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Strategies & Market Trends : Ride the Tiger with CD

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From: rubbersoul	5/23/2008 12:51:45 PM
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From SH: Canplats Resources (CPQ : TSX-V : $3.95) - Speculative Buy - Target: C$7.50 Nicholas Campbell Comment: Represa extended - resource potential expanded; raising target price to C$7.50 from C$5.75 and maintaining SPEC BUY rating Canplats Resources released an additional 21 RC drill holes from the Represa zone at its Camino Rojo project. The RC drilling extended the near- surface mineralization at the Represa zone roughly 200m to the east and 150m to the west-southwest. We find the results to the southwest to be particularly encouraging given that they demonstrate that high-grade mineralization continues beyond the fault that lies on the western edge of the Represa high-grade zone. Drilling in the southwest also intersected the first higher-grade sulphide intervals on the Camino Rojo project, which could have significant implications for project development. The RC drill holes within the Represa high-grade core give us greater confidence in our previous resource estimate, and the extension of the Represa zone to the east and west-southwest significantly expands the resource potential. We have increase our pro forma resource estimate for the Represa zone to 5.4 million gold-equivalent ounces from 3.7 million gold-equivalent ounces previously. We continue to value Canplats based on an in situ value methodology to the potential gold-equivalent resources at the Camino Rojo project. Applying a US$65/oz value to our pro forma resource estimate for the Represa zone and a US$55/oz value for the regional exploration upside potential at Camino Rojo gives us a new target price of C$7.50 per share, up from C$5.75 per share previously. We maintain our SPECULATIVE BUY recommendation on the shares of Canplats Resources.

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