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Message: Announces Private Placement of 3,333,333 Common Shares for Up to $100,000

Announces Private Placement of 3,333,333 Common Shares for Up to $100,000

posted on May 07, 2009 08:20AM
May 7, 2009
Plato Gold Announces Private Placement of 3,333,333 Common Shares for Up to $100,000
TORONTO, ONTARIO--(Marketwire - May 7, 2009) -

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 a proposed non-brokered private placement (the "Offering") whereby the Company will offer up to 3,333,333 common shares (the "Common Shares") at a price of $0.03 per Common Share for gross proceeds of up to $100,000.

The proceeds from the sale of the Common Shares will be used by the Company for on going exploration work on its properties in the Val d'Or area in Quebec, the Santa Cruz region in Argentina and the Timmins area in Ontario, as well as for general corporate use.

Assuming completion of the maximum offering, there will be 68,138,449 common shares of the Company issued and outstanding (98,711,692 common shares on a fully diluted basis).

The Offering is expected to close on or about May 31, 2009 or such other date or dates as the Company may determine in its discretion. Closing of the offering is subject to receipt of all required regulatory approvals, including approval of the TSX Venture Exchange. All of the securities issued pursuant to this offering will have a hold period expiring 4 months after the closing date.

Mr. Anthony Cohen, President and CEO of Plato Gold, stated "Plato Gold is pleased to continue our work on the projects in Timmins, Ontario, Val d' Or, Quebec and Santa Cruz, Argentina. We are committed to advancing our projects and are working to increase value for our loyal shareholders."

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 7 properties: Nordeau Bateman, Vauquelin, Vauquelin Pershing, Vauquelin Horseshoe, Pershing Denain, Hop O'My Thumb and Once Upon a Time. 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:

inferred resources of 146,315 oz Au resource on average grade of 4.09 g/t; and

indicated resources of 30,212 oz Au on average grade of 4.17 g/t.

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.
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