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Canplats Resources Says Camino Rojo Project Hosts 3.44 mln oz Gold Measured and Indicated, 0.56 mln

Last updated: 15:00 25 Nov 2008 AEDT, First published: 16:00 25 Nov 2008 AEDT

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TSX-listed Canplats Resources Corp said 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 oz, and inferred resources of 0.555 million oz at its wholly-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 group said.

"Our first year of drilling at the Camino Rojo project has been a resounding success," said 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 independent qualified person Doug Blanchflower, PGeo, and was based upon 14,228 assays from 111 diamond and reverse circulation drill holes totaling 35,997 meters.

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.

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