TORONTO, ONTARIO--(Marketwire - Feb. 14, 2012) -
NOT FOR DISTRIBUTION IN THE UNITED STATES.
Plato Gold Corp. (TSX VENTURE:PGC) ("Plato" or the "Company") is pleased to announce that it has set the date for its Special Meeting of Shareholders (the "Meeting") as Wednesday, March 14, 2012. At the Meeting, the Company will be seeking shareholder approval of a special resolution authorizing an amendment to the Company's articles of amalgamation to consolidate its common shares (the "Common Shares") on the basis of one (1) post-consolidation Common Share for every ten (10) pre-consolidation Common Shares (the "Share Consolidation"). In addition to approval from Plato's shareholders by special resolution at the Meeting, the Share Consolidation will also be subject to the approval of the TSX Venture Exchange.
The principal reasons for the Share Consolidation include management's belief that, if approved and effected, the Company will benefit from: greater investor interest; improved trading liquidity; and an ability to raise additional capital at a higher price per share. The change in the number of issued and outstanding Common Shares that will result from the Share Consolidation will cause no change in the capital attributable to the Common Shares and will not materially affect any shareholder's percentage ownership in the Company, even though such ownership will be represented by a smaller number of Common Shares. As at the date hereof, there are an aggregate of 143,591,655 Common Shares issued and outstanding. It is expected that, upon completion of the Share Consolidation, there will be an aggregate of approximately 14,359,165 Common Shares issued and outstanding.
About Plato Gold Corp.
Plato 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 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 three properties Guibord, Holloway and Marriott remain in good standing.
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 Santa Cruz, Argentina, Plato holds 75% of interest in the Lolita Property comprised of a number of contiguous mineral rights totaling 27,857 hectares. Work is advancing on this property with a drill program anticipated for 2012.
For additional company information, please visit: www.platogold.com.
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: not realizing on the anticipated benefits from the Share Consolidation; 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 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.