Plato Gold Announces Closing of Private Placement for $195,000

NOT FOR DISTRIBUTION IN THE UNITED STATES.

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
announce that it has closed its non-brokered private placement (the "Offering")
of $195,000, previously announced on September 14 and September 19, 2011.
Pursuant to the Offering, the Company issued 3,900,000 flow-through units for
purposes of the Income Tax Act (Canada) (the "Flow-Through Units") at a price of
$0.05 per Flow-Through Units for gross proceeds of $195,000.


Each Flow-Through Unit consists of one common share which qualifies as a "flow
through share" for purposes of the Income Tax Act (Canada) and 1/2 common share
purchase warrant. Each full common share purchase warrant partially comprising
the Flow-Through Units is exercisable to acquire one common share of the Company
for a period of eighteen months from the date of issuance thereof at an exercise
price of $0.10 per share. 


The proceeds from the sale of the Flow-Through Units will be used by the Company
for exploration work on its properties in the Val d'Or region in Quebec. 


The Company paid finders' fees in respect of purchases totalling $1,000 cash.

With the completion of the offering, there will be 143,591,655 common shares of
the Company issued and outstanding (222,456,591 common shares on a fully diluted
basis). 


Closing of the offering is subject to receipt of all required regulatory
approvals, including approval of the TSX Venture Exchange. All of the securities
issued pursuant to this offering will have a hold period expiring 4 months after
the closing date. 


Mr. Anthony Cohen, President and CEO of Plato Gold, stated "I am very pleased to
announce our current financing as this will enable the company to continue our
next stage of exploration work in Val d'Or, Quebec. The company remains focused
on our goal to increase the size of our NI 43-101 compliant resource in Val
d'Or, as well as our on going projects in Timmins, Ontario and in Santa Cruz,
Argentina". 


About Plato Gold Corp.

Plato Gold Corp. 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.
(TSX: SAS) the option to earn a 75% interest in the above properties.


The Northern Quebec project includes 7 properties: Nordeau Bateman, Vauquelin,
Vauquelin Pershing, Vauquelin Horseshoe, Pershing Denain, Hop O'My Thumb and
Vauquelin II. All 7 properties are located near Val d'Or, Quebec. In November
2010, Plato signed an agreement granting Threegold Resources Inc. (TSX-V: THG)
the option to earn a 75% interest in two of the above properties.


Plato is in the advanced exploration stage on the Nordeau West site with a NI
43-101 compliant gold resource reported on March 12, 2009. Highlights of the
Nordeau West mineral resource update include:


indicated resources of 30,212 oz Au on average grade of 4.17 g/t and 225,342
tonnes; and


inferred resources of 146,315 oz Au on average grade of 4.09 g/t and 1,112,321
tonnes.


In Argentina, the Lolita Property is comprised of 3 contiguous concessions and
work is advancing on this property with drill targets by year end. 


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.
Plato Gold (TSXV:PGC)
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