    -------------------------------------------------------------------------
    Total G&A                    419       374       258       793       565
    -------------------------------------------------------------------------
    

    The increase in G&A in the first half of 2008 compared with the first
half of 2007 was primarily due to an increase in the number of employees
required to administer the increased operational demands. On a quarter over
quarter basis, general and administrative costs increased approximately
12 percent in the second quarter of 2008 compared with the first quarter of
2008. The increase from the 2008 Q1 amount was primarily due to increased
employee compensation and benefit expenses and continuous disclosure costs.

    Foreign Exchange Gain (Loss)
    ----------------------------

    Foreign exchange gain increased to $39,000 for the first six months of
2008 from a foreign exchange loss of $140,000 in the same period of 2007. The
gain and loss of foreign exchange results from approximately $1.3 million U.S.
funds held in an interest bearing cash account. As the Canadian dollar
depreciated against the U.S. dollar in the first half of 2008, it created a
foreign exchange gain, compared to the appreciation of the Canadian dollar in
2007.

    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 decreased to $439,000 in the first half of 2008 from $672,000 for
the first six months of 2007. The decrease was due primarily to the granting
of 1,818,000 stock options in October, 2006, with the majority of the stock
based compensation being recognized in the first year after issuance.

    Depletion, Depreciation and Accretion Expense
    ---------------------------------------------

    
                                      Three months ended    Six months ended
                             June 30,   Mar 31,  June 30,  June 30,  June 30,
    ($ 000s)                    2008      2008      2007      2008      2007
    -------------------------------------------------------------------------

    Depletion, depreciation
     and accretion expense        96       102       165       198       321
    -------------------------------------------------------------------------
    

    The decrease in depletion, depreciation and accretion expense for the
first half of 2008 compared with the first half of 2007 was due primarily to
lower oil and gas production volumes and increased reserves on one of the
Company's major producing gas properties resulting from the December 31, 2007
independent engineering report. Also, depreciation of tangible assets
decreased due to some of the assets being fully depreciated. Quarter over
quarter saw a marginal decrease. No mineral property abandonment costs were
incurred in the first six months of 2008. 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 June 30, 2008 totalled $106,994,000. See Note 3
to the financial statements for details.

    Net Earnings
    ------------

    
                                      Three months ended    Six months ended
                             June 30,   Mar 31,  June 30,  June 30,  June 30,
    ($ 000s)                    2008      2008      2007      2008      2007
    -------------------------------------------------------------------------

    Net earnings (loss)        1,601        98       270     1,699      (441)
    -------------------------------------------------------------------------
    

    Net earnings (loss) for the first half of 2008 increased by approximately
$2,140,000 compared to the corresponding 2007 period, mainly due to a future
income tax benefit of $1,338,000. The future income tax benefit arose from the
Company's ability to recognize the tax benefit from all of its tax pools. The
increase in net earnings was also due to an increase in oil and gas revenues
due to higher commodity prices for natural gas and a foreign exchange gain due
to the Canadian dollar depreciating against the U.S. dollar over the first
half of 2008. These gains were offset by a loss on disposal of investments and
higher general and administrative costs in the mining department as the
staffing needs increased in 2008. The $1,501,000 increase in net earnings in
Q2 2008 compared to Q1 2008 is primarily due to the future income tax benefit
from the Company's ability to recognize all of the tax benefit related to its
tax pools.
    Other comprehensive income for the first half of 2008 included an
increase in unrealized gain on investments of $2,221,000 compared to $638,000
for the first half of 2007. The second quarter of 2008 had an unrealized gain
on investments of $1,692,000 compared to an unrealized gain on investments of
$529,000 for the first quarter of 2008. The changes are mainly due to
differences between the marketable investments' market value and their
carrying value net of income tax effect.

