Comaplex Reports Updated Resource Estimates for Five Separate Gold Deposits
on the Meliadine Property

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

CALGARY, Jan. 12 /CNW/ - Comaplex Minerals Corp. (TSX-CMF) is pleased to report updated resource estimates for the Tiriganiaq, F Zone, Discovery, Wolf, and Pump gold deposits on the Meliadine property. The 2009 drill program (26,607 meters) was very successful and resulted in a substantial increase in the indicated and inferred mineral resources on the property. All five deposits continue to be open to depth and down plunge. The Meliadine property is located approximately 25 kilometers northwest of Rankin Inlet, Nunavut, Canada and is owned 100% by Comaplex Minerals Corp.

The Tiriganiaq, F Zone, and Discovery deposits have all had previous recent resource estimates by Comaplex. These are the first estimates completed by Comaplex for the Wolf and Pump deposits. All five resource estimates were completed by Snowden Mineral Industry Consultants of Vancouver and were prepared in accordance with CIM Definition Standards. A technical report of the resource estimates in compliance with Form NI43-101F1 will be compiled and filed on SEDAR in the next month. All drilling completed during the 2009 field season in the Tiriganiaq, F Zone, and Discovery deposits is included in the new estimates. The Wolf and Pump resource estimates are based on drilling done in previous years (last drilled in 1998).

Details on the resource estimates for each deposit are outlined below. Relative locations for the various deposits are outlined in the attached Figure 1 (http://files.newswire.ca/437/Fig1GeologyDeposits.pdf). Total resources for the Meliadine Gold Project (all 5 deposits) are estimated to be:

    
    Total Measured and Indicated Resources (5 deposits) = 3,291,800 oz gold
    Total Inferred Resources (5 deposits) = 1,729,600 oz gold

    Category               Tonnage      Grade (g/t Au)       Contained oz Au
    --------               -------      --------------       ---------------
    Measured               295,500               10.6                100,600
    Indicated           12,652,000                7.8              3,191,200
    Inferred             8,385,600                6.4              1,729,600


    Tiriganiaq Gold Deposit - Updated Resource Estimate
    ---------------------------------------------------
    

Drilling in the Western Deeps portion of the Tiriganiaq gold deposit in 2009 delineated gold mineralization in a number of different lodes. Aggressive infill drilling of the 1255 and 1153 lodes accounted for most of the meters drilled. Specific targets in the upper parts of the Tiriganiaq deposit also underwent confirmation drilling.

Recent open pit planning and cost estimation studies indicate a pit depth of approximately 90 meters (the 9980m level) is expected for the Tiriganiaq deposit. The cut-off grades that have been used are 2.5 g/t gold for open pit resources above the 9980m elevation and 5.5 g/t gold for the underground resources below the 9980m level.

Details on the January 2010 Tiriganiaq Deposit resource estimate are outlined below:

    
    Tiriganiaq Deposit - Mineral Resources above 9980m level (to 90m below
    ----------------------------------------------------------------------
    surface)
    --------

    cut-off grade
    (g/t Au)        category     tonnage    grade (g/t Au)   contained oz Au
    -------------   --------     -------    --------------   ---------------
    2.5             Measured     180,400              8.4             48,900
    2.5            Indicated   3,190,000              5.7            582,000
    2.5             Inferred     632,900              3.7             74,300


    Tiriganiaq Deposit - Mineral Resources below 9980m level (below 90m from
    ------------------------------------------------------------------------
    surface)
    --------

    cut-off grade
    (g/t Au)        category     tonnage    grade (g/t Au)   contained oz Au
    -------------   --------     -------    --------------   ---------------
    5.5             Measured     115,100             14.0             51,700
    5.5            Indicated   6,296,800             10.1          2,038,300
    5.5             Inferred   3,623,700              8.3            962,700
    

To directly compare this year's resource estimate with the April 2009 estimate, Snowden re-ran the 2009 estimate at the new pit depth of 90 meters below surface (all other parameters being equal). Indicated and Measured ounces of gold in Tiriganiaq increased by 29% and Inferred ounces for the deposit increased by 14% (see below). The deposit is completely open to depth and down plunge.

    
    M & I (Tiriganiaq)     2010  9.78 M tonnes at 8.7 g/t gold  2.72M oz gold
                           2009   7.61M tonnes at 8.6 g/t gold  2.11M oz gold

    Inferred (Tiriganiaq)  2010  4.26 M tonnes at 7.6 g/t gold  1.04M oz gold
                           2009  3.98 M tonnes at 7.1 g/t gold  0.91M oz gold
    

Block grades were estimated using a combination of Multiple Indicator (1000, 1025, 1050 and 1100 lodes) and Ordinary Kriging estimation techniques (all other lodes). Top-cuts on sample composites, ranging between 82.2 and 6.3 g/t gold, were applied where required.

    
    F Zone Gold Deposit - Updated Resource Estimate
    -----------------------------------------------
    

Significant drilling (2712 meters in 33 holes) was completed in the open pit portions of the F Zone deposit in 2009. The goal was to elevate the resource status of the various small deposits that comprise the F Zone. Previous work had outlined four small open pittable deposits at F Zone. This was increased to six based on the 2009 drilling.

Gold mineralization is open to depth in each of the F Zone deposits and limited drilling has been completed to determine the underground potential in the zone. Consequently, pit depths vary depending on the level of drilling in each of the small deposits, but a maximum pit depth of 120m was used for the largest pit. Cutoff grades of 2.5 g/t gold for the open pit mineralization and 5.5 g/t gold for the underground were used for the estimation work.

    
    F Zone Deposit - Mineral Resources above 9940m level (to 120m below
    -------------------------------------------------------------------
    surface)
    --------

    cut-off grade
    (g/t Au)        category     tonnage    grade (g/t Au)   contained oz Au
    -------------   --------     -------    --------------   ---------------
    2.5            Indicated   1,358,800              4.7            205,300
    2.5             Inferred     994,700              4.0            126,500


    F Zone Deposit - Mineral Resources below 9940m level (below 120m from
    ---------------------------------------------------------------------
    surface)
    --------

    cut-off grade
    (g/t Au)        category     tonnage    grade (g/t Au)   contained oz Au
    -------------   --------     -------    --------------   ---------------
    5.5            Indicated        3800              5.8                700
    5.5             Inferred     499,500              7.9            126,300
    

The 2010 F Zone resource estimate results in a notable increase in the contained ounces of gold over those estimated and released in February 2009. The main reason for this increase is due to increased drilling into the deposit which allowed a re-interpretation of the mineralized lodes. The February 2009 resources were based on an interpretation of the entire ironstone package, containing internal waste and highly variable gold grades. The 2010 resource estimate is based on an interpretation of three narrow and continuous lodes containing higher gold grades, usually hosted in or near quartz veins.

To directly compare the two resource estimates, Snowden re-ran the February 2009 resources using the new pit depth at the 9940m level and the new cutoff grades of 2.5 and 5.5 g/t gold. The 2010 Indicated resource estimate increased contained ounces of gold by 50% and contained ounces of gold in the Inferred resources are estimated to have increased by 56% over the previous estimates.

    
    Indicated (F)   2010     1.36 M tonnes at 4.6 g/t gold     0.21M oz gold
                    2009     0.95 M tonnes at 4.5 g/t gold     0.14M oz gold

    Inferred (F)    2010     1.49 M tonnes at 5.3 g/t gold     0.25M oz gold
                    2009     1.22 M tonnes at 4.2 g/t gold     0.16M oz gold
    

Block grades for the F Zone were estimated using the Ordinary Kriging estimation technique. Top-cuts on sample composites, ranging between 40.0 and 14.0 g/t gold, were applied where required.

    
    Discovery Gold Deposit - Updated Resource Estimate
    --------------------------------------------------
    

The new 2010 Discovery resource estimate is the first estimate released on the deposit since the January 2008 resource estimate completed by former partner Resource Capital Fund. Two small drill programs were completed at Discovery in 2008 and 2009. The 2010 resource estimate was (for the first time) completed by Snowden. Higher cutoff grades of 3.0 g/t and 6.0 g/t gold were used to compensate for greater transportation costs to move the ore from the Discovery deposit to the proposed mill site near the Tiriganiaq deposit.

