Twice in late December 2009, Goldcorp matched competing bids for Canplats Resources from Minera Penmont, a joint venture of Fresnillo and Newmont Mining, following which Minera Penmont withdrew from the bidding. Goldcorp initially made an agreed offer for Canplats on November 16, 2009 (E&MJ, December 2009, p. 14) that valued Canplats at C$3.60 per share, the offer being largely based on an exchange of Goldcorp shares. The agreement included a provision allowing Goldcorp to match any subsequent superior offer for Canplats.

On December 22, Penmont made an all-cash offer for Canplats of C$4.20 per share. Goldcorp matched that offer two days later. On December 27, Penmont increased its offer to $4.60 per Canplats share, and on December 29, Goldcorp matched the second Penmont offer. On January 8, 2010, Penmont advised it did not intend to make further proposals.

A Canplats shareholders meeting to vote on Goldcorp’s $4.60-per-share offer was scheduled for January 28, 2010.

Canplats’ primary asset is its Camino Rojo project, located 50 km southeast of Goldcorp’s Peñasquito mine in Mexico. The Camino Rojo project’s land position includes the Represa deposit, which has 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.

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