    Funds Flow from Operations
    --------------------------

    
                                      Three months ended    Six months ended
                             June 30,   Mar 31,  June 30,  June 30,  June 30,
    ($ 000s)                    2008      2008      2007      2008      2007
    -------------------------------------------------------------------------

    Funds flow from operations   548       488       687     1,036     1,114
    -------------------------------------------------------------------------
    

    Funds flow from operations decreased seven percent in the first half of
2008 compared to the first half of 2007. The decrease was primarily due to
increased administrative costs as staffing needs increased with the mining
operations, which was offset by higher commodity prices for natural gas.
Quarter over quarter saw a 12 percent increase. The increase from the first
quarter of 2008 was primarily due to the Company receiving higher cash flow
from its investments and higher commodity prices for natural gas in the second
quarter.
    The following reconciliation compares funds flow to the Company's cash
flow from operating activities as calculated according to Canadian generally
accepted accounting principles:

    
    Six Months Ended June 30                                 2008       2007
    ($000s)
      Cash flow from operating activities                   1,142      1,536
      Items not affecting funds flow
        Accounts receivable                                   106        421
        Prepaid expenses                                       10         21
        Accounts payable and accrued liabilities             (263)      (735)
        Asset retirement obligations settled                    2         11
        Foreign exchange gain (loss)                           39       (140)
    -------------------------------------------------------------------------
     Funds flow for the period                              1,036      1,114
    -------------------------------------------------------------------------
    

    Liquidity and Capital Resources
    -------------------------------

    At June 30, 2008, the Company had a working capital position of
$43,162,000 (December 31, 2007 - $23,703,000). These numbers include the value
of liquid investments of $7,792,000 at June 30, 2008 (December 31, 2007 -
$5,257,000).
    The Company currently has a projected capital expenditure budget of
$26,250,000 for the Meliadine West and East projects for the 2008 year. Of
this budget amount, approximately $17,200,000 has been spent on these projects
as of June 30, 2008. Included in this amount is an annual option payment of
$1,560,000 and expenditures of $15,640,000 on the development of the Meliadine
West and East projects. Anticipated costs for the third quarter are expected
to be comparable to the first and second quarters of 2008, but a significant
decrease should be realized in the fourth quarter of 2008 as the underground
bulk sample should be completed in the third quarter. A further $200,000 is
planned to be spent on miscellaneous other mineral exploration plays in 2008.
Existing working capital from the private placements, anticipated cash flow
from oil and gas operations and investment income is expected to cover all
planned expenditures for the remainder of the year and much of the following
year. The Company attempts to maintain at least a six month cash balance for
the estimated required capital expenditures.

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

    Additional information relating to the Company may be found on
WWW.SEDAR.COM and by visiting our website at www.comaplex.com.


    
    COMAPLEX MINERALS CORP.
    CONSOLIDATED BALANCE SHEETS
    -------------------------------------------------------------------------
    As at June 30, 2008 (unaudited) and December 31, 2007

    ($000)                                                   2008       2007
    -------------------------------------------------------------------------
    Assets
    Current
      Cash                                                 40,657     20,987
      Accounts receivable                                     814        708
      Prepaid expenses                                        224        214
      Investments (Note 2)                                  7,792      5,257
    -------------------------------------------------------------------------
                                                           49,487     27,166
    -------------------------------------------------------------------------
    Future Income Tax Asset (Note 3)                        6,250      6,181
    -------------------------------------------------------------------------
    Property and Equipment
      Property and equipment                               88,681     71,423
      Accumulated depletion, depreciation
       and amortization                                    (7,753)    (7,571)
    -------------------------------------------------------------------------
                                                           80,928     63,852
    -------------------------------------------------------------------------
                                                          136,665     97,199
    -------------------------------------------------------------------------
    Liabilities
    Current
      Accounts payable and accrued liabilities              6,325      3,463
    Asset Retirement Obligations                              689        675
    -------------------------------------------------------------------------
                                                            7,014      4,138
    -------------------------------------------------------------------------
    Shareholders' Equity
      Share capital (Note 4)                              108,458     76,173
      Contributed surplus                                   3,005      2,620
    -------------------------------------------------------------------------
                                                          111,463     78,793
    -------------------------------------------------------------------------
      Retained earnings                                    13,695     11,996
      Accumulated other comprehensive income (Note 5)       4,493      2,272
    -------------------------------------------------------------------------
                                                           18,188     14,268
    -------------------------------------------------------------------------
     Total Shareholders' Equity                           129,651     93,061
    -------------------------------------------------------------------------
                                                          136,665     97,199
    -------------------------------------------------------------------------


    COMAPLEX MINERALS CORP.
    CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS
    -------------------------------------------------------------------------
    For the periods ended June 30 (unaudited)

