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CPQ Canplats Resources Corp Com Npv

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Share Name Share Symbol Market Type
Canplats Resources Corp Com Npv TSXV:CPQ TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Canplats Resources Corporation: Camino Rojo Hosts 3.44 Million Ounces Gold Measured & Indicated With Additional 0.56 Million Oun

24/11/2008 2:31pm

Marketwired Canada


Canplats Resources Corporation (TSX VENTURE:CPQ) is pleased to announce that the
first independent resource estimate for the Represa Zone has established
measured resources of 0.235 million ounces gold, indicated resources of 3.210
million ounces gold, and inferred resources of 0.555 million ounces gold at the
100% owned Camino Rojo project located in the State of Zacatecas, Mexico. A
total of 60.7 million ounces of silver resources have also been outlined in
measured and indicated categories. This initial resource estimate demonstrates
the size and strength of the Represa mineral system, which remains open for
expansion in both strike directions and to depth.


The independent resource estimate incorporates results from 111 drill holes
completed by Canplats since late October, 2007. A summary of mineral resources
is tabulated below, with a breakdown of oxide, transitional and sulphide
mineralization shown in the attached tables.




REPRESA MINERAL RESOURCE SUMMARY(i)

-------------------------------------------------------------------------
                Size                Grade
            -----------------------------------------      Gold    Silver
              Tonnes    Gold   Silver    Zinc    Lead    Ounces    Ounces
Category   (Millions)   (g/t)    (g/t)     (%)     (%)   (000's)   (000's)
-------------------------------------------------------------------------
Measured        9.58    0.76    13.40    0.34    0.29       235     4,126
-------------------------------------------------------------------------
Indicated     153.81    0.65    11.44    0.37    0.18     3,210    56,582
-------------------------------------------------------------------------
Total M&I     163.39    0.66    11.56    0.37    0.19     3,445    60,708
-------------------------------------------------------------------------
Inferred       31.03    0.56     7.63    0.31    0.10       555     7,612
-------------------------------------------------------------------------
(i) Based upon a cut-off grade of 0.2 grams gold per tonne for oxide and
    transitional resources, with a cut-off grade of 0.3 grams gold per
    tonne for sulphide resources.



"Our first year of drilling at the Camino Rojo project has been a resounding
success," commented Gordon Davis, Canplats' Chairman and CEO. "This resource
estimate establishes the Represa Zone as one of the most significant new gold
discoveries in recent years in the Americas. We are particularly pleased to have
established a large component of at or near-surface oxide mineralization, and
that more than 86% of the total gold resources are already classified as
measured and indicated."


The Camino Rojo resource estimate was prepared by Doug Blanchflower, P.Geo., an
Independent Qualified Person as defined by National Instrument 43-101 of the
Canadian Securities Administrators. The estimate was based upon 14,228 assays
from 111 diamond and reverse circulation drill holes totaling 35,997 meters.
Grades were estimated by ordinary kriging methods after drill hole assays were
capped at 9.5 grams gold per tonne and composited into 2 meter intervals. Gold
values displayed a classic "bell" distribution of values, with cross-validation
indicating a very good correlation between real and estimated values. Tonnage
estimates were based upon 357 specific gravity and bulk density measurements,
utilizing a density of 2.681 grams/cc for all resources. A technical report
detailing the resource estimate will be filed on www.sedar.com within 45 days.


The Represa Zone is situated in a broad flat valley in an area of excellent
infrastructure, less than 5 kilometers from a paved highway and high voltage
power lines. It is located 50 kms to the southeast of Goldcorp's large-scale
Penasquito Mine.


In addition to the Represa Zone and adjacent Don Julio Zone, a number of
promising target areas have been identified on the 340,000 hectare (more than
1,300 square miles) property and will be followed up with reconnaissance
exploration programs. Two initial drill holes on geophysical targets 1,200
meters to the southwest of the Don Julio Zone intersected favourable alteration
but no significant values. Metallurgical testwork has been initiated, with
preliminary test results expected in the coming weeks.


A conference call will be held today at 5:00PM Eastern time. To participate,
please dial 416-644-3418 or 800-733-7560. A replay of the call will be available
for one week starting at 7:00PM Eastern time. To listen to the replay, please
dial 416-640-1917 or 877-289-8525 and enter pass code number 21290275.


Ken McNaughton, Vice-President Exploration of Canplats Resources is the
qualified person responsible for the Camino Rojo exploration program. All
samples were submitted for preparation in Guadalajara, Mexico and analysis at
its facilities in Vancouver, B.C. by ALS Chemex. All samples were analyzed using
aqua regia digestion with ICP finish. All gold samples were fire assayed with an
AA finish and all samples over 10 ppm gold were re-assayed using a fire assay
with a gravimetric finish. Samples over 100 ppm silver were reanalyzed using
four acid digestion with an ore grade AA finish. One in 20 samples was blind
duplicate assayed at ALS Chemex in Vancouver, B.C.


To receive Canplats' news releases by e-mail, contact Blaine Monaghan, Director,
Investor Relations, at info@canplats.com or (866) 338-0047. Some of the
statements contained in the company's news releases may be forward-looking
statements such as the company's future plans, objectives and goals. The
statements that are not historical facts are forward-looking statements
involving known and unknown risks and uncertainties which could cause actual
results to vary considerably from these statements. The risks and uncertainties
include general and economic conditions as well as those described in Canplats'
SEC Form 20F.


