Gold Stocks; Plato Gold and Globex Mining Announce Amendment to Option Agreement on Val d'Or Property
TORONTO, ONTARIO--(http://www.investorideas.com/ mining and gold stocks blog ) - Sept. 28, 2010) -
NOT FOR DISTRIBUTION IN THE UNITED STATES.
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 an amendment of the original August 8, 2006 Option Agreement (the "Option Agreement") with Globex Mining Enterprises Inc.("Globex") (TSX: GMX) on the Nordeau Bateman properties in Val d'Or, Quebec.
The Option Agreement has been amended to allow funding and completion of exploration expenditures due December 30, 2010 to April 30, 2011. All other conditions of the original Option Agreement and subsequent Amendments remain the same. This extension is subject to approval by the TSX Venture Exchange.
"With gold passing through $1,300 per oz, these are exciting times for the gold sector," said Anthony Cohen, President and CEO. "Our Nordeau West site which reported on March 12, 2009 a NI 43-101 compliant resource (see details below) is well located in an area with strong mining infrastructure. We intend to continue our work in the area with further drilling in the months ahead."
"Plato is concurrently working on two other active gold projects in Timmins, Ontario and in Santa Cruz, Argentina. The success of neighbouring projects in Timmins and in Argentina makes Plato an attractive and well positioned exploration company," said Cohen.
For full details, please visit us at www.platogold.com.
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.
The Northern Quebec project includes 6 properties: Nordeau Bateman, Vauquelin, Vauquelin Pershing, Vauquelin Horseshoe, Pershing Denain, and Hop O'My Thumb. All 6 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:
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.
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.
NOT FOR DISTRIBUTION IN THE UNITED STATES.
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 an amendment of the original August 8, 2006 Option Agreement (the "Option Agreement") with Globex Mining Enterprises Inc.("Globex") (TSX: GMX) on the Nordeau Bateman properties in Val d'Or, Quebec.
The Option Agreement has been amended to allow funding and completion of exploration expenditures due December 30, 2010 to April 30, 2011. All other conditions of the original Option Agreement and subsequent Amendments remain the same. This extension is subject to approval by the TSX Venture Exchange.
"With gold passing through $1,300 per oz, these are exciting times for the gold sector," said Anthony Cohen, President and CEO. "Our Nordeau West site which reported on March 12, 2009 a NI 43-101 compliant resource (see details below) is well located in an area with strong mining infrastructure. We intend to continue our work in the area with further drilling in the months ahead."
"Plato is concurrently working on two other active gold projects in Timmins, Ontario and in Santa Cruz, Argentina. The success of neighbouring projects in Timmins and in Argentina makes Plato an attractive and well positioned exploration company," said Cohen.
For full details, please visit us at www.platogold.com.
About Plato Gold Corp.
Plato Gold Corp. is a Canadian junior 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.
The Northern Quebec project includes 6 properties: Nordeau Bateman, Vauquelin, Vauquelin Pershing, Vauquelin Horseshoe, Pershing Denain, and Hop O'My Thumb. All 6 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:
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.
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.
For more information, please contact
Plato Gold Corp.
Anthony Cohen
President and CEO
416-968-0608
416-968-3339 (FAX)
info@platogold.com
www.platogold.com
Plato Gold Corp.
Anthony Cohen
President and CEO
416-968-0608
416-968-3339 (FAX)
info@platogold.com
www.platogold.com
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