Plato Gold Sells Harker Garrison Claims to Northern Gold for $72,000 Cash and 175,000 Shares of NGM
Published : May 25, 2011
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Keywords :   Argentina | Diamond | Gold |

TORONTO, ONTARIO--(Marketwire - May 25, 2011) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES

Plato Gold Corp. (TSX VENTURE:PGC) ("Plato" or the "Company") an exploration company with a portfolio of properties in the prolific gold mining camps of Northern Ontario, Northern Quebec, and Santa Cruz (Argentina), is pleased to announce that it has entered into a definitive agreement to sell a 100% interest in its 24 Harker Garrison Claims to Northern Gold Mining Inc. (TSX-V: NGM) ("Northern Gold").

"I am very pleased to have completed this deal with Northern Gold," said Anthony J. Cohen, President & CEO of Plato Gold Corp. "Together with our recent option agreements with St. Andrews Goldfields Ltd. and Threegold Resources Inc., we are participating in many top quality gold projects with other leading companies, as well as growing our own high potential gold developments"

The 24 claims are being sold for a cash payment of $72,000 and 175,000 common shares of Northern Gold. The Agreement is subject to closing and approval of the TSX-Venture Exchange. The 24 claims are strategically located in Garrison and Harker Townships.

The Agreement is also subject to an underlying 2% GMR royalty on all metals produced from the property and is held by Géoconseils Jack Stoch Ltée (Géoconseils) in accordance with an Agreement between Géoconseils and Plato dated November 27th, 2007. 

"This combination of property acquisition and staked claims provides Northern Gold with significant new property expansion and exploration potential near its Garrison Gold Property. With new properties located both north and south of the Destor-Porcupine Fault, Northern Gold's land package strategically situated to provide a solid exploration base in this developing gold camp between Matheson and the Québec border," said Martin Shefsky, President and CEO of Northern Gold Mining Inc.

About Northern Gold Mining

Northern Gold Mining Inc. is a TSX-V listed, publicly traded junior resource company based in Toronto, Ontario, dedicated to the discovery and development of high value mineral deposits in the proven mining camps of Kirkland Lake and Timmins in North Eastern Ontario. Northern Gold is focused on developing two advanced stage gold deposits on the Garrison Gold Property. The Property is located within the Abitibi greenstone belt along the Porcupine-Destor and the Munro Fault systems. The Property hosts several gold mineralized showings in addition to the two advanced stage exploration targets, the Jonpol and Garrcon Deposits, for each of which NI 43-101 compliant mineral resources have been calculated, and the less advanced 903 gold mineralized area. Historic Diamond drilling by previous operators was completed in all three referenced areas. The Jonpol Technical Report was posted on SEDAR October 21, 2009 and the Garrcon Technical Report was posted on SEDAR November 5, 2010. The Garrison Gold Property has historic mining infrastructure at both the Jonpol and Garrcon Deposits and producing mines are located in close proximity to the property. On May 13, 2011, the Company completed its purchase of 100% ownership of the Garrison Gold Property from ValGold Resources Inc.

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 Québec and the Lolita Property in the province of Santa Cruz, Argentina.

The Northern Ontario project includes 5 properties: Guibord, Harker, Harker-Garrison, 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 four of the above properties.

The Northern Québec 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, Québec. 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 initial work has been started on this property.

For additional company information, please visit: www.platogold.com.

Not for Distribution in the United States.

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.

Plato Gold Corp.
Anthony Cohen
President and CEO
416-968-0608
416-968-3339 (FAX)
info@platogold.com
www.platogold.com
Data and Statistics for these countries : Argentina | All
Gold and Silver Prices for these countries : Argentina | All

Plato Gold Corp.

EXPLORATION STAGE
CODE : PGC.V
ISIN : CA72766E1025
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Plato Gold is a gold exploration company based in Canada.

Plato Gold holds various exploration projects in Argentina and in Canada.

Its main exploration properties are LOLITA in Argentina and GUIBORD SITE, HARKER SITE and HOLLOWAY SITE in Canada.

Plato Gold is listed in Canada. Its market capitalisation is CA$ 4.3 millions as of today (US$ 2.7 millions, € 2.4 millions).

Its stock quote reached its highest recent level on December 23, 2005 at CA$ 0.28, and its lowest recent point on January 01, 2016 at CA$ 0.01.

Plato Gold has 143 591 655 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
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Financings of Plato Gold Corp.
4/18/2011Announces Extension of Private Placement
4/5/2011Announces 1st Closing of Private Placement Totaling $345,000
3/14/2011Announces Proposed Private Placement of Up to $800,000
Nominations of Plato Gold Corp.
5/17/2011Adds Peter Hubacheck to Board of Directors
Financials of Plato Gold Corp.
2/18/2015Reports on 2014 Year End Results
8/27/2013Reports on Second Quarter Results
5/23/2013Reports on First Quarter Results
4/23/2013Reports on 2012 Year End Results
10/31/2012Reports on Third Quarter Results
6/23/2011Reports on First Quarter Results
3/30/2011Reports on 2010 Year End Results and Grant of Options
Project news of Plato Gold Corp.
6/8/2011(Lolita)- Ground Magnetic Survey Complete, IP Survey in Planning, o...
3/7/2011(Lolita)- Ground Magnetic Survey Underway, Lolita Property in Santa ...
2/28/2011(Holloway Site)St. Andrews Goldfields Starts Drill Program on Optioned Plat...
Corporate news of Plato Gold Corp.
5/26/2016Plato Gold Reports on First Quarter 2016 Results
8/26/2015Plato Gold Reports on Second Quarter 2015 Results
8/26/2015Plato Gold Reports on Second Quarter Results
2/22/2015Plato Gold Reports on 2014 Year End Results
2/18/2015Plato Gold Reports on 2014 Year End Results
11/27/2014Plato Gold Reports on Third Quarter Results
11/26/2014Plato Gold Reports on Third Quarter 2014 Results
8/27/2014Plato Gold Reports on Second Quarter Results
5/21/2014Plato Gold Reports on First Quarter Results
4/24/2014Plato Gold Reports On 2013 Year End Results
6/21/2013Reports on Sale of Quebec Claims to Monarques
2/1/2013Sells 80% Interest in Harker Properties and Enters Joint Ven...
10/10/2012Reports Victory Gold Announces Drill Campaign Results
6/28/2011Completes Sale of Harker Garrison Claims to Northern Gold fo...
5/25/2011Sells Harker Garrison Claims to Northern Gold for $72,000 Ca...
5/18/2011Announces Preliminary Assay Results from Drilling Program: N...
5/3/2011Oversubscribed With Final Closing of $231,000 for an Aggrega...
4/12/2011Increases Diamond-Drilling to 10,000 Metres on Nordeau East ...
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