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Plato Gold Acquires 100% Ownership in Good Hope Niobium Project
TORONTO, Aug. 27, 2019 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V: PGC) (“Plato” or the “Company”), an exploration company with a portfolio of properties in No
About this update from Plato Gold Corp.
[{"type":"text","content":" TORONTO, Aug. 27, 2019 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V: PGC) (“Plato” or the “Company”), an exploration company with a portfolio of properties in Northern Ontario and Santa Cruz, Argentina is pleased to announce that the company has met the terms of the KL226 Option Agreement (“KL226”) and KL37 Option Agreement (“KL37”), as originally announced on May 31, 2017. “I am very pleased to announce that Plato now has 100% ownership of the Good Hope Niobium Project,” said Anthony J. Cohen, CEO of Plato Gold Corp. “I am also very pleased to announce our continuing work on the Project with both Dr. Rudy Wahl, the discoverer of the project and Dr. Roger Mitchell, one of the world’s foremost experts on carbonatite rocks and niobium. With our World Class team of experts, I am looking forward to further development of the Good Hope Niobium Project releasing further news of its continuing development when we have completed important work,” said Cohen. Dr. Rudy Wahl was the recipient of the Bernie Schnieders Discovery of the Year Award 2014 presented by Don Hoy and Jonie Schnieders to Dr. Wahl at the NWOPA Awards Dinner in Thunder Bay on April 14, 2015. In meeting the terms of the KL226 Option Agreement, Plato made a total payment of $106,600 and issued 7,500,000 common shares. The Optionors for the KL226 Option Agreement are Rudolf Wahl (45%), Mike Dorval (45%), Roger H. Mitchell (10%). In meeting the terms of the KL37 Option Agreement, Plato made a total payment of $2,000 and issued 1,600,000 common shares. The Optionors for the KL37 Option Agreement are Rudolf Wahl (85%), Leonard Windover (5%), Darren Hutchinson (5%), Ryan Harasym (5%). As well, exploration expenditures of $400,000 on either or both the KL226 and KL37 properties were exceeded with a total of $1,113,532 exploration work completed as of June 30, 2019. The following conditions remains for each of the KL226 and KL37 Option Agreements: A 3% Net Smelter Return Royalty (the “NSR Royalty”) to Optionors with provisions that Plato has the right to buy back 50% of the NSR Royalty for $1,500,000 and that Plato has first right of refusal with respect to bona fide arm’s length offers to purchase the NSR Royalty from the Optionors. A 3% Gross Overriding Royalty (the “GOR Royalty”) from the production of diamonds only to Opti...