Plateau Mineral Announces the Addition of Auric Mining to the Homestead Joint Venture Development of the Estimated $1 billion St. Kevin Gold and Silver Property

NEW YORK, May 5, 2011 /PRNewswire/ -- Plateau Mineral Development, Inc. ("Plateau Metals") (PINKSHEETS: PMDP) announced today that it welcomes the addition of Auric Mining Company ("Auric", AUMY:PK) to the Homestead Gold and Silver Corp. Joint Venture for the development of the St. Kevin Mine located near Leadville, Colorado.

Plateau Metals had recently announced the signing of a Joint Venture Commitment Agreement with Homestead Tonopah Gold LLC to develop the St. Kevin Mine property; and the addition of Auric Mining Company strengthens the team and resources available to successfully complete an ambitious 2 year drilling program that is intended to extend the proven gold and silver reserves on the property by as much as ten times which would value the resource at approximately $1 billion based on current prices for the precious metals.

Auric Mining recently announced the signing of a Letter of Intent (LOI) regarding the acquisition of Homestead Tonopah Gold LLC with the intent of partnering with Homestead and Plateau on the St. Kevin Mine development.  The combination of Homestead, Auric and Plateau will provide the necessary expertise, financing, facilities, equipment, technology, and resources that are required by the size and scale of the St. Kevin mine project.  The companies are also currently exploring additional opportunities.

The St. Kevin Mine is registered under the claim name St. Kevin, claim number 3364 and covers 10.33 net acres.  It was discovered in 1883 and is located approximately 7 miles northwest of Leadville, Colorado and 3346 meters above sea level.  The site was initially operated continuously for 10 years and several times after that period.  

The Company expects to make further details available regarding the Joint Venture and drilling program as the schedules and timetables are finalized.

Plateau Metals anticipates continued demand and price increases in precious metals, therefore the Company has recently announced the consolidation of its $80 million Financial Guarantee allowing the Company the flexibility to utilize funds for multiple purposes, including surety underwriting for customer transactions as well as financial backing for the Company's prospective acquisitions.  Additionally, the company has recently announced its real-time metals trading and storage program.

The Company has other initiatives relating to the acquisition of metal production and storage facilities to be announced as they mature. The Company also has certain strategic plans regarding international currency networks backed by gold and silver. Corporate updates regarding these new initiatives will be announced in the coming weeks.

The Company believes the international demand for precious metals, combined with the worldwide fear of the declining US Dollar, will combine to create strong and rapid growth for the company across all its operations.

ABOUT PLATEAU METALS

Plateau Metals provides precious metal trading, shipping, production, transaction underwriting, and related services. Plateau operates across the world through its agents and offers service to multiple jurisdictions. Plateau offers complete solutions to buyers and sellers of precious metals that include storage, shipping, and transaction underwriting and arbitrage.

Plateau also acquires, develops, integrates and operates strategically aligned precious metal assets in worldwide markets where expansion is planned through additional investments to support organic growth; thereby providing significant revenue, and equity growth.

The Company's operations are distributed across multiple international time zones with executives and agents located in client-appropriate locales. The Company's website is www.plateaumetals.com.

Safe Harbor Statement:

This information includes certain "forward-looking statements." The forward-looking statements reflect the beliefs, expectations, objectives and goals of the Company management with respect to future events and financial performance. They are based on assumptions and estimates, which are believed reasonable at the time such statements are made. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include but are not limited to commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. Matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include but are not limited to risks and uncertainties associated with the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company. Forward-looking statements are intended to qualify for the safe harbor provisions of Section 21E of the Securities and Exchange Act of 1934, as amended.

CONTACT:
Plateau Metals
Investor Relations
New York: 1.917.463.3364
London: +(44) (0)20 337 17122
Fax: +(44) (0)208 338 0655
[email protected]

SOURCE Plateau Mineral Development, Inc.