TORONTO, ONTARIO--(Marketwire - May 3, 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 significant gold mining camps in Northern Ontario, Northern Quebec, and Santa Cruz, Argentina is pleased to announce that it closed the third and final tranche of its non-brokered private placement offering (the "Offering") previously announced on March 14, 2011 and April 18, 2011. Pursuant to the Offering, for the third and final closing, the Company issued 4,620,000 Units (the "Units") at a price of $0.05 per Unit for gross proceeds of up to $231,000.

The offering was over subscribed with aggregate funds totalling $825,000 at the final closing.

Each Unit shall be comprised of one common share in the capital of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant shall entitle its holder to acquire one Common Share at an exercise price of $0.10 per share for a period of 24 months from the date of closing.

The Company will use the proceeds from the Offering for work on its Lolita Property in Santa Cruz, Argentina and on its Nordeau East Property in Val d'Or, Quebec, as well as for working capital and general corporate purposes.

For the third and final closing, the Company paid finders' fees in respect of purchases totalling $16,170 cash commission and the issuance of 323,400 warrants to acquire common shares of the Company for a period of 24 months from the date of closing of the Private Placement at an exercise price of $0.08 per share. Each warrant is exchangeable for one common share of the Company. In aggregate, the Company paid $57,750 in finders' fees and 1,155,000 in warrants for the completed offering.

With the completion of the Offering, there will be 139,691,655 common shares of the Company issued and outstanding (216,606,591 common shares on a fully diluted basis). Final closing of the offering is subject to receipt of all required regulatory approvals, including final approval of the TSX Venture Exchange. All of the securities issued pursuant to this offering will have a hold period expiring four months after the closing date.

Mr. Anthony Cohen, President and CEO of Plato Gold, stated "I am very pleased to see our private placement oversubscribed, as this is our company's first placement with European investors. To have European institutional investors make significant investments in Plato Gold is evidence that this group of investors are pleased with the company's strategic plan of developing precious metals properties in world class gold and silver camps and developing them further utilizing the latest exploration technology. As we move forward with our work programs in both Santa Cruz, Argentina and in Val d'Or, Quebec, the support from the global investment community will be paramount to our long term success".

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 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 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 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.