Goldcorp announced in mid-November that it will acquire Canadian exploration company Canplats Resources and its Camino Rojo project, located 50 km southeast of Goldcorp’s Peñasquito mine in Zacatecas, Mexico, in exchange for Goldcorp shares valued at about C$238 million. Camino Rojo’s 3,389-km2 land position 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. Inferred resources total 555,000 oz of gold and 7.6 million oz of silver.
A new exploration company will be formed to hold current Canplats interests in early-stage exploration properties in Durango and Chihuahua states in Mexico. All the shares of this new company (other than a 9.9% equity interest to be retained by Goldcorp) will be distributed to Canplats shareholders. The transaction was expected to close in January 2010.
With the Peñasquito mine achieving operational status, Goldcorp has accelerated its regional exploration and development initiatives, Goldcorp President and CEO Chuck Jeannes said: “The Camino Rojo project will benefit from strong synergies with Peñasquito in the areas of human talent, infrastructure and stakeholder partnerships. In addition, our total land package in the district will now exceed 4,600 km2, providing an abundance of compelling exploration targets. Along with the steady advancement of our
Noche Buena project located north of Peñasquito, we can envision a potential network of low-cost satellite operations that would contribute significantly to Peñasquito production over the long term.”