                                         Three Months          Six Months
    ($000 except $ per share)          2008       2007       2008       2007
    -------------------------------------------------------------------------
    Revenue
    Minerals Division
      Interest                          147        285        305        352
      Gain (loss) on sale of
       property and investments         (38)        94        (38)       101
      Mineral production royalty         27         28         61         43
    -------------------------------------------------------------------------
                                        136        407        328        496
    -------------------------------------------------------------------------
    Oil and Gas Division
      Oil and gas sales               1,020        835      1,942      1,697
      Royalties                        (264)      (211)      (489)      (382)
      Trust distributions (Note 2)      158        135        250        225
    -------------------------------------------------------------------------
                                        914        759      1,703      1,540
    -------------------------------------------------------------------------
                                      1,050      1,166      2,031      2,036
    -------------------------------------------------------------------------
    EXPENSES
      Oil and gas production costs      113          8        279        116
      General and administrative
        Minerals division               380        214        703        483
        Oil and gas division             39         44         90         82
      Foreign exchange loss (gain)        8        119        (39)       140
      Stock based compensation          225        347        439        672
      Depletion, depreciation and
       accretion                         96        165        198        321
    -------------------------------------------------------------------------
                                        861        897      1,670      1,814
    -------------------------------------------------------------------------
    Earnings Before Taxes               189        269        361        222
    -------------------------------------------------------------------------
    Income Taxes (Recovery)
      Current                             -          -          -          -
      Future                         (1,412)        (1)    (1,338)       663
    -------------------------------------------------------------------------
                                     (1,412)        (1)    (1,338)       663
    -------------------------------------------------------------------------
    Net Earnings (Loss) for the
     Period                           1,601        270      1,699       (441)
    Retained earnings, beginning of
     period                          12,094      8,912     11,996      9,623
    -------------------------------------------------------------------------
    Retained Earnings, End of
     Period                          13,695      9,182     13,695      9,182
    -------------------------------------------------------------------------
    Net Earnings (Loss) Per Share -
     Basic and Diluted                 0.03       0.01       0.04      (0.01)
    -------------------------------------------------------------------------



    COMAPLEX MINERALS CORP.
    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
    -------------------------------------------------------------------------
    For the periods ended June 30 (unaudited)

                                         Three Months          Six Months
    ($000 except $ per share)          2008       2007       2008       2007
    -------------------------------------------------------------------------

    Net earnings (loss) for the
     period                           1,601        270      1,699       (441)

      Gains on investments            2,063        635      2,600        840
      Future taxes on gains on
       investments                     (376)       (92)      (384)      (122)
      Losses (gains) on investments
       transferred to net income          6        (94)         6        (94)
      Future taxes on losses (gains)
       on investments transferred
       to net income                     (1)        14         (1)        14
    -------------------------------------------------------------------------
    Other comprehensive income        1,692        463      2,221        638
    -------------------------------------------------------------------------
    Comprehensive income              3,293        733      3,920        197
    -------------------------------------------------------------------------
    Comprehensive income per
     share - Basic and Diluted         0.07       0.02       0.08       0.00
    -------------------------------------------------------------------------



    COMAPLEX MINERALS CORP.
    CONSOLIDATED STATEMENTS OF CASH FLOW
    -------------------------------------------------------------------------
    For the periods ended June 30 (unaudited)

