VANCOUVER — Goldcorp is making plans to acquire all of the outstanding common shares of Canplats Resources, gaining ownership of Canplats' Camino Rojo project 50 km southeast of Goldcorp's Penasquito mine. Camino Rojo includes the Represa deposit which has reported measured and indicated resources of 3.4 million oz of gold and 60.7 million oz of silver.
The deal is worth approximately C$238 million. Goldcorp is offering 0.074 of a common share of Goldcorp for each share of Canplats. Canplats shareholders will also receive a 90.1% interest in a new exploration company (newco). Newco will hold cash in the amount of $10 million and Canplats' existing interests in a number of precious and base metal projects in Mexico.
The takeover has been approved by the boards of directors of Goldcorp and Canplats and will be subject to, among other things, the favourable vote of two-thirds of the holders of Canplats' common shares, options and warrants voting as a single class at a special meeting of Canplats' security holders called to approve the transaction.
Canplats has prepared a preliminary assessment of the Camino Rojo project and estimated an initial capital outlay of US$133.8 million to create a mine with an annual production of 122,330 oz of gold and 902,100 oz of silver over 10.4 years.
More details are posted at www.Canplats.com.