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 completed the
incorporation of a subsidiary in Argentina for work on its Lolita
Property in Santa Cruz, Argentina. In accordance with the joint
venture agreement announced on September 18, 2007, the new
incorporation, Winnipeg Minerals S.A., is 75% owned by Plato Gold
Corp and 25% owned by Paul G. Lhotka ("Lhotka").
Winnipeg Minerals S.A. will hold 100% of the Lolita property
comprised of a number of contiguous mineral rights totaling 27,857
hectares. The incorporation will allow the Company to advance its
work on the property with an anticipated drill program in late
2011.
Plato has formed a team of Argentine professionals to operate
Winnipeg Minerals S.A.. Mr. Julio Cesar Ortiz, Attorney at Law,
will serve as President of Winnipeg Minerals S.A., as well, he will
be responsible for legal counsel. Mr. Pablo Gonzalo Vicchi,
chartered accountant, will be responsible for accounting and local
financial management. Mr. Diego Charchaflie M.Sc., P.Geo, a
registered professional geologist, will be responsible for
exploration and will serve as the qualified person (QP) on the
project.
Dr. Paul G. Lhotka, Ph.D., P. Geo is President of Minera Latina
S.A. and a geologist based in Mendoza, Argentina. Dr. Lhotka will
continue to oversee the entire project and the advancement of the
Lolita Property.
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. 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, Plato holds 75% of interest in the Lolita Property
comprised of a number of contiguous mineral rights totaling 27,857
hectares. 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Plato Gold Corp. Anthony Cohen President and CEO
416-968-0608 416-968-3339
(FAX)info@platogold.comwww.platogold.com
Plato Gold (TSXV:PGC)
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