                                         Three Months          Six Months
    ($000)                             2008       2007       2008       2007
    -------------------------------------------------------------------------
    OPERATING ACTIVITIES
      Net earnings (loss) for the
       period                         1,601        270      1,699       (441)
      Items not affecting cash
        Loss (gain) on sale of
        property and investments         38        (94)        38       (101)
        Stock based compensation        225        347        439        672
        Depletion, depreciation and
         accretion                       96        165        198        321
        Foreign exchange loss (gain)      8        119        (39)       140
        Future income taxes
         (recovery)                  (1,412)        (1)    (1,338)       663
    -------------------------------------------------------------------------
                                        556        806        997      1,254
    -------------------------------------------------------------------------
    Change in non-cash operating
     working capital
      Accounts receivable              (323)      (282)      (106)      (421)
      Prepaid expenses                  (28)        31        (10)       (21)
      Accounts payable and accrued
       liabilities                      217        299        263        735
    Asset retirement obligations
     settled                             (1)        (3)        (2)       (11)
    -------------------------------------------------------------------------
                                       (135)        45        145        282
    -------------------------------------------------------------------------
    Cash Provided By Operating
     Activities                         421        851      1,142      1,536
    -------------------------------------------------------------------------
    FINANCING ACTIVITIES
      Issue of shares pursuant to
       private placements            35,310          -     35,310     26,700
      Share option proceeds             162          -        162        638
      Share issue costs              (2,382)         -     (2,382)    (1,743)
    -------------------------------------------------------------------------
    Cash Provided By Financing
     Activities                      33,090          -     33,090     25,595
    -------------------------------------------------------------------------
    INVESTING ACTIVITIES
      Mineral exploration, property
       and equipment expenditures    (8,749)    (4,468)   (17,198)    (7,169)
      Mineral exploration, property
       and equipment disposals            -          -          -      1,463
      Oil and gas property and
       equipment expenditures           (41)       (81)       (59)      (123)
      Investments sold                   57        143         57        143
      Changes in non-cash working
       capital
        Accounts payable and accrued
         liabilities                  1,620          -      2,599          -
    -------------------------------------------------------------------------
    Cash Used In Investing
     Activities                      (7,113)    (4,406)   (14,601)    (5,686)
    -------------------------------------------------------------------------
    Foreign exchange (loss) gain on
     cash held in foreign currency       (8)      (119)        39       (140)
    -------------------------------------------------------------------------
    Net Cash Inflow (Outflow)        26,390     (3,674)    19,670     21,305
    Cash, Beginning of Period        14,267     29,738     20,987      4,759
    -------------------------------------------------------------------------
    Cash, End of Period              40,657     26,064     40,657     26,064
    -------------------------------------------------------------------------
    Cash, Interest Paid                   -          -          -          -
    Cash, Taxes Paid                      -          -          -          -



    COMAPLEX MINERALS CORP.
    NOTES TO THE CONSOLIDATED INTERIM
    FINANCIAL STATEMENTS
    -------------------------------------------------------------------------
    Periods ended June 30, 2008 and 2007 (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) 2007 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 2007 annual financial statements.

        The Company adopted Section 1535, "Capital Disclosures",
        Section 3862, "Financial Instruments - Disclosures" and Section 3863,
        "Financial Instruments - Presentation." All the above Sections were
        required to be adopted for fiscal years beginning on or after
        October 1, 2007. As a result the Company has added Note 7 providing
        the required disclosures regarding the Company's objectives, policies
        and processes for managing capital and the significance of financial
        instruments for the entity's financial position and performance; and
        the nature, extent and management of risks arising from financial
        instruments to which the entity is exposed.

        Accounting Changes

        In February 2008, the 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 will be applicable
        to financial statements relating to fiscal years beginning on or
        after October 1, 2008. Accordingly, the Company will adopt the new
        standards for its fiscal year beginning January 1, 2009. This
        standard establishes standards for the recognition, measurement,
        presentation and disclosure of goodwill subsequent to its initial
        recognition and of intangible assets by profit-oriented enterprises.
        Standards concerning goodwill are unchanged from the standards
        included in the previous Section 3062. The Company does not expect
        that the adoption of this new Section will have a material impact on
        its consolidated financial statements.

    2.  RELATED PARTIES

        The Company paid a management fee to Bonterra Energy Corp.
        (Bonterra Corp.) (a wholly owned subsidiary of Bonterra Energy Income
        Trust (Bonterra Trust) a publicly traded oil and gas income trust on
        the Toronto Stock Exchange) a company with common directors and
        management, of $165,000 (2007 - $150,000). Services provided by
        Bonterra Corp. include executive services (CEO and CFO duties),
        accounting services, oil and gas administration and office
        administration. Bonterra Corp owns 689,682 (December 31, 2007 -
        689,682) common shares in the Company. Bonterra Corp. is the
        administrator of Bonterra Trust.

        As of June 30, 2008, the Company owns 204,633 (December 31, 2007 -
        204,633) units in Bonterra Trust representing approximately
        one percent of the outstanding units of Bonterra Trust. The units
        have a carrying amount and a quoted market value of $7,483,000
        (December 31, 2007 - $4,909,000). The Company received distributable
        income in the first six months of 2008 of $250,000 (June 30, 2007 -
        $225,000).

