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TORONTO, ONTARIO--(Marketwire - Feb. 28, 2011) -
NOT FOR DISTRIBUTION IN THE UNITED STATES.
Plato Gold Corp. (TSX VENTURE:PGC) ("Plato") 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 St Andrew Goldfields Ltd. has commenced a 1,000-1,500 metre initial surface drilling program with 4-5 holes on Plato's Holloway Property.
The drilling will occur along the western margin of Plato's property, which is located approximately 3 kilometres to the east of the Holloway and Holt mines and in close proximity to St. Andrew's Ghost and Deep Thunder zones. The drilling will initially follow-up on a relatively shallow, historical hole, namely N85-6, drilled in 1985 that returned 64.8 g/t Au over 0.4 metres, as reported in the NI 43-101 compliant technical report by Watts, Griffis and McOuat Limited, dated January 28, 2004.
Drilling at other prospective targets on the Holloway Property will be assessed and may be the focus of exploration later in the year.
"I am pleased to see the drill program starting on Holloway Property," said Anthony J. Cohen, President and CEO. "With our drill program at Nordeau East started earlier this month (see February 1, 2011 press release) and St. Andrew Goldfields starting work in the Timmins Gold Camp, we look forward to positive results in the months ahead. As well, we hope to have further announcements on our Lolita Project in Santa Cruz, Argentina soon."
For further information, visit Plato's website at
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. 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. 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
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.
