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Camino Rojo Hosts 3.44 Million Ounces Gold Measured & Indicated
With Additional 0.56 Million Ounces Inferred
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Vancouver, B.C., - 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)
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Size Grade
----------------------------------------- Gold Silver
Tonnes Gold Silver Zinc Lead Ounces Ounces
Category (Millions) (g/t) (g/t) (%) (%) (000's) (000's)
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Measured 9.58 0.76 13.40 0.34 0.29 235 4,126
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Indicated 153.81 0.65 11.44 0.37 0.18 3,210 56,582
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Total M&I 163.39 0.66 11.56 0.37 0.19 3,445 60,708
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Inferred 31.03 0.56 7.63 0.31 0.10 555 7,612
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(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.
For further information, contact:
Corporate Information:
Canplats Resources Corporation
R.E. Gordon Davis
Chairman and C.E.O.
Direct: (604) 629-8292
Canplats Resources Corporation
Bruce A. Youngman
President and C.O.O.
Direct: (604)-629-8293
Investor Inquiries:
Blaine Monaghan
Director, Investor Relations
Direct: (604) 629-8294
Toll-Free: (866) 338-0047
G2 Consultants Corporation
NA Toll-Free: (866) 742-9990
Tel: (604) 742-9990
Fax: (604) 742-9991
To receive Canplats' news releases by e-mail, contact Blaine Monaghan,
Director, Investor Relations, at info@canplats.com or (866) 338-0047.
The TSX Venture Exchange has neither approved nor disapproved of the
information contained herein. 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:
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Cut-off Size Grade
--------------------------------------------- Gold Silver
Gold Tonnes Gold Silver Ounces Ounces
(g/t) (Millions) (g/t) (g/t) (000's) (000's)
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0.30 56.21 0.76 13.76 1,382 24,866
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0.20 63.94 0.70 13.26 1,444 27,268
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0.10 67.03 0.68 13.04 1,461 28,094
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Inferred:
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Cut-off Size Grade
--------------------------------------------- Gold Silver
Gold Tonnes Gold Silver Ounces Ounces
(g/t) (Millions) (g/t) (g/t) (000's) (000's)
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0.30 1.98 0.61 11.34 39 722
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0.20 2.41 0.55 10.89 42 843
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0.10 2.64 0.51 10.65 44 905
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REPRESA TRANSITIONAL MINERAL RESOURCES
Measured & Indicated:
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Cut-off Size Grade
--------------------------------------------- Gold Silver
Gold Tonnes Gold Silver Ounces Ounces
(g/t) (Millions) (g/t) (g/t) (000's) (000's)
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0.30 21.05 0.71 16.23 478 10,983
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0.20 24.55 0.64 15.39 507 12,149
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0.10 25.42 0.63 15.18 511 12,412
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Inferred:
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Cut-off Size Grade
--------------------------------------------- Gold Silver
Gold Tonnes Gold Silver Ounces Ounces
(g/t) (Millions) (g/t) (g/t) (000's) (000's)
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0.30 2.00 0.56 12.15 36 781
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0.20 2.41 0.51 11.74 39 910
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0.10 2.49 0.50 11.70 40 937
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REPRESA SULPHIDE MINERAL RESOURCES
Measured & Indicated:
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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)
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0.40 54.32 0.72 9.80 0.39 0.14 1,263 17,121
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0.30 74.89 0.62 8.84 0.36 0.13 1,494 21,291
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0.20 100.88 0.52 7.88 0.34 0.11 1,701 25,570
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Inferred:
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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)
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0.40 17.94 0.66 7.53 0.32 0.09 381 4,344
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0.30 26.21 0.56 6.95 0.31 0.08 474 5,858
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0.20 35.76 0.48 6.42 0.29 0.08 550 7,384
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The TSX Venture Exchange has neither approved nor disapproved of the
information contained herein.
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Copyright (c) 2008 CANPLATS RESOURCES CORP. (CPQ) All rights reserved.
For more information visit our website at http://www.canplats.com/ or
send mailto:info@canplats.com
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