        The Company also owns shares in Pine Cliff Energy Ltd. (Pine Cliff).
        Pine Cliff has common directors and management with the Company. The
        Company owns 346,250 (December 31, 2007 - 346,250) common shares
        representing less than one percent of the total issued and
        outstanding common shares of Pine Cliff. The shares have a carrying
        amount and a quoted market value of $308,000 (December 31, 2007 -
        $260,000). There have been no transactions between Pine Cliff and the
        Company.

    3.  INCOME TAXES

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

                                                       June 30,  December 31,
                                                          2008          2007
        ($000)                                          Amount        Amount
        ---------------------------------------------------------------------
        Future income tax assets:
          Capital assets                                 4,626         6,354
          Investments                                     (733)         (393)
          Asset retirement obligations                     177           173
          Share issue costs                                923           427
          Loss carry-forward (expires 2010)              1,186         1,729
          Other                                             71            71
        Valuation adjustment                                 -        (2,180)
        ---------------------------------------------------------------------
                                                         6,250         6,181
        ---------------------------------------------------------------------

        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
                                                       Utilization    Amount
                                                            %          ($000)
        ---------------------------------------------------------------------
        Undepreciated capital costs                       10-100         457
        Foreign exploration expenditures                    10           829
        Share issue costs                                   20         3,602
        Earned depletion expenses (successored)             25         2,299
        Canadian development expenditures                   30        19,565
        Non-capital loss carried forward (expires 2010)    100         4,625
        Canadian exploration expenditures (successored)    100        33,368
        Canadian exploration expenditures                  100        42,249
        ---------------------------------------------------------------------
                                                                     106,994
        ---------------------------------------------------------------------

        4.  SHARE CAPITAL

        Authorized
        Unlimited number of common shares without nominal or par value
        Unlimited number of first preferred shares
        Issued
                                                                 2008
        ---------------------------------------------------------------------
                                                                      Amount
                                                           Number      ($000)
        ---------------------------------------------------------------------
        Common Shares
        Balance, January 1, 2008                       46,611,970     76,173
        Issued pursuant to private placements           6,032,061     35,310
        Issue costs on private placements                       -     (2,382)
        Issued on exercise of stock options                60,000        162
        Transfer of contributed surplus to share
         capital                                                -         54
        Future tax adjustment on share issue costs              -        657
        Future tax adjustment on renouncement of tax
         pools                                                  -     (1,516)
        ---------------------------------------------------------------------
        Balance, June 30, 2008                         52,704,031    108,458
        ---------------------------------------------------------------------

        The number of shares used to calculate diluted net earnings per share
        for the periods ended June 30:

                                 Three Months            Six Months
                              2008        2007        2008        2007
        ---------------------------------------------------------------------
        Basic shares
         outstanding          48,225,920  44,871,762  47,418,945  44,580,230
        Dilutive effect of
         share options           805,218     700,305     841,703     594,185
        ---------------------------------------------------------------------
        Diluted shares
         outstanding          49,031,138  45,572,067  48,260,648  45,174,415
        ---------------------------------------------------------------------

        On December 14, 2007, the Company completed a private placement for
        649,999 flow through common shares for aggregate gross proceeds of
        $5,037,000. The adjustment to the future income tax asset has been
        recorded on the renouncement of the tax pools in the current period.

        On June 5, 2008, the Company completed a private placement for
        4,200,000 common shares at a price of $5.55 per common share for
        gross proceeds of $23,310,000. On June 5, 2008, the Company completed
        a private placement for 1,832,061 flow through common shares at a
        price of $6.55 per common share for gross proceeds of $12,000,000.
        The Company paid a total commission on both placements of
        5.75 percent ($2,030,000) of the gross proceeds plus additional share
        issue costs of approximately $352,000. The proceeds of the placement
        were used for the further exploration and development of the
        Meliadine properties.

