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Plato Gold Sells 80% Interest in Harker Properties and Enters Joint Venture Agreement With Northern Gold Mining Inc.
Published : February 01, 2013
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TORONTO, ONTARIO--(Marketwire - Feb. 1, 2013) - 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 Québec, and Santa Cruz, Argentina is pleased to announce that it has sold 80% interest in its Harker Properties to Northern Gold Mining Inc. and entered into a joint venture agreement with Northern Gold in exchange for:

  • CDN$200,000 payable to Plato; and

  • 250,000 common shares of Northern Gold issuable to Plato.

Following completion of the transaction, Plato will retain a 20% participating interest in the Harker Properties. If at any time, either party's interest is reduced to 10% or less, such interest shall be surrendered and the forfeiting party shall be granted a one percent (1%) NSR from production on the Harker Properties. The non-forfeiting party shall have the right and option to purchase the entire 1% NSR for $1,000,000.

Upon completion Plato will hold 425,000 shares of Northern Gold Mining Inc.

The transaction is subject to receipt of all approvals required by the parties, including that of the TSX Venture Exchange (the "TSXV").

About Plato Gold Corp.

Plato 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 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. In July 2012, Plato sold 50% interest in the Guibord property to Victory Gold Mines Inc.

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. 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:

  1. indicated resources of 30,212 oz Au on average grade of 4.17 g/t and 225,342 tonnes; and
  2. 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 a drill program anticipated for 2013 subject to available financing.

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.

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
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Plato Gold Corp.

EXPLORATION STAGE
CODE : PGC.V
ISIN : CA72766E1025
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In the News and Medias of Plato Gold Corp.
11/9/2010Plato Gold options Timmins Gold project to St. Andrew Goldfi...
5/19/2010To restart drill bit in Quebec this week
5/4/2010Gears up for 750 meter drill program at Nordeau East Propert...
4/21/2010Plato Gold continues investment in Ontario and Santa Cruz du...
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.
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.
6/21/2013Reports on Sale of Quebec Claims to Monarques
2/14/2013s on Option Agreements for Quebec Properties
2/1/2013Sells 80% Interest in Harker Properties and Enters Joint Ven...
12/13/2012Welcomes the Amalgamation Between Victory Gold and Northern ...
12/3/2012Threegold Resources Terminate Its Option on Hop O'My Thumb a...
11/29/2012Receives Payment from St Andrew on Option Agreement
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...
4/21/2011Closes 2nd Tranche for $249,000 and Announces Aggregate Incr...
4/12/2011Increases Diamond-Drilling to 10,000 Metres on Nordeau East ...
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