Canplats Resources Corporation
TSX VENTURE : CPQ

Canplats Resources Corporation

September 24, 2009 08:30 ET

Canplats Commences Pre-Feasibility Studies At Camino Rojo

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 24, 2009) - Canplats Resources Corporation (TSX VENTURE:CPQ) is pleased to announce that the in-house technical assessment of the Represa Zone has now been completed and the Company has engaged Mine and Quarry Engineering Services, Inc. ("MQes") of San Mateo, California, to conduct a pre-feasibility study for the project. The Represa pre-feasibility study will provide a comprehensive technical and economic examination of key parameters for large-scale heap-leach mining of oxide and transitional mineralization. One aspect of this program, further metallurgical testwork, is currently underway.

MQes is a specialized consulting and engineering company supplying geological, mining and process engineering services to the mining industry worldwide. The company comprises a group of leading professionals in the technical disciplines of geology, geostatistics, mine planning, mineral dressing, metallurgy, chemical engineering, process design, cost estimation, and project management, supported by mechanical, electrical, civil, structural and instrumentation design engineers.

The wholly-owned Camino Rojo project hosts measured and indicated resources estimated at 3.44 million ounces of gold and 60.7 million ounces of silver at the Represa Zone with additional inferred resources of 0.56 million ounces of gold and 7.6 million ounces of silver (see news release dated November 24, 2008 and table to follow). Mineralization remains open for further expansion in both strike directions and to depth.

The Represa Zone is situated in flat terrain within an area of excellent infrastructure, less than 5 kilometers from a paved highway and high voltage power lines. Canplats is actively pursuing the acquisition of surface rights in the Represa area.

REPRESA MINERAL RESOURCE SUMMARY(i)

CategorySizeGradeGold
Ounces
(000's)
Silver
Ounces
(000's)
Tonnes
(Millions)
Gold
(g/t)
Silver
(g/t)
Zinc
(%)
Lead
(%)
Measured 9.580.7613.400.340.29 235 4,126
Indicated153.810.6511.440.370.183,21056,582
Total M&I163.390.6611.560.370.193,44560,708
Inferred 31.030.56 7.630.310.10 555 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.

To receive Canplats' news releases by e-mail, contact Blaine Monaghan, Director, Investor Relations, at info@canplats.com or (866) 338-0047.

Statements contained in this news release that are not historical fact, such as statements regarding the economic prospects of the company's projects, future plans or future revenues, timing of development or potential expansion or improvements, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, the company's ability to raise sufficient capital to fund development, changes in economic conditions or financial markets, changes in prices for the company's mineral products or increases in input costs, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in Mexico, technological and operational difficulties or inability to obtain permits encountered in connection with exploration and development activities, labour relations matters, and changing foreign exchange rates, all of which are described more fully in the company's filings with the Securities and Exchange Commission.

Cautionary note to U.S. investors: The terms "measured mineral resource", "indicated mineral resource", and "inferred mineral 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 ("NI 43-101") under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves. 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 mineral resources" in particular have a great amount of uncertainty as to their economic 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 generally 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 mineral resource exists, or is economically or legally mineable. Disclosure of contained metal expressed in ounces is in compliance with NI 43-101, but does not meet the requirements of Industry Guide 7 of the SEC, which will only accept the disclosure of tonnage and grade estimates for non-reserve mineralization.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Canplats Resources Corporation - Corporate Information
    R.E. Gordon Davis
    Chairman and C.E.O.
    Direct: (604) 629-8292
    or
    Canplats Resources Corporation
    Bruce A. Youngman
    President and C.O.O.
    Direct: (604)-629-8293
    or
    Canplats Resources Corporation - Investor Inquiries
    Blaine Monaghan
    Director, Investor Relations
    Direct: (604) 629-8294 or Toll-Free: (866) 338-0047
    info@canplats.com
    www.canplats.com
    or
    G2 Consultants Corporation
    NA Toll-Free: (866) 742-9990 or (604) 742-9990
    (604) 742-9991 (FAX)
    canplats@g2consultants.com