TORONTO, ONTARIO -- (Marketwired) -- 06/21/13 -- Plato Gold Corp. (TSX VENTURE: PGC) ("Plato" or the "Company"), an exploration company with a portfolio of properties in significant gold mining camps in Santa Cruz, Argentina and Northern Ontario reports that it has sold the remainder of its Quebec claims to Monarques Resources Inc. ("Monarques").
The claims consist of 5 properties: Vauquelin, Vauquelin Pershing, Vauquelin Horseshoe, Hop O'My Thumb and Vauquelin II. All 5 properties are located near Val d'Or, Quebec, comprised of 192 mineral claims, totaling 3,214 hectares.
Under the terms of the sale Plato received 192,308 common shares of the Monarques Resources Inc. at a deemed price of $0.13 per Common Share for a value of $25,000. The shares will be escrowed for a period of three years and released in equal tranches of 33 1/3% per year following the anniversary date of the transaction.
Also, Monarques has agreed to pay to Plato a 1% royalty (NSR) upon the commencement of commercial production of the mining claims. Monarques will have the right to purchase this royalty, at any time, before the commencement of commercial production for a sum of $1,000,000.
For full details, please visit us at www.platogold.com.
About Plato Gold Corp.
Plato is a Canadian gold exploration company listed on the TSX Venture Exchange with exploration projects in the Lolita Property in the province of Santa Cruz, Argentina and Northern Ontario.
In Argentina, Plato owns a 75% interest in Winnipeg Minerals S.A., an Argentina incorporated company. The Lolita Property is comprised of a number of contiguous mineral rights totaling 27,857 hectares are held by Winnipeg Minerals S.A. Work has advanced on this exploration property to the point that it is drill-ready or ready to be optioned to a partner.
The Northern Ontario project includes 4 properties: Guibord, Harker, 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 the above properties. Currently the Holloway and Marriott properties remain in good standing. In July 2012, Plato sold a 50% interest in the Guibord property to Victory Gold Mines Inc. who amalgamated February 6, 2013 with Northern Gold Mining Inc. In February 2013, Plato sold an 80% interest in the Harker property to Northern Gold Mining Inc.
For additional company information, please visit: www.platogold.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
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.
Plato Gold Corp.
President and CEO
Most Popular Stories
- IBM to Pay Big to Unload Chip Division
- Paniagua Wins Grand Prize in Young Artists Program
- Sub Hunt Brings Cold War Chill Back to Baltic
- Canadian Pacific Ends CSX Talks
- US Stocks Move Higher Despite Drag by IBM
- Cowboys Turn Back Clock to Glory Days
- Kerry Cites Moral Need in Weapons Air Drop
- Yaris Adds French Flair for US Market
- Peyton Manning Sets TD Passing Record
- Early Voting Begins in Texas