Reports on First Quarter Results

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A junior Canadian exploration company that is focused on prospective properties in recognized gold mining districts around the world.

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Clavis

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Reports on First Quarter Results

posted on May 27, 2009 02:05PM

May 27, 2009

Plato Gold Reports on First Quarter Results

TORONTO, ONTARIO--(Marketwire - May 27, 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 report the three months financial results for fiscal 2009 and 2008 as summarized below:

                                                      Three Months Ended
                                                     --------------------
                                                          (Unaudited)
                                                    March 31,      March 31,
                                                        2009           2008
                                                ----------------------------

Revenue                                          $        82    $     4,998
Income (Loss) for the period                     $   108,877    $   384,906
Income (Loss) per common share
 Basic                                           $         -    $      0.01
 Diluted                                         $         -    $      0.01
Weighted average number of common shares
 outstanding during the period
 Basic                                            64,805,116     53,592,171
 Diluted                                          64,805,116     53,592,171

As previously announced on April 24, 2009, the board in accordance with the Corporation's stock option plan, approved the grant of options to acquire a total of 1,575,000 common shares of the Corporation at an exercise price of $0.10 per share to the Corporation's directors, officers, employees and consultants. The stock options are vested on the date of the grant for a period of 5 years. Prior to the grant of options, the Corporation has 64,805,116 shares outstanding.

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 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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