    
    Discovery Deposit - Mineral Resources to 120m below surface
    -----------------------------------------------------------

    cut-off grade
    (g/t Au)        category     tonnage    grade (g/t Au)   contained oz Au
    -------------   --------     -------    --------------   ---------------
    3.0            Indicated   1,368,400              5.4            237,200
    3.0             Inferred     139,600              4.4             19,600

    Discovery Deposit - Mineral Resources below 120m from surface
    -------------------------------------------------------------

    cut-off grade
    (g/t Au)        category     tonnage    grade (g/t Au)   contained oz Au
    -------------   --------     -------    --------------   ---------------
    6.0            Indicated     434,200              9.1            127,600
    6.0             Inferred     466,200              8.4            126,200
    

Both the 2008 and 2010 Discovery resource estimates used the same depth and cutoff grade parameters, so in comparison, the new 2010 Discovery resource estimate is a 50% increase in indicated ounces and a 15% increase in Inferred ounces of gold (see below).

    
    Indicated (Disc.)   2010   1.80 M tonnes at 6.3 g/t gold   0.36M oz gold
                        2008   0.84 M tonnes at 8.8 g/t gold   0.24M oz gold

    Inferred (Disc.)    2010   0.60 M tonnes at 7.5 g/t gold   0.14M oz gold
                        2008   0.50 M tonnes at 8.1 g/t gold   0.13M oz gold
    

The MIK estimation technique was used in the Discovery deposit, therefore, no top cuts were required.

    
    Wolf and Pump Deposits - New Resource Estimates
    -----------------------------------------------
    

The Wolf and Pump gold deposits were initially drilled by former partner WMC International Ltd. in the late 1990's and resources for each were estimated by WMC in 2001. No additional drilling has been completed on either zone by Comaplex since that time. The Wolf and Pump zones are within five and two kilometers, respectively, from the proposed mill site and both are likely candidates for drilling by Comaplex in 2010.

The following resource estimates for the Wolf and Pump zones were completed by Snowden to CIM standards and are based on historical drill data. While substantial Indicated and Inferred Mineral Resources were estimated for each zone by WMC in 2001, Comaplex (and Snowden) have estimated smaller, more conservative Inferred (only) resources for each deposit at this time.

The Wolf Zone consists of two separate gold deposits: Wolf North and Wolf Main (different iron formation hosts approximately 200 meters apart located four kilometers along strike to the west of the Tiriganiaq deposit).

    
    Wolf Deposit - Mineral Resources above the 9950m level (to 110m below
    ---------------------------------------------------------------------
    surface)
    --------

    cut-off grade
    (g/t Au)        category     tonnage    grade (g/t Au)   contained oz Au
    -------------   --------     -------    --------------   ---------------
    Wolf North 2.5  Inferred     463,400              3.9             58,400
    Wolf Main 2.5   Inferred     340,600              3.7             40,000


    Wolf Deposit - Mineral Resources below the 9950m level (below 110m from
    -----------------------------------------------------------------------
    surface)
    --------

    cut-off grade
    (g/t Au)        category     tonnage    grade (g/t Au)   contained oz Au
    -------------   --------     -------    --------------   ---------------
    Wolf North 5.5  Inferred        2500               6.1               500
    Wolf Main 5.5   Inferred     176,900               6.6            37,700

    Inferred (Wolf)    Total   0.98 M tonnes at 4.3 g/t gold   0.14M oz gold
    

Resource estimation at the Wolf zone was completed by Ordinary Kriging. Top cuts on sample composites, ranged from 16.0 to 8.8 g/t gold, where required. Geological controls at Wolf are similar to all of the other deposits on the property and the deposit would benefit from additional drilling in 2010.

    
    Pump Deposit - Mineral Resources above the 9980m level (to 75m below
    --------------------------------------------------------------------
    surface)
    --------

    cut-off grade
    (g/t Au)        category     tonnage    grade (g/t Au)   contained oz Au
    -------------   --------     -------    --------------   ---------------
    2.5             Inferred     824,800              4.2            110,600


    Pump Deposit - Mineral Resources below the 9980m level (below 75m from
    ----------------------------------------------------------------------
    surface)
    --------

    cut-off grade
    (g/t Au)        category     tonnage    grade (g/t Au)   contained oz Au
    -------------   --------     -------    --------------   ---------------
    5.5             Inferred     220,800              6.6             46,800

    Inferred (Pump)    Total   1.04 M tonnes at 4.7 g/t gold   0.16M oz gold
    

Resource estimation at the Pump zone was also completed using the Ordinary Kriging estimation technique with top cuts on sample composites ranging from 15.0 g/t to 3.1g/t gold, where required.

