Plate Resources Inc. announces definitive agreement with 1713425 Alberta Ltd. and Retains Investor Relations Firm Purple Crown Communications Corp.

January 24, 2014 - Plate Resources Inc. (TSXV: PLR) (the “Company” or “Plate”) announces that, further to the letter of intent between the Company and 1713425 Alberta Ltd. (“ABco”) executed on December 31, 2013 (the “LOI”), it has entered into a definitive agreement (the “Agreement”) with ABco dated January 22, 2014, under which it has agreed, subject to certain conditions precedent including TSX Venture Exchange (“TSXV”) approval of the Agreement, to take an assignment of ABco's exclusive right to farm-in for a 50% interest in Section 30-046-01 W5M-PNG in Cardium, Alberta (the “Farmout Lands”). The 50% interest is subject to a gross over-riding royalty of 5.5% (net 2.75%) to Mosaic Energy Inc. and Lightstream Resources Partnership. ABco has secured the farm-in right under a Participation Agreement with Calgary based Scollard Energy Inc., which will be the designated operator.

Under the terms of the Agreement, the Company will assume ABco's rights to the Farmout Lands in consideration of making aggregate cash payments of $150,000 and issuing a total of 4,000,000 common shares to ABco as follows:

• $30,000 at the time of signing the LOI (paid);
• $50,000 upon receipt of TSXV approval of the Agreement;
• $70,000 and 1,000,000 shares upon the spudding of the first well on the Farmout Lands;
• 1,000,000 shares upon Plate’s net production of the Farmout Lands reaching at least 100 barrels of oil per day for a period of at least 30 consecutive days;
• 1,000,000 shares upon the spudding of the second well on the Farmout Lands; and
• 1,000,000 shares upon the spudding of the third well on the Farmout Lands.

The Company is also pleased to announce that it has engaged Purple Crown Communications Corp. (“Purple Crown”), of Suite 300, 1055 West Hastings Street, Vancouver BC V6E 2E9, to act as an investor relations consultant to the Company. Purple Crown is an established full-service investor relations & communications firm, owned and controlled by Julie Hadjuk, director of the Company. Purple Crown will assist Plate in attaining its investor relations goals, including broadening its shareholder base, and ensuring the Company is being marketed effectively.

Julie Hadjuk is a security holder of the Company, the details of which security holdings are available at www.sedi.com.

Purple Crown has been engaged for an initial term beginning on January 22, 2014, and ending on May 20, 2014. The Company will pay Purple Crown a monthly fee of $5,000.

The Company is a junior resource exploration company focused on acquiring mineral and oil and gas properties and exploring for economically viable mineral and petroleum resources. The Farmout Lands add to the Company’s existing business, to be developed alongside the Company’s existing mineral property located in the Nicola Mining District of south Central British Columbia. For more information, please refer to the Company’s prospectus dated March 21, 2013 available on SEDAR (www.sedar.com).

For further information, contact Harry Katevatis, President, Director and Chief Executive Officer, at (604) 642-6175 or visit www.plateresourcesinc.com.

ON BEHALF OF THE BOARD OF DIRECTORS

“Charalambos (Harry) Katevatis”

Harry Katevatis, President, Director and Chief Executive Officer

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

ALL STATEMENTS, ANALYSIS AND OTHER INFORMATION CONTAINED IN THIS PRESS RELEASE ABOUT ANTICIPATED FUTURE EVENTS OR RESULTS CONSTITUTE FORWARD-LOOKING STATEMENTS. FORWARD- LOOKING STATEMENTS ARE OFTEN, BUT NOT ALWAYS, IDENTIFIED BY THE USE OF WORDS SUCH AS “SEEK”, “ANTICIPATE”, “BELIEVE”, “PLAN”, “ESTIMATE”, “EXPECT” AND “INTEND” AND STATEMENTS THAT AN EVENT OR RESULT “MAY”, “WILL”, “SHOULD”, “COULD” OR “MIGHT” OCCUR OR BE ACHIEVED AND OTHER SIMILAR EXPRESSIONS. FORWARD-LOOKING STATEMENTS ARE SUBJECT TO BUSINESS AND ECONOMIC RISKS AND UNCERTAINTIES AND OTHER FACTORS THAT COULD CAUSE ACTUAL RESULTS OF OPERATIONS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN THE FORWARD- LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON ESTIMATES AND OPINIONS OF MANAGEMENT AT THE DATE THE STATEMENTS ARE MADE. THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO UPDATE FORWARD-LOOKING STATEMENTS EVEN IF CIRCUMSTANCES OR MANAGEMENT’S ESTIMATES OR OPINIONS SHOULD CHANGE EXCEPT AS REQUIRED BY APPLICABLE LAWS. INVESTORS SHOULD NOT PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS.