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Goldcorp Secures Camino Rojo Project

Stocks in this article: GG

(Goldcorp article updated with additional background information on the deal, along with movement in the stock price.)

NEW YORK ( TheStreet) -- Goldcorp (GG) has secured an important gold and silver resource near its Peñasquito mine in Zacatecas, Mexico.

Goldcorp announced Thursday that it had completed its acquisition of Canplats Resources, securing the Camino Rojo project.

Camino Rojo is situated about 50 kilometers southeast of Goldcorp's Peñasquito mine. It nearly quadruples Goldcorp's total land package in a core district.

Camino Rojo's 3,389-square-kilometer land package includes the Represa Deposit, which has reported measured and indicated resources of more than 3.4 million gold ounces and more than 60.7 million silver ounces.

Each Canplats share will be exchanged for C$4.60 in cash under the deal. Holders of each Canplats share will also receive a distribution from Canplats of one share in a new exploration company with a notional value of C$0.20 for total consideration of C$4.80 per share.

Goldcorp secured Canplats Resources after winning a bidding war against Newmont Mining (NEM) and others. Recently it also beat rival Barrick Gold (ABX) in a deal to acquire Chilean mine El Morro.

Goldcorp describes itself as the lowest-cost and fastest-growing multimillion ounce gold producer with operations throughout the Americas. The company says its gold production remains 100% un-hedged.

Shares in Goldcorp were down by almost 4%, to $33.78, in mid-morning trading, following the downward movement of the entire metals-and-mining sector Thursday.

-- Reported by Andrea Tse in New York


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