Plato Gold Corp.

Plato Gold Corp.

March 03, 2008 08:00 ET

Plato Gold Updates on Nordeau Drill Campaign

TORONTO, ONTARIO--(Marketwire - March 3, 2008) -


Plato Gold Corp. (TSX VENTURE:PGC) ("Plato") 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 that the first four holes of this year's drill campaign have been completed. Visual inspection of the core indicates that the targeted mineralized horizons are being successfully bisected. Holes NW08-01 (500m depth), NW08-02 (350m depth), NW08-03 (650m depth) and NW08-05 (500m depth) are targeting a steep northerly plunging series of mineralized horizons. The strategy behind the current drill program is to test the lateral as well as the down dip continuity of mineralization. The new drill holes will further augment the earlier results which identified a series of en-echelon mineralized horizons.

Samples are being analyzed at ALS-Chemex Laboratories Ltd. of Val-d'Or. In cases where visual Au mineralization is observed samples are being submitted for screen/fire AA analysis and the remainder of the samples are being submitted for fire/AA analysis.

The program is being supervised by Jason Ross and Martin Bourgoin P.Geo., who is the Project's Qualified Person under the guidelines of National Instrument 43-101.

Past Drilling Highlights

Past drilling by Plato in 2006 and 2007, identified the following mineralized intercepts in the vicinity of the current 2008 drilling program:

Interval meters Au g/t
-------- ------ ------
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

PG06-04 194.6 195.1 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

PG-06-07 160.5 162 1.5 4.3

278 278.7 0.7 1.63

458.5 468.5 10 7.85
Incl. 458.5 460 1.5 7.5
Incl. 460 461.5 1.5 4.42
Incl. 461.5 463 1.5 2.28
Incl. 463 464.5 1.5 6.6
Incl. 464.5 466 1.5 5.5
Incl. 466 467.5 1.5 23.8
Incl. 467.5 468.5 1 3.3

474.9 475.9 1 9.91
487.2 487.6 0.4 23.3

519.5 521 1.5 2.05
525 526.5 1.5 8.36

PG-06-21 331 332 1 2.43
332 333 1 1.86
336 337 1 7.54

Historically, the Nordeau properties and surrounding area have been the subject of exploration activities since the mid-1940's when gold bearing lenses were found to the east of the former Chimo gold mine which operated for nearly 15 years and produced in excess of 345,000 ounces until closure in late 1996. In the western claim blocks presently being evaluated by Plato historic "reserve" were calculated as:

Nordeau West
(Explomine-1990) 100,700 tonnes @ 5.3 g/t Au (Probable Reserves)
180,000 tonnes @ 5.5 g/t Au (Possible Reserves)

These estimates are strictly historic and have not been verified, thus should not be relied on since they predate the application of regulation 43-101 and make use of categories different to the ones set out in sections 1.2 and 1.3 of the Regulation. They are, however, indicative of the potential for the property.

Val d'Or Properties

Since entering in the Option Agreement in 2006 with Globex Mining Enterprises Inc. for the 44 claims representing 661 hectares, Plato has acquired by staking or by option agreements a total of 266 claims representing 5,429 hectares in the Val d'Or region.

This press release has been reviewed by Mr. Martin Bourgoin, P. Geo, Plato's consultant, who is a "qualified person" as defined in NI 43-101.

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.

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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