Plato Gold Corp.
TSX VENTURE : PGC

Plato Gold Corp.

May 18, 2011 09:28 ET

Plato Gold Announces Preliminary Assay Results from Drilling Program: Nordeau East Property

TORONTO, ONTARIO--(Marketwire - May 18, 2011) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES

Plato Gold Corp. (TSX VENTURE:PGC) ("Plato") an exploration company with a portfolio of properties in the prolific gold mining camps of Northern Ontario, Northern Quebec, and Santa Cruz (Argentina), is pleased to announce preliminary results from drilling on its Nordeau East Property, 40 km east of Val-d'Or, Quebec, which contains historical (i.e., non-NI 43-101 compliant) reserves of 345,900 tonnes at 6.0 g/t Au.

The latest phase of drilling on the Nordeau East Property comprised 17 holes (NE11-01 to NE11-17), totaling 8754 metres, and was designed to test the continuity of mineralized zones, underlying the Nordeau East Property ("Nordeau East" or, the "Property"), defined by previous drilling by Plato in 2006, 2009 and 2010.

The first three (3) holes in the western part of the Property (NE11-01, NE11-02 and NE11-03) intersected a steeply dipping, westward plunging mineralized zone at 237.5 m, 330.0 m and 430.0 m respectively. Results from this gold-bearing zone are summarized in Table 1.

HoleAu_gptFrom (m)To (m)Length (m)Intersection (gpt / m)Geology
NE11-010.76199.10200.351.251.57/4.80Argillite, 1-2% Py, 1% As
1.00200.35201.601.25
5.66201.60202.400.80
0.53202.40203.901.50
5.21237.55238.100.551.36/3.05Argillite, 1% Py, 10% garnet
0.33238.10239.000.90
0.35239.00240.001.00
1.07240.00240.600.60
NE11-02Argillite 1% Py, 1% Po
6.01330.00331.501.506.01/1.50
NE11-032.29428.10428.400.302.29/0.30Qtz vein
0.84430.00431.001.001.02/3.00Argillite 3% Py, 2% Po, 1% As
1.52431.00432.001.00
0.71432.00433.001.00

All three holes intersected mineralized zones at their targeted locations indicating the validity of the Gemcom® database and 3-D model. The gold mineralization encountered corroborates the existence of a new zone, outlined in 2009-10 on the western part of Nordeau East, and extends its known dimension both up- and down-dip.

Assay results from the remaining holes drilled on the Property are not complete, but include:

HoleAu_gptFrom (m)To (m)Length (m)Intersection (gpt / m)Geology
NE11-082.46229.40230.300.902.46/0.90 mArgillite
NE11-093.20429.00429.700.703.20/0.70Argillite/I.F., 1% Py, 1-3% Po
NE11-104.47516.00517.001.004.47/1.00 mArgillite, trace to 1% Py
NE11-116.04404.40405.000.606.04/0.60 m1% Py, IF
NE11-120.15473.75474.100.352.00/1.25 mArgilite 1% Py
2.35474.10475.000.90
NE11-155.39479.00480.001.005.39/1.00 mAndesite 1% Po/Py
NE11-170.684.0085.101.104.53/3.00 mArgillite
11.3585.1086.201.10
0.5586.2087.000.80
1.47302.55304.001.455.23/1.80 mArgillite, 1-2% Py, 1% Po
18.4304.00304.350.35

Results from the 2011 diamond-drilling campaigns drilling will be integrated into the Gemcom® database and 3-D model, already established for the Project, in order to revise the extent and grade of the known gold mineralization.

The Nordeau East Property lies within a highly sheared sequence of altered greywacke, iron formation and mafic volcanic rocks along the eastern extension of the prolific "Larder Lake - Cadillac Break", in the Abitibi Greenstone Belt. The gold mineralization typically occurs within quartz veins containing disseminated to locally semi-massive sulphides. Gold is found as free grains within quartz veins and with associated sulphide mineralization that consists of arsenopyrite, pyrite, pyrrhotite, and minor chalcopyrite.

The Nordeau East drilling program is being supervised by Martin Bourgoin P.Geo. and John Langton M.Sc. P.Geo., who are the Project's Qualified Persons under the guidelines of National Instrument 43-101.

"These results validates our Gemcom® database and 3-D modeling for our drill program on the underlying gold structure in our Nordeau Bateman Property. We look forward to the remaining assay results and the resulting analysis for our next stage of exploration," said Anthony Cohen, President and CEO.

For further information, location maps, and drill-section maps, see Plato's website at: www.platogold.com

About Plato Gold Corp.

Plato Gold Corp. is a Canadian gold exploration company listed on the TSX Venture Exchange with exploration projects in Northern Ontario, Northern Québec 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. In November 2010, Plato signed an agreement granting St Andrew Goldfields Ltd. the option to earn a 75% interest in four of the above properties.

The Northern Québec project includes 7 properties: Nordeau Bateman, Vauquelin, Vauquelin Pershing, Vauquelin Horseshoe, Pershing Denain, Hop O'My Thumb and Vauquelin II. All 7 properties are located near Val d'Or, Québec. In November 2010, Plato signed an agreement granting Threegold Resources Inc. the option to earn a 75% interest in two of the above properties.

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: www.platogold.com.

Not for Distribution in the United States.

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 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: 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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