Plato Gold signs property sale agreement with Mayfair

Executive Summary

• Plato Gold Corp. has entered into a definitive asset purchase agreement to sell its interests in three Timmins-area properties (Guibord, Marriott, and Holloway) to Mayfair Gold Corp.
• The total cash consideration for the transaction is $2.5 million, to be paid into escrow and released in stages upon the transfer of specific properties.
• The sale is intended to allow Plato to monetize non-core assets and refocus its resources on its flagship Good Hope niobium project and other exploration portfolios.

Key Details

• Transaction Structure: Definitive asset purchase agreement between Plato Gold Corp. (seller) and Mayfair Gold Corp. (buyer).
• Total Consideration: $2.5 million in cash.
• Payment Terms: Funds held in escrow and released to Plato in stages:
  • 50% ($1.25 million) upon completion of the transfer of the Marriott property.
  • 25% ($0.625 million) upon completion of the transfer of the Holloway property.
  • 25% ($0.625 million) upon completion of the transfer of the Guibord property.
• Assets Sold:
  • Guibord Property: 50% interest; 16 mineral claims and two mining leases; ~275 hectares; located southeast of Timmins mining camp.
  • Marriott Property: 100% interest; 142 contiguous mining claims; ~2,728 hectares; accessible via Highway 101.
  • Holloway Property: 100% interest; 10 contiguous mining claims covered by a mining lease; ~156 hectares; accessible via Highway 101.
• Strategic Rationale: Plato aims to monetize long-held non-core assets to concentrate on its flagship Good Hope niobium project and other value-add projects.
• Regulatory Status: The transaction constitutes a reviewable disposition under TSX Venture Exchange policies and is subject to exchange acceptance, regulatory approvals, and ministerial consent for mining lease transfers.

Notable Quotes

• "Plato is pleased to conclude the sale of these assets to Mayfair Gold in order to concentrate on our flagship Good Hope niobium project, as well as other projects that we believe can add value for Plato's shareholders." — Anthony Cohen, President and CEO of Plato Gold.