Plato Gold Corp. Announces Approval of Share Consolidation

Plato Gold Corp. (TSX VENTURE:PGC) ("Plato" or the "Company") is pleased to
announce that its shareholders approved a resolution authorizing an amendment to
the Company's articles of amalgamation to consolidate its common shares (the
"Common Shares") on the basis of one (1) post-consolidation Common Share for
every ten (10) pre-consolidation Common Shares (the "Share Consolidation") at
its Special Meeting of Shareholders held on Wednesday, March 14, 2012 (the
"Meeting"), previously announced on February 14, 2012. An aggregate of
63,915,149 shares were represented at the Meeting either in person or by proxy,
representing approximately 44.51% of the issued and outstanding Common Shares,
with approximately 98% of the votes being cast in favour of approving the Share
Consolidation. 


The principal resasons for the Share Consolidation include management's belief
that the Company will benefit from: greater investor interest; improved trading
liquidity; and an ability to raise additional capital at a higher price per
share. The change in the number of issued and outstanding Common Shares that
will result from the Share Consolidation will cause no change in the capital
attributable to the Common Shares and will not materially affect any
shareholder's percentage ownership in the Company, even though such ownership
will be represented by a smaller number of Common Shares. As at the date hereof,
there are an aggregate of 143,591,655 Common Shares issued and outstanding. It
is expected that, upon completion of the Share Consolidation, there will be an
aggregate of approximately 14,359,165 Common Shares issued and outstanding. 


The completion of the Share Consolidation is subject to the approval of the TSX
Venture Exchange (the "Exchange"). Materials are being submitted to the Exchange
requesting such approval and a further announcement will be made once such
approval is obtained. Following receipt of approval from the Exchange, the
Company will file articles of amendment with the Director under the Business
Corporations Act (Ontario) in order to give effect to the Share Consolidation.
Once completed, a letter of transmittal will be sent by mail to shareholders
advising them that the Share Consolidation has taken effect and instructing them
to surrender the certificates evidencing their pre-consolidation Common Shares
for replacement certificates representing post-consolidation Common Shares. No
delivery of a new share certificate to a shareholder will be made until the
shareholder has surrendered his, her or its current issued share certificate. 


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 three
properties Guibord, Holloway and Marriott remain in good standing. 


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:




i.  indicated resources of 30,212 oz Au on average grade of 4.17 g/t and
    225,342 tonnes; and 
ii. 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 program anticipated for 2012. 


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 potential mineralization and resources, exploration
results, future plans and objectives, the proposed Share Consolidation and the
anticipated benefits to the Company resulting from the proposed Share
Consolidation. 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: not
realizing on the anticipated benefits from the Share Consolidation; 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 as required in accordance with
applicable securities laws.
Plato Gold (TSXV:PGC)
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