Plato Gold Updates on Option Agreements for Quebec Properties
TORONTO, ONTARIO -- (Marketwire) -- 02/14/13 -- Plato Gold Corp. (TSX VENTURE: PGC) ("Plato" or the "Company"), an exploration company with a portfolio of properties in significant gold mining camps in Northern Ontario, Northern Quebec, and Santa Cruz, Argentina is pleased to present an update on its option agreements with Globex Mining Enterprises Inc. and Threegold Resources Inc.
Upon mutual agreement, Plato Gold Corp. and Globex Mining Enterprises Inc. agreed to terminate their option agreement of August 8, 2006 on the Nordeau Bateman properties consisting of 44 claims. Upon termination of the option agreement, a 100% interest in the properties reverts back to Globex Mining Enterprises Inc.. Plato has reported exploration expenditures of $4,507,491 during the option period up to April 30, 2011 and met the milestone requirements of the agreement and the various amendments, up to the last amendment of December 31, 2011.
In November 2010, Plato signed an agreement granting Threegold Resources Inc. the option to earn a 75% interest in 53 claims in Vauquelin Township. Upon mutual agreement, both parties agreed to terminate the option. Plato received a total of $100,000 cash payment. As well, Threegold incurred exploration expenditures in accordance with the option agreement.
For full details, please visit us at www.platogold.com.
About Plato Gold Corp.
Plato is a Canadian gold exploration company listed on the TSX Venture Exchange with exploration projects in Northern Ontario, Northern Quebec and the Lolita Property in the province of Santa Cruz, Argentina.
The Northern Ontario project includes 4 properties: Guibord, Harker, Holloway and Marriott in the Harker/Holloway gold camp located east of Timmins, Ontario. In November 2010, Plato signed an agreement granting St Andrew Goldfields Ltd. the option to earn a 75% interest in the above properties. Currently the Holloway and Marriott properties remain in good standing. In July 2012, Plato sold a 50% interest in the Guibord property to Victory Gold Mines Inc. who amalgamated February 6, 2013 with Northern Gold Mining Inc. In February 2013, Plato sold an 80% interest in the Harker property to Northern Gold Mining Inc.
The Northern Quebec project includes 6 properties: Vauquelin, Vauquelin Pershing, Vauquelin Horseshoe, Pershing Denain, Hop O'My Thumb and Vauquelin II. All 6 properties are located near Val d'Or, Quebec, comprised of 243 mineral claims, totaling 4,341 hectares.
In Argentina, Plato holds a 75% interest in the Lolita Property comprised of a number of contiguous mineral rights totaling 27,857 hectares. Work has advanced on this exploration property to the point that it is drill-ready.
For additional company information, please visit: www.platogold.com.
Forward Looking Statements
This news release contains "forward-looking statements", within the meaning of applicable securities laws. These statements include, but are not limited to, statements regarding the,potential mineralization and resources, exploration results, and future plans and objectives. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, use of proceeds, level of activity, performance or achievements of Plato to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: risks related to exploration; actual resource viability, and other risks of the mining industry . Although management of Plato has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are incorporated by reference herein, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
Contacts:
Plato Gold Corp.
Anthony Cohen
President and CEO
416-968-0608
416-968-3339 (FAX)
info@platogold.com
www.platogold.com