        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 June 30, 2008 was 5,270,403. 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
        June 30, 2008 and December 31, 2007 and changes during the six months
        ended June 30, 2008 and year ending December 31, 2007 is presented
        below:

                                     June 30, 2008        December 31, 2007
        ---------------------------------------------------------------------
                                            Weighted-               Weighted-
                                             Average                 Average
                                 Options    Exercise     Options    Exercise
                                               Price                   Price
        ---------------------------------------------------------------------
        Outstanding at
         beginning of period   2,141,000       $3.40   2,397,200       $2.77
        Options issued            81,000        5.79     278,000        4.86
        Options exercised        (60,000)       2.70    (510,200)       1.25
        Options cancelled              -           -     (24,000)       3.20
        ---------------------------------------------------------------------
        Outstanding at end of
         period                2,162,000       $3.51   2,141,000       $3.40
        ---------------------------------------------------------------------
        ---------------------------------------------------------------------
        Options exercisable at
         end of period           659,000       $3.33     639,500       $3.17
        ---------------------------------------------------------------------
        ---------------------------------------------------------------------

        The following table summarizes information about options outstanding
        at June 30, 2008:

    -------------------------------------------------------------------------
                                 Weighted-
                                  Average     Weighted-             Weighted-
    Range of         Number      Remaining     Average    Number     Average
    Exercise       Outstanding  Contractual   Exercise Exercisable  Exercise
    Prices         At 06/30/08     Life        Price   At 06/30/08    Price
    -------------------------------------------------------------------------
    $3.20 to 3.60   1,833,000    1.4 years     $3.21     614,000       $3.21
    4.70 to 5.20      243,000    2.5 years      5.02      45,000        4.98
    5.30 to 5.60       36,000    2.5 years      5.53           -           -
    6.00 to 6.30       50,000    2.4 years      6.03           -           -
    -------------------------------------------------------------------------
    $3.20 to 6.30   2,162,000    1.5 years     $3.51     659,000       $3.33
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

        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     June 30,
        ($000)                                  2008      Income        2008
        ---------------------------------------------------------------------
        Gains on available-for-sale
         investments                           2,272       2,221       4,493
        ---------------------------------------------------------------------

                                                           Other
                                                          Compre-
                                           January 1,    hensive    December
                                                2007        Loss    31, 2007
        ---------------------------------------------------------------------
        Gains (losses) on available-for-sale
         investments                           2,595        (323)      2,272
        ---------------------------------------------------------------------


    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       Six months ended
                                         June 30                 June 30
        ($000)                      2008        2007        2008        2007
        Gross revenue
          Mineral exploration        136         407         328         496
          Oil and Gas              1,178         970       2,192       1,992
                                   ------      ------      ------      ------
                                   1,314       1,377       2,520       2,418
                                   ------      ------      ------      ------
                                   ------      ------      ------      ------
        Depletion, depreciation,
         accretion, and
         abandonment
          Mineral exploration         36          33          73          66
          Oil and Gas                 60         132         125         255
                                   ------      ------      ------      ------
                                      96         165         198         321
                                   ------      ------      ------      ------
                                   ------      ------      ------      ------
        Net earnings (loss)
          Mineral exploration      1,148        (156)        892      (1,213)
          Oil and Gas                453         426         807         772
                                   ------      ------      ------      ------
                                   1,601         270       1,699        (441)
                                   ------      ------      ------      ------
                                   ------      ------      ------      ------
        Property and equipment
         expenditures
          Mineral exploration      8,749       4,468      17,198       7,169
          Oil and Gas                 41          81          59         123
                                   ------      ------      ------      ------
                                   8,790       4,549      17,257       7,292
                                   ------      ------      ------      ------
                                   ------      ------      ------      ------
        Total assets
         (2007 amounts as of
         December 31, 2007)
          Mineral exploration                            126,840      89,930
          Oil and Gas                                      9,825       7,269
                                                         --------     -------
                                                         136,665      97,199
                                                         --------     -------
                                                         --------     -------

    7. FINANCIAL AND CAPITAL RISK MANAGEMENT

    Financial Risk Factors
    ----------------------
    The Company undertakes transactions in a range of financial instruments
    including:

        - Cash deposits;
        - Receivables;
        - 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 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 June 30,    As at December 31,
                                            2008                 2007
                                    Carry-               Carry-
                                      ing   Fair   Face    ing   Fair   Face
        ($000)                      Value  Value  Value  Value  Value  Value
        Financial assets
        Accounts receivable           814    814    823    708    708    711
        Investments                 7,792  7,792      -  5,257  5,257      -

        Financial liabilities
        Accounts payable and
         accrued liabilities        6,325  6,325  6,325  3,463  3,463  3,463