    
    Other
    -----
    

Now that the resource estimates have been updated, Comaplex will be engaging a feasibility contractor in the very near future to begin a Feasibility Study on the Meliadine Gold Project. The company is well financed for both the Feasibility work and an extensive 2010 exploration program on the property.

Mr. George Gilchrist (Pr.Sci.Nat.) and Ms. Pamela De Mark (P.Geo., MAusIMM.) of Snowden Mining Industry Consultants Inc., Doug Dumka (P. Geo.) and Mark Balog, (P.Geol.) of Comaplex Minerals Corp. are Qualified Persons as defined by NI 43-101. Mr. Gilchrist and Ms. De Mark are independent of Comaplex. Snowden has verified the technical information contained in this news release pertaining to the updated Tiriganiaq, F Zone, and Discovery deposits gold resource estimates and to the new resource estimates for the Wolf and Pump deposits. Mr. Balog and Mr. Dumka have verified the technical information contained in this news release. Doug Dumka, P.Geo. is the Exploration Manager for Comaplex and is the designated Qualified Person as defined by NI 43-101 for the Meliadine West Project.

The footnotes below apply to the resource tables within this release.

    
    1.  Resource classifications conform to the CIM Standard Definitions
        (2005) on Mineral Resources and Mineral Reserves referred to in
        National Instrument 43-101.
    2.  Mineral resources that are not reserves do not have demonstrated
        economic viability;
    3.  'Measured' and 'Indicated' mineral resources are that part of a
        mineral resource for which quantity and grade can be estimated with a
        level of confidence sufficient to allow for the application of
        technical and economic parameters to support mine planning and
        evaluation of the economic viability of the deposit;
    4.  An 'Inferred' mineral resource is that part of a mineral resource for
        which quantity and grade can be estimated on the basis of geological
        confidence and limited sampling and reasonably assumed, but not
        verified;
    5.  The estimated metal content does not include any consideration of
        mining, mineral processing, or metallurgical recoveries.
    6.  Tonnes, grade, and ounces have been rounded and this may be resulted
        in minor discrepancies in the totals.
    

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Not for distribution to United States newswire services or dissemination in the United States.

Mr. Dumka supervised drill hole planning, implementation and quality control/quality assurance programs at the Meliadine West project for 2008. Drill core analysis is performed on cut, half NQ core with standard fire assay procedures and a gravimetric finish (2 assay ton, 1000 gram pulp). QA/QC programs employ the insertion of external standards (low to high grade Au), blanks, and core duplicates every 20 samples. All assaying was completed by TSL Laboratories Ltd. based in Saskatoon, Saskatchewan. TSL completes its own internal QA/QC by inserting a standard, blank, pulp duplicate, and coarse reject duplicate in every batch of 20 analyses. QA/QC compliance was rigorously checked on a continuous basis during the exploration program. Meterage provided is measured down hole and intersection widths are interpreted to be approximately 75% of true width, unless otherwise noted.

Forward Looking Statements - This news release contains "forward-looking statements", including, but not limited to, statements regarding our expectations as to the mineral resource estimates. Forward-looking statements express, as at the date of this report, our plans, estimates, forecasts, projections, expectations or beliefs as to future events or results. We caution that forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause results or events to differ materially form current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks and hazards, environmental risks and hazards, uncertainty as to calculation of mineral resources, requirement of additional financing, and other risks.

%SEDAR: 00001166E

SOURCE COMAPLEX MINERALS CORP.

For further information: For further information: George F. Fink (President and CEO), Mark Balog (Chief Operating Officer), or Kirsten Kulyk (Manager-Investor Relations) at (403) 265-2846 or visit our website at www.comaplex.com or www.sedar.com

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