Plato Gold Corp.

Plato Gold Corp.

April 24, 2008 08:54 ET

Plato Gold Corp. Extends Option Agreement With Globex Mining Enterprises Inc.

TORONTO, ONTARIO--(Marketwire - April 24, 2008) -


Plato Gold Corp. ("Plato") (TSX VENTURE:PGC) 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 the extension of the original August 8, 2006 Option Agreement (the "Option Agreement") with Globex Mining Enterprises Inc. ("Globex") regarding 100 percent interest in the Nordeau East and Nordeau West gold deposits and adjoining claims in Vauquelin Township, Quebec. This extension is subject to approval by the TSX Venture Exchange.

"The recent drilling results in conjunction with earlier exploration campaigns illustrate a positive continuation of gold mineralization both laterally and at depth, therefore we're pleased with the terms and conditions of the amendment to the original agreement," states Anthony Cohen, President & CEO of Plato.

Plato is pleased to announce that the Option Agreement has been amended to extend the exercise date to December 31st, 2012. Other material amendments to the Option Agreement, as amended, are as follows:

1. The remaining required cash payment of $250,000 under the Option Agreement will now be payable in 2 equal installments on or before December 31st of each of 2008 and 2009. In addition, Plato will be required to make further cash payments of $75,000 and $100,000 on or before December 31st, 2010 and 2011, respectively.

2. In order to maintain the option, Plato will be required to issue to Globex a maximum of 2,000,000 Plato shares by installments of 500,000 Plato shares on or before December 31st of each of 2008, 2009, 2010 and 2011. Shares to be issued pursuant to the Option Agreement, as amended, will not be adjusted downward in the event of a share consolidation by Plato prior to issuance to Globex.

3. The time limits for required expenditures under the Option Agreement have been extended to as late as December 31st, 2011 and the deadline for completion of the remaining Option Agreement requirements, including delivery of a bankable feasibility study, has been extended to December 31st, 2012.

For full details, please visit us at or at

About Globex Mining Enterprises Inc.

Globex, Plato's partner on the Nordeau claims, is an exploration and royalty company with over 80 diversified mineral properties and royalties all located in North America. Globex specializes in the recognition and acquisition of properties of merit and subsequent optioning of these properties of value such as in the case of the Nordeau gold claims. Two of Globex's projects are now in production and 6 others are in preproduction or due diligence.

About Plato Gold Corp.

Plato Gold Corp. ("Plato") is a Canadian junior gold exploration company listed on the TSX Venture Exchange. Plato has Canadian 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 and Plato is in the early stage of exploring these projects. 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:

For all Plato Gold Corp. investor relations needs, investors are asked to visit the Plato Gold Corp. IR Hub at where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

Cautionary Statements

This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation, concerning the business, operations and financial performance and condition of Plato. Forward-looking statements include, but are not limited to, statements with respect to the benefits of the offering and option transaction. 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, 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 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. Plato does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

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

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