Plato Gold Corp.

Plato Gold Corp.

January 15, 2007 09:00 ET

Plato Gold Corp. Releases First Results From Nordeau Drilling

TORONTO, ONTARIO--(CCNMatthews - Jan. 15, 2007) -


Plato Gold Corp. (TSX VENTURE:PGC) is pleased to announce the first assay results from its continuing surface diamond drilling at the Nordeau West property located some 55 km west of Val-d'Or, Quebec optioned from Globex Mining Enterprises Inc. (GMX-T, G1M Frankfurt, GLBXF Pink Sheets). The Nordeau West program representing Phase 1 on the Nordeau property, commenced in mid-October and was completed in December 2006. Phase 2 includes exploration on the Nordeau East property, comprising the bulk of the project, with an as yet undetermined number of drill holes. A total of 9 holes for 3,900 metres were completed. The assay results being released are the first of the Phase 1 program and more results will be announced as soon as they have been received and compiled. Increased activity in exploration projects in the area has resulted in a slow return of assay results.

Prior to undertaking a drill program, an extensive study and compilation of historical data was made. A state of the art GPS survey of historical drill hole casings and existing grids was used to insure that the historical data was accurately located, prior to computer 3D geological modeling.

The results of the compilation program and 3D modeling indicate a number of shear hosted en-echelon sheet-like mineralized zones transecting at shallow angles the regional strike of the host Andesite/Basalt lithologies. The total extent of these sheets is unknown and is currently considered to be open along strike and down dip. Mineralization within these zones has a sulphide or to lesser extent quartz vein association. This model is consistent with similar gold deposits found throughout the Abitibi Greenstone belt.

Preliminary work based on the 3D modeling suggests steeply plunging higher grade zones within the mineralized sheets. These plunging zones are the focus of the current drill program.

Historical drilling on the Nordeau property totals 18,613 metres in 76 holes prior to the Plato program. The table below provides the more significant results from the first 5 holes of the current program representing 2,392 metres of drilling.

The lengths indicated in the table are core lengths in metres.

(metres) (metres) (metres)

PG06-01 492.15 494.55 2.4 4.76
incl. 492.15 493.25 1.1 7.02
496.25 497.75 1.5 4.97

PG06-02 228.4 233.65 5.25 3.35
incl. 231.8 232.65 0.85 7.58

PG06-03 208.5 211.5 3 4.30
incl. 208.5 210 1.5 7.34

PG06-04A 194.6 195.1 0.5 3.22
206 206.5 0.5 4.52
354.65 354.95 0.3 1.79
357.3 357.7 0.4 2.22

359.45 362.05 2.6 1.14
incl. 360 360.5 0.5 2.39

366 370.35 4.35 1.61
incl. 369 370.35 1.35 2.69

377.85 378.25 0.4 2.08

387 387.5 0.5 2.85

391.7 392.2 0.5 1.55

PG06-05 289.4 289.8 0.4 44.7

300.5 301 0.5 4.69
355.6 356.1 0.5 3.01
368.6 369 0.4 3.04

394.2 395.4 1.2 13.47
incl. 394.2 394.9 0.7 22.4

406.15 406.55 0.4 4.1

408.1 408.4 0.3 2.2

468.6 469.6 1.0 2.73

The program is being managed by Peter Karelse P.Geo., who is the Project's Qualified Person under the guidelines of National Instrument 43-101. ALS-Chemex Laboratories Ltd. of Val-d'Or, Quebec an accredited lab is the primary assay laboratory. Plato's program for quality control entails inserting one standard into the sample streams every 30 samples and a blank sample inserted into the stream every 40 samples. Additionally ALS Chemex has attained ISO 9001:2000 registration which requires evidence of a quality management system covering all aspects of the assaying process. To ensure compliance with this system regular internal audits are undertaken by staff members specially trained in auditing techniques.

Cautionary Statements

This news release report 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.

Contact Information

  • Plato Gold Corp.
    Mr. Anthony Cohen
    President and Chief Executive Officer
    (416) 968-0608
    (416) 968-3339 (FAX)
    Plato Gold Corp.
    Suite 300, 1300 Bay Street
    Toronto, Ontario M5R 3K8
    (416) 968-0608
    (416) 968-3339 (FAX)