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Canplats is a junior exploration company focused on exploration for platinum and palladium mineralization in the Nipigon Plate area north of Thunder Bay, Ontario but have also staked a property in Durango

Canplats Resources Corporation   [CPQ:TSX-V]

Rodeo Epithermal Gold Prospect, Durango. Canplats Resources Corporation is pleased to report the acquisition through staking of a 100% interest in the Rodeo epithermal gold prospect located approximately 150 kilometers north of Durango, Mexico. The property is subject to a finder's fee consisting of a 0.25% net smelter royalty and 2% of total exploration expenditures. The finder's fee is capped at US$500,000.

Work to date on the 975-hectare (9.3 sq. mi.) property indicates the presence of the upper levels of a large precious metal-bearing epithermal system with some near-surface bulk tonnage potential. In addition, there is potential for bonanza-grade gold veins and mantos at depth over significant strike lengths.

The Rodeo property is located along a major northwest-trending system of basin-and-range normal faults juxtaposing silicified, iron-stained and locally clay-altered Tertiary intermediate-to-felsic volcanic rocks against altered, silicified and brecciated Cretaceous silty limestones and shales.

The Rodeo prospect was explored in the 1990s by Monarch Resources de Mexcico, S.A. de C.V., whose objective was to locate near-surface, bulk tonnage gold mineralization. Monarch completed extensive mapping, selective and grid rock chip sampling, and reverse circulation drilling. Sampling demonstrated highly anomalous disseminated and vein-controlled values in gold, silver, arsenic, antimony and mercury. Strong geochemical anomalies were noted in multiple target areas over significant lengths and widths.

In a 16-hole program of reverse circulation drilling totalling 2,251 meters, Monarch reported that the most interesting values came from the West Vein Swarm, an extensive surface gold anomaly. Drilling confirmed strongly anomalous gold and silver values at shallow depths but did not test for potential bonanza-grade mineralization at depth. The results from five holes drilled on a portion of the vein swarm are summarized here:

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Hole No. From To Interval Gold Silver
(in meters) (in meters) (in meters) (in g/t) (in g/t)
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RD-5 26 38 12 0.20 2.1
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RD-8 24 34 10 0.30 6.0
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RD-13 32 72 40 0.39 15.1
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RD-14 40 104 64 0.31 7.4
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RD-15 8 82 74 0.73 14.9
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incl. 14 42 28 1.37 9.3
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Work to date shows there are at least five targets on the property, including the West Vein Swarm, that require further work both near surface and at depth. The combined strike length of the five targets exceeds 4,000 meters. Shear zones and the epithermal system can be traced for 8,000 meters on the prospect. With 20 -- 50 meter widths of well-developed breccias, the Rodeo property represents significant size potential.

Press Release 12Feb03