        The budgeted capital expenditure to working capital base figures for
        June 30, 2008 and December 31, 2007 are presented below:

                                                       June 30,  December 31,
        ($000)                                            2008          2007
        ---------------------------------------------------------------------
        Budgeted capital expenditure(1)                 23,787        25,985
        ---------------------------------------------------------------------
        Number of months budgeted                           18            12
        ---------------------------------------------------------------------
        Current assets                                  49,487        27,166
        Current liabilities                             (6,325)       (3,463)
        ---------------------------------------------------------------------
        Working capital                                 43,162        23,703
        ---------------------------------------------------------------------
        Budgeted capital expenditure to working
         capital base                                      0.6           1.1
        ---------------------------------------------------------------------
        Working capital to budgeted capital
         expenditure (in months)                          32.7          11.0
        ---------------------------------------------------------------------
       (1) Budgeted capital expenditure for June 30, 2008 and December 31,
           2007 can be materially different based on results of the
           underground bulk sampling and the surface drilling programs.

    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 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, in agreement with the Board of Directors,
        currently does not use risk management contracts to set price
        parameters for its production.

        Sensitivity Analysis

        The Company is still in the exploration stage of development of its
        mineral exploration properties and as such generates nominal cash
        flow or earnings from these properties. In addition the Company's
        petroleum and natural gas operations provide only moderate cash flow
        and as such, changes of $1.00 U.S. per barrel in the price of crude
        oil, $0.10 per MCF in the price of natural gas and $0.01 change in
        the Cdn/U.S. exchange rate would have no significant impact on the
        cash flow of the Company.

        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.

        Sensitivity Analysis

        Based on historic movements and volatilities in the interest rate
        markets, and management's current assessment of the financial
        markets, the Company believes that a one percent variation in the
        Canadian prime interest rate is reasonably possible over a 12 month
        period. No income tax effect has been calculated as the Company has
        more than sufficient tax pools.

        The following illustrates the annual impact of a one percent
        fluctuation in the Canadian prime interest rate:

                                                    As at
                                                June 30, 2008
        ---------------------------------------------------------------------
                                       Plus 1%                 Minus 1%
        ($000)                  Earnings      Equity    Earnings      Equity
        ---------------------------------------------------------------------
        Financial assets
        ----------------
        Cash deposits                407         407        (407)       (407)
        Accounts receivable            -           -           -           -
        Investments                    -           -           -           -
        Financial liabilities
        ---------------------
        Accounts payable and
         accrued liabilities           -           -           -           -
        ---------------------------------------------------------------------
        Total increase (decrease)    407         407        (407)       (407)
        ---------------------------------------------------------------------

                                                    As at
                                              December 31, 2007
        ---------------------------------------------------------------------
                                       Plus 1%                 Minus 1%
        ($000)                  Earnings      Equity    Earnings      Equity
        ---------------------------------------------------------------------
        Financial assets
        ----------------
        Cash deposits                210         210        (210)       (210)
        Accounts receivable            -           -           -           -
        Investments                    -           -           -           -
        Financial liabilities
        ---------------------
        Accounts payable and
         accrued liabilities           -           -           -           -
        ---------------------------------------------------------------------
        Total increase (decrease)    210         210        (210)       (210)
        ---------------------------------------------------------------------

        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 a major
              Canadian chartered bank.
           -  The majority of investments are only with entities that have
              common management with the Company.

        Of the accounts receivable balance at June 30, 2008 ($814,000) and
        December 31, 2007 ($708,000) over 90 percent relates to product sales
        with major oil and gas marketing companies all of which have always
        paid within 30 days.

        The Company assesses quarterly if there has been any impairment of
        the financial assets of the Company. During the three month period
        ended June 30, 2008 there was no impairment provision required on any
        of the 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.
           -  Maintains a continuous evaluation approach as to the
              requirements for its largest exploration program; the
              "Meliadine W est Project."
    

    %SEDAR: 00001166E




For further information:

For further information: Additional information relating to the Trust
may be found on SEDAR.COM as well as on the Trust's website at
www.bonterraenergy.com or by contacting George F. Fink, President, and CEO or
Garth E. Schultz, Vice President - Finance, and CFO at (403) 262-5307 or by
fax at (403) 265-7488

Organization Profile

COMAPLEX MINERALS CORP.

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