Cautionary note to U.S. investors concerning disclosure of estimates of mineral
resources and contained ounces of gold and silver: The terms "measured
resource", "indicated resource" and "inferred resource" used in this news
release are Canadian geological and mining terms as defined in accordance with
National Instrument 43-101, Standards of Disclosure for Mineral Projects under
the guidelines set out in the Canadian Institute of Mining, Metallurgy and
Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves,
adopted by the CIM Council as may be amended from time to time by the CIM. We
advise U.S. investors that while such terms are recognized and permitted under
Canadian regulations, the SEC does not recognize them. U.S. investors are
cautioned not to assume that any part or all of the mineral deposits in the
measured and indicated categories will ever be converted into reserves.
"Inferred resources" have a great amount of uncertainty as to their existence,
and great uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any part of an inferred mineral resource will ever be
upgraded to a higher category. Under Canadian rules estimates of inferred
mineral resources may not form the basis of feasibility or other economic
studies. U.S. investors are cautioned not to assume that any part or all of an
inferred resource exists, or is economically or legally mineable. Disclosure of
gold and silver resources expressed in ounces in the mineral resource categories
in this news release are in compliance with National Instrument 43-101, but does
not meet the requirements of Industry Guide 7, Description of Property by
Issuers Engaged or to be Engaged in Significant Mining Operations, of the SEC,
which will accept only the disclosure of tonnage and grade estimates for
non-reserve mineralization.




REPRESA OXIDE MINERAL RESOURCES

Measured & Indicated:
--------------------------------------------------------------------------
Cut-off        Size              Grade
---------------------------------------------           Gold        Silver
Gold         Tonnes         Gold       Silver         Ounces        Ounces
(g/t)     (Millions)        (g/t)        (g/t)        (000's)       (000's)
--------------------------------------------------------------------------
0.30          56.21         0.76        13.76          1,382        24,866
--------------------------------------------------------------------------
0.20          63.94         0.70        13.26          1,444        27,268
--------------------------------------------------------------------------
0.10          67.03         0.68        13.04          1,461        28,094
--------------------------------------------------------------------------

Inferred:
--------------------------------------------------------------------------
Cut-off        Size              Grade
---------------------------------------------           Gold        Silver
Gold         Tonnes         Gold       Silver         Ounces        Ounces
(g/t)     (Millions)        (g/t)        (g/t)        (000's)       (000's)
--------------------------------------------------------------------------
0.30           1.98         0.61        11.34             39           722
--------------------------------------------------------------------------
0.20           2.41         0.55        10.89             42           843
--------------------------------------------------------------------------
0.10           2.64         0.51        10.65             44           905
--------------------------------------------------------------------------


REPRESA TRANSITIONAL MINERAL RESOURCES

Measured & Indicated:
--------------------------------------------------------------------------
Cut-off        Size              Grade
---------------------------------------------           Gold        Silver
Gold         Tonnes         Gold       Silver         Ounces        Ounces
(g/t)     (Millions)        (g/t)        (g/t)        (000's)       (000's)
--------------------------------------------------------------------------
0.30          21.05         0.71        16.23            478        10,983
--------------------------------------------------------------------------
0.20          24.55         0.64        15.39            507        12,149
--------------------------------------------------------------------------
0.10          25.42         0.63        15.18            511        12,412
--------------------------------------------------------------------------

Inferred:
--------------------------------------------------------------------------
Cut-off        Size              Grade
---------------------------------------------           Gold        Silver
Gold         Tonnes         Gold       Silver         Ounces        Ounces
(g/t)     (Millions)        (g/t)        (g/t)        (000's)       (000's)
--------------------------------------------------------------------------
0.30           2.00         0.56        12.15             36           781
--------------------------------------------------------------------------
0.20           2.41         0.51        11.74             39           910
--------------------------------------------------------------------------
0.10           2.49         0.50        11.70             40           937
--------------------------------------------------------------------------


REPRESA SULPHIDE MINERAL RESOURCES

Measured & Indicated:
-------------------------------------------------------------------------
Cut-off         Size                Grade
-----------------------------------------------------      Gold    Silver
Gold          Tonnes    Gold   Silver    Zinc    Lead    Ounces    Ounces
(g/t)      (Millions)   (g/t)    (g/t)     (%)     (%)   (000's)   (000's)
-------------------------------------------------------------------------
0.40           54.32    0.72     9.80    0.39    0.14     1,263    17,121
-------------------------------------------------------------------------
0.30           74.89    0.62     8.84    0.36    0.13     1,494    21,291
-------------------------------------------------------------------------
0.20          100.88    0.52     7.88    0.34    0.11     1,701    25,570
-------------------------------------------------------------------------

Inferred:
-------------------------------------------------------------------------
Cut-off         Size                Grade
-----------------------------------------------------      Gold    Silver
Gold          Tonnes    Gold   Silver    Zinc    Lead    Ounces    Ounces
(g/t)      (Millions)   (g/t)    (g/t)     (%)     (%)   (000's)   (000's)
-------------------------------------------------------------------------
0.40           17.94    0.66     7.53    0.32    0.09       381     4,344
-------------------------------------------------------------------------
0.30           26.21    0.56     6.95    0.31    0.08       474     5,858
-------------------------------------------------------------------------
0.20           35.76    0.48     6.42    0.29    0.08       550     7,384
-------------------------------------------------------------------------

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