Comaplex Minerals Corp. and Gold Fields Announce a Further Equity Investment (Cdn$8.5 million) and Technical Assistance Cooperat
March 02 2005 - 12:11PM
PR Newswire (US)
Comaplex Minerals Corp. and Gold Fields Announce a Further Equity
Investment (Cdn$8.5 million) and Technical Assistance Cooperation
by Gold Fields JOHANNESBURG, South Africa, March 2
/PRNewswire-FirstCall/ -- Comaplex Minerals Corp. ("Comaplex")
(http://www.comaplex.com/) (TSX:CMF) and Gold Fields Limited ("Gold
Fields") (JSE and NYSE: "GFI") are pleased to announce that
Comaplex has entered into a subscription agreement (the
"Subscription Agreement") with Orogen Holdings (BVI) Limited
("Orogen"), an indirect wholly-owned subsidiary of Gold Fields,
whereby Orogen will purchase, on a non-brokered private placement
basis, 2,428,571 common shares of Comaplex at a price of Cdn. $3.50
per share for about aggregate gross proceeds to Comaplex of Cdn.
$8.5 million. This transaction is expected to close on March 4,
2005 and is subject to receipt of approval by the Toronto Stock
Exchange and the South African Reserve Bank. When combined with the
shares Orogen already owns in Comaplex, Orogen will own a total of
7,628,571 Comaplex shares, representing a total of 19.8 % of the
issued and outstanding shares of Comaplex after giving effect to
this transaction. Gold Fields has advised Comaplex that all of the
Comaplex common shares to be held by Orogen following completion
are for investment purposes and that Orogen may increase or
decrease its holdings at prices which it determines to be
attractive at any time pursuant to market transactions or
negotiated transactions. The proceeds of the placement will be
directed to the further exploration and development of the
Meliadine Properties, located in the Nunavut Territory in Canada,
managed by Comaplex. In connection with the closing of the equity
investment under the Subscription Agreement, Comaplex and Gold
Fields intend to enter into a Technical Assistance Agreement ("TA
Agreement") under which Gold Fields will provide technical
assistance in the planning and execution of the 2005 advanced
exploration program on the Meliadine West and other properties,
and, potentially additional programs thereafter. Under the terms of
the TA Agreement, Gold Fields will also provide expertise on
drilling locations, metallurgical testing, environmental and
regulatory studies, and other information necessary to proceed
towards a feasibility study. Comaplex is a junior resource company
that explores for precious metals, base metals and diamonds in
Canada and internationally. Gold Fields is one of the world's
largest unhedged gold producers, with annual production of
approximately 4.2 million ounces of gold and reserves of 75 million
ounces and mineral resources of 179 million ounces. Gold Fields is
listed on the JSE Securities Exchange (primary listing), NYSE, LSE,
Euronext in Paris and Brussels, and on the Swiss Exchange.
DATASOURCE: Gold Fields Limited and Comaplex Minerals Corp.
CONTACT: For additional information, please contact George F. Fink,
President and CEO, or Mark J. Balog, Vice President - Exploration,
of Comaplex at +1-(403)-265-2846 or Cheryl Martin, Vice President,
North American Investor Relations of Gold Fields, at
+1-(303)-796-8683. Orogen Holding (BVI) Limited, 9 Columbus Centre
, Pelican Drive, Road Town, Tortola, The British Virgin Islands;
Comaplex Minerals Corp., Suite 901, 1015 4th Street SW, Calgary,
Alberta, T2R 1J4
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