2012-12-13 18:42:14 -
TORONTO, ONTARIO -- (Marketwire) -- 12/13/12 -- 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 the Company welcomes the amalgamation between Victory Gold Mines Inc. and Northern Gold Mining Inc., as announced by Northern Gold on December 12, 2012.
In accordance with the announced amalgamation, Plato will tender their 1,000,000 shares of Victory Gold for 500,000 shares of Northern Gold at a deemed price of $0.37 per share. As announced on July 26, 2012, the 1,000,000 shares were acquired as part of the payment from Victory Gold for 50% interest in 16 claims in the Guibord Properties owned by Plato.
In addition, Plato currently holds 175,000 shares of Northern Gold. The 175,000 shares were acquired as part of the payment for the 24 Harker Garrison Claims sold to Northern Gold, as announced on May 25, 2011.
Upon completion of the amalgamation between Victory Gold and Northern Gold, Plato will hold a total of 675,000 shares of Northern Gold.
"With the amalgamation of Victory Gold and Northern Gold, Plato holds a significant number of shares in Northern Gold - a dynamic, growing, future production company. Plato looks forward to seeing our investment grow in value. The Company will continue to acquire strategic properties and create value," said Anthony Cohen, President of Plato Gold Corp.
For full details, please visit us at www.platogold.com.
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 two properties Holloway and Marriott remain in good standing. In July 2012, Plato sold 50% interest in the Guibord property to Victory Gold Mines Inc., which was subsequently acquired by Northern Gold Mining Inc.
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.
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
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.
President and CEO
416-968-3339 (FAX) firstname.lastname@example.org