Plato Gold Corp. (TSX VENTURE:PGC), an exploration company with a portfolio of properties in significant gold mining camps in Northern Ontario, Northern Quebec, and Santa Cruz, Argentina, announced that the Company has signed an agreement granting Threegold Resources Inc. (TSX: THG) the option to earn a 75% interest in Plato's Vauquelin Properties consisting of two properties, known as the Hop O'My Thumb Property with 36 claims and the Vauquelin Property with 17 claims, located in the Townships of Vauquelin in the Province of Quebec.
Plato will receive an initial payment of $50,000 upon the execution of the option agreement.
With respect to the two Properties, to earn its 75% interest Threegold will be required to incur exploration expenditures of $500,000 on or before the second anniversary of the effective date on the two properties. As well, Threegold will be required to make additional payments to Plato of $50,000 each on or before the first, second, third, and fourth anniversary of the effective date of the agreement.
In addition, to earn the 75% interest, Threegold must complete and file within six months after the forth fourth anniversary of the Effective Date a National Instrument 43-101 compliant mineral resource reports with measured or indicated resource on each of the Properties during the Earn-In Phase. Plato will retain a 2% NSR upon the exercise of the option.
"I am very pleased to announce this exciting option agreement with Threegold Resources Inc. on two of our Val d'Or properties" said Anthony J. Cohen, President and CEO of Plato Gold Corp. "Threegold plans an aggressive exploration program and we look forward very much to having a good working relationship with their management team as we advance these two sets of claims. Coming on the heels of our recently announced Timmins option agreement and our plans to drill our advanced Nordeau Bateman Project in Val d'Or, we will have a lot of activity taking place on Plato controlled ground over the coming months. We look forward to receiving results as they come to us from the various assay labs once the drill programs get underway," said Cohen.
Source: Plato Gold Corp.