Goldcorp Acquisition of Canplats

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As 2009 ended, Goldcorp emerged victorious in a takeover battle with Minera Penmont (44 percent owned by Newmont Mining Corporation with the remainder held by Mexican miner Fresnillo Plc.) to acquire Canplats Resources Corp.

 

The prize was Canplats’ Camino Rojo’s 3,389-square kilometre land position which includes the Represa Deposit; host to 3.44 million ounces of gold and 60.7 million ounces of silver on a measured and indicated resources basis.

 

Located in Zacatecas State in Central Mexico, Camino Rojo is approximately 50 kilometres southeast of Goldcorp’s Peñasquito mine.  The Peñasquito mine will be Mexico’s largest open pit mine once it is completed and commissioned in early 2011. As of December 2008, the deposit contained 17.4 million ounces of gold and 1.05 billion ounces of silver. Annual production over the life of mine (estimated 22 years) is expected to ramp up to approximately 500,000 ounces of gold, 30 million ounces of silver and over 400 million pounds of zinc.

 

By acquiring Canplats, Goldcorp will be able to benefit from strong synergies between Peñasquito and Camino Rojo, in the areas of human resources, infrastructure and stakeholder partnerships. Goldcorp took a similar strategy when it acquired the El Bermejal Gold Deposit in the Guerrero Gold Belt in the State of Guerrero, Mexico. El Bermejal was located only two kilometres south of Goldcorp’s Los Filos gold deposit.  Post acquisition, Goldcorp was able to operate the two open pit mines (Los Filos and El Bermejal) with a common heap leach, wet plant and ancillary facilities. 

 

Newstrike Capital Inc. has the largest property holding in the Guerrero Gold Belt. In addition to its 81,000 hectares of highly prospective mineral claims in the Guerrero Gold Belt, Newstrike recently entered into an agreement to acquire 21.2% of the Morelos Project from a wholly owned subsidiary company of Goldcorp Inc. The Morelos Project is an advanced stage gold exploration property located in Guerrero Gold Belt, approximately 180 km to the southwest of Mexico City. The Morelos Project consists of a group of seven claims, totaling 29,046 hectares. Gleichen Resources Ltd. has recently become operator of the Morelos Project. 

 

 

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