AUGUST 8, 2006 - 16:16 ET
Plato Gold Corp. Signs Quebec Deal with Globex Mining Enterprises Inc. on Nordeau Gold Deposits
TORONTO, ONTARIO--(CCNMatthews - Aug. 8, 2006) -
Not for Distribution in the United States.
Plato Gold Corp (TSX VENTURE:PGC) ("Plato") is pleased to announce the signing of its options agreement with Globex Mining Enterprises Inc. (TSX: GMX) ("Globex") to acquire a 100 percent interest in the Nordeau East and Nordeau West gold deposits and adjoining claims in Vauquelin Township, Quebec. This acquisition is subject to approval by the TSX Venture Exchange.
As part of the initial payment, Plato will issue to Globex 1,000,000 Plato shares and $100,000, with a further $100,000 due by December 31, 2006. To complete the option in, Plato will pay an additional $300,000 by December 31, 2007 and spend $6,000,000 on the project by December 31, 2008. As well, Plato will complete a bankable feasibility study by December 31, 2009. Globex will retain a 2 percent Net Metal Royalty on all mineral production as well as a 10 percent Net Profit Interest after recoup by Plato of $5,000,000 in direct capital costs.
"We are very pleased to have acquired these deposits" stated Mr. Anthony J. Cohen, President and CEO of Plato. "This deal adds tangible value with Plato taking control of two significant deposits in the heart of one of Canada's most prolific mining camps" he added.
Plato is planning to start the first stage of their drilling program in the fall.