Plato Gold Corp.

Plato Gold Corp.

May 27, 2009 09:00 ET

Plato Gold Reports on First Quarter Results

TORONTO, ONTARIO--(Marketwire - May 27, 2009) -


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
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.

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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:

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 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 the adequacy or accuracy of this news release.

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