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Market: TSX, NYSE
Sector: Gold Mining
Epic: TSX:G
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Web Site: Goldcorp
Other Articles: 18-02-201010-02-201021-01-2010

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Goldcorp

Goldcorp

Goldcorp is one of the world's largest gold mining companies employing more than 9,000 people worldwide. Goldcorp has 16 operations and development projects focused throughout the Americas with over 70% of reserves in NAFTA countries.  

Monday, November 16, 2009

GoldCorp snaps up Camino Rojo Gold-Silver Property Through C$238m Canplats Acquisition

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Goldcorp Inc. (TSX: G, NYSE: GG) are set to acquire Toronto listed Canplats Resources Corporation (TSX-V: CPQ) for a total consideration of approximately C$238 million. The acquisition will be carried out through a ‘plan of arrangement’, Canplats shareholders will receive 0.074 common shares in GoldCorp for each share held, which implies a price of C$3.42 per share to Canplats shareholders.


Upon closing, Goldcorp will assume ownership of Canplats' Camino Rojo Project, which is located 50km southeast of Goldcorp's Penasquito mine. The Camino Rojo's 3,389km₂ land position includes the Represa deposit, which has reported measured and indicated resources of 3,445,000 gold ounces and 60,708,000 silver ounces with inferred resources of 555,000 ounces of gold and 7,612,000 ounces of silver.


In addition to the GoldCorp shares, Canplats shareholders will also receive equity in a new company which will contain the other remaining Canplats assets.


The new company’s assets will include C$10m and Canplats' existing interests in precious and base metal projects in Mexico including the Rodeo and El Rincon properties, located in Durango and the Mecatona, Maijoma and El Alamo properties, located in Chihuahua. GoldCorp will retain 9.9% in the new company whilst the remaining equity will be proportionately distributed among Canplats shareholders.


Canplats' CEO and Chairman Gordon Davis commented on the agreed takeover:
"The agreement provides our shareholders with immediate value and the prospect for future gains through a newly-incorporated company that will have C$10 million in the treasury, an exciting portfolio of precious and base metal projects in Mexico, and a significant and strategic shareholder, Goldcorp."

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