UPDATE 1-Minera Penmont again trumps Goldcorp's Canplats bid

* Minera Penmont offers C$4.60/shr

* Minera Penmont's deal betters Goldcorp's sweetened bid

* Goldcorp has five business days to revise its terms (Adds offer details, background)

Dec 28 (Reuters) - Canada's gold and silver producer Canplats Resources <CPQ.V> said late on Sunday that Minera Penmont's rival bid to acquire the company is better than Goldcorp's <G.TO> sweetened offer.

As per the revised deal, Minera Penmont -- a joint venture of Fresnillo Plc <FRES.L> and Newmont Mining <NEM.N> -- will offer C$4.60 ($4.39) for each Canplats share, up from its earlier offer of C$4.20 it made on Dec. 22.

Minera Penmont's rival bid follows Goldcorp's Christmas eve bid of C$4.40 a share -- consisting of C$4.20 in cash and one share of a newly formed company valued at 20 Canadian cents a share, which was then accepted by Canplats.

Goldcorp has a period of five business days expiring on Jan. 5 to amend the terms of the agreement, failing which Canplats will go with Minera Penmont's deal, the company said in a statement.

Both buyers are eager to acquire Canplats' Camino Rojo gold-silver deposit in Mexico, which sits close to Goldcorp's Pensaquito gold-silver mine.

The Represa deposit at Camino Rojo hosts 3.44 million ounces of gold and 60.7 million ounces of silver on a measured and indicated resources basis.

Under both offers, most of Canplats' other projects would be spun off into the new company. ($1=1.049 Canadian Dollar) (Reporting by Sakthi Prasad in Bangalore; Editing by Muralikumar Anantharaman)