Plato Gold Corp.

Plato Gold Corp.

February 18, 2010 17:05 ET

Plato Gold Amends Option Agreement on Quebec's Cadillac Gold Camp

TORONTO, ONTARIO--(Marketwire - Feb. 18, 2010) -


Plato Gold Corp. (TSX VENTURE:PGC) ("Plato") 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 amendments to the January 31, 2008 option agreement with Danielle Manseau ("Manseau") and the subsequent amendment of December 1, 2008, to acquire a 100 percent interest in the "Once Upon a Time" property in Cadillac & Bousquet Townships, Quebec, subject to approval by the TSX Venture Exchange.

The amendments will allow for:

1. an extension on the expenditures for exploration work resulting in $200,000 on or before May 31, 2010, $300,000 on or before January 31, 2011 and the remaining $500,000 on or before January 31, 2012.

2. an extension on the transfer of common shares and payments resulting in 100,000 shares and $5,000 on or before May 31, 2010, 75,000 shares and $5,000 on or before January 31, 2011 and the remaining 50,000 shares and $5,000 on or before January 31, 2012.

3. an extension to further payments upon receipt of the annual Quebec Government rebate, resulting in $27,000 in 2011, $40,500 in 2012, and the remaining $67,500 in 2013 or 13.5% of partial exploration work completed.

"We are very pleased to continue our on going partnership with Danielle Manseau," stated Mr. Anthony J. Cohen, President and CEO of Plato. "Given the current market conditions this amendment permits the company to maintain strategic prospective ground in close proximity to at least 2 major gold projects in one of the best known gold camps in Canada" he added.

About the Once Upon a Time Claims

The "Once Upon a Time" property contains 19 claims covering 610.31 ha in the Cadillac Mining Camp.

The claims were acquired in 2006 & 2007 by Danielle Manseau. The attractiveness of the claims is their proximity to the Lapa project and to the La Ronde Mine, both belonging to Agnico Eagle Mines Ltd. Exploration in this part of the Cadillac Mining Camp (South part) was neglected by mining companies due to the low gold price for many years.

This property is located in one of the most productive gold mining camps in Canada, the Cadillac Mining Camp, which has reserves exceeding 15 million ounces of gold. Gold is associated with the Larder Lake-Cadillac Fault. The well-known gold mine, La Ronde, owned by Agnico-Eagle Mines Ltd., is the biggest gold mine in Canada, with a resource of 5.3 million ounces of gold. The La Ronde Mine is located approximately 3.2km north and north-west of these newly acquired claims.

Another significant project, Lapa, also owned by Agnico-Eagle Mines Ltd., has a resource estimated at 1.2 million ounces of gold. Production is planned for this year, and this project is located 2.8km north-east of our property.

For full details please go to;

About Danielle Manseau

Danielle Manseau has been a mining land manager for over 15 years with numerous exploration mining companies. She has worked for over 30 years in mining and exploration with different major and junior companies. Since 2001, she has been an independent contractor and since September 2007, she has been President of Gestion SDM Inc., a private land administration and geological contracting firm.

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:

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:

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 proposed private placement and closing thereof, 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: raising less than the required amount; not realizing on the anticipated benefits from the offering transaction or not realizing on such anticipated benefits within the expected time frame; 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for theadequacy or accuracy of this news release.

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