Plato Gold Corp.
TSX VENTURE : PGC

Plato Gold Corp.

April 03, 2007 09:00 ET

Plato Gold Corp. Releases Latest Results From Nordeau Drilling

TORONTO, ONTARIO--(CCNMatthews - April 3, 2007) -

NOT FOR DISTRIBUTION IN THE UNITED STATES.

Plato Gold Corp. (TSX VENTURE:PGC) is pleased to release assay results from fourteen drill holes completed at their Nordeau Project located near Val-d'or Quebec, optioned from Globex Mining Enterprises Inc. Highlights from these fourteen holes are presented in Table 1. The previously identified Main Zone of mineralization at the Nordeau West project area continues to provide significant intersections of gold mineralization.

The results from holes PG06-08 and PG06-09 in the Nordeau West zone continue to confirm the presence of a distinctive zone of mineralization referred to in previous releases as the Main Zone. These holes targeted the Main Zone east of and below the tentatively identified plunge of higher grade mineralization within the zone. These holes were drilled to more clearly define the extents of the higher grade zone. Similarly, PG06-21 was drilled on the western extent and above the tentatively identified plunge of higher grade mineralization. Further results from drill hole PG06-21 are pending. At the completion of the drilling this higher grade zone of mineralization remains open to depth.

The drilling on this portion of the property also confirmed the presence of 4 additional zones positioned en-echelon to the Main Zone. The current level of drill data has not identified any higher grade mineralized areas similar to that found in the Main Zone.

The holes PG06-10 to PG06-15 inclusive were drilled to test the extent and distribution of mineralization in a limited area within the Nordeau East zone. This zone lies approximately 1.4 kilometres east of the Nordeau West zone. The entire Nordeau East area has had 191 drill holes advanced on it to date. The area tested by the current drilling was relatively sparsely drilled and is located at the western extent of an assumed trend of a mineralized zone. The mineralization is hosted within altered and sheared mafic volcanics and quartz veins typical of gold deposits within the Abitibi greenstone belt.

The holes PG06-16 to PG06-20 inclusive were drilled to test the extent and distribution of mineralization in a limited area within the Bateman Zone. This zone lies approximately 3.4 kilometres east of the Nordeau East Zone. Historically the Bateman area has had approximately 30 drill holes advanced over the entire project area. The claim block is an irregular area measuring approximately 3 km east to west and 1.5 km, north to south. It is therefore under-explored and provides an attractive area for future programs. A concentration of historic drilling in the central portion of the property identified a zone of higher grade gold mineralization tentatively projected as striking east to west and dipping at 60 degrees to the north. The historic holes provided intersections within 100 metres of surface. The mineralization is hosted within a sequence of sheared Greywacke units. The focus of the 2007 drilling was to identify any possible down dip extension of the gold mineralization within the concentration of historic drilling.



Table 1
Hole Assay
Project Area Number From To Interval Au(g/t)
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PG06-08 200 200.4 0.4 1.35 Main Zone

PG06-08 215.85 217.35 1.5 1.3 Main Zone

PG06-08 220 221.5 1.5 1.34 Main Zone

PG06-08 271.5 273 1.5 2.62
NORDEAU WEST
PG06-08 288 289.5 1.5 4.7

PG-06-09 269.8 270.3 0.5 7.67 Main Zone

PG-06-21 331 332 1 2.43

PG-06-21 332 333 1 1.86

PG-06-21 336 337 1 7.54 Main Zone
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No
PG06-10 Significant
results

PG06-11 54 57 3 8.27
incl. 54 55.5 1.5 6.53
incl. 55.5 57 1.5 10

No
NORDEAU EAST PG06-12 Significant
results

No
PG06-13 Significant
results

No
PG06-14 Significant
results

PG06-15 64 65 1 6.53
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No
PG06-16 Significant
results

No
PG06-17 Significant
results

No
PG06-18 Significant
results

BATEMAN PG06-19 124.7 125.2 0.5 2.21

PG06-20 97.5 98.5 1 5.1

PG06-20 112.9 113.4 0.5 3.59
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Please view these results together with the results from our press releases dated January 15, 2007 and February 14, 2007.

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: 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)
    or
    Plato Gold Corp.
    Suite 300, 1300 Bay Street
    Toronto, Ontario
    M5R 3K8
    Website: www.platogold.com