Marathon Gold Announces 2010 Financial Results
30 3월 2011 - 3:03AM
PR Newswire (Canada)
TORONTO, March 29 /CNW/ -- TORONTO, March 29 /CNW/ - Marathon Gold
Corporation (TSX: MOZ) ("Marathon") announced today its financial
results for the year ended December 31, 2010. Marathon ended the
year ended December 31, 2010 with a strong balance sheet, with $7.6
million in cash and no debt. Highlights: -- Completing an earn-in
into a 50% interest in the Valentine Lake property by making a
payment of $3,000,000 to Richmont Mines Inc. and triggering the
formation of the 50-50 Valentine Lake joint venture with Mountain
Lake Resources Inc. -- Acquiring a 50% interest in Golden Chest
LLC, a corporate joint venture with New Jersey Mining Company
("NJMC") established to carry out exploration of the Golden Chest
gold mine near Murray, Idaho. -- Completing an updated resource
estimate on Valentine Lake, which included measured and indicated
resources of 3.3 million tonnes grading 2.6 g/t gold and an
additional inferred resource of 4.4 million tonnes grading 2.0 g/t
gold. -- Closing a private placement in December 2010 of 2,570,000
common shares that raised gross proceeds of $3,366,700, and an
additional private placement in March 2011 of 2,528,500
flow-through shares that generated gross proceeds of $4,551,300.
Operating highlights: Marathon's losses for the three months and
years ended December 31, 2010 and 2009 are summarized below. Three
months ended Year ended December 31 December 31 2010 2009 2010 2009
$ $ $ $ Expenses: Exploration 9,481 49,024 21,105 324,076 expenses
549,675 26,928 1,169,808 103,135 General and 13,522 18,080 50,641
42,860 administrative 802,375 20,044 1,014,096 31,741 expenses
Depreciation Stock based compensation Total operating 1,375,053
114,076 2,255,650 501,812 expenses Interest income (4,138) (1,713)
(26,451) (6,225) Unrealized gain on (154,218) - (154,218) -
derivative 27 93 271 123 investment Foreign exchange loss Loss for
the year 1,216,724 112,456 2,075,252 495,710 Marathon's losses in
these periods include historical exploration expenses attributable
to the properties and other assets it acquired from Marathon PGM
Corporation ("MPGM") in November 2010 and allocations of other
costs incurred by MPGM in the same periods, in accordance with
Canadian GAAP applicable to carve-out financial statements.
Marathon's accounting policy is to capitalize property acquisition
and exploration costs on its properties once a mineral resource
estimate has been completed. The decrease in exploration
expenses in 2010 reflects Marathon's focus of its resources in 2010
on exploring the Valentine Lake project, for which the Company
capitalized $3.6 million in costs. This press release should be
read in conjunction with Marathon's audited consolidated financial
statements for the year ended December 31, 2009 and the related
Management's Discussion and Analysis, both of which are available
on www.sedar.com. About Marathon Gold Corporation: Marathon Gold
Corporation ("Marathon") is one of Canada's newest gold resource
development companies, with projects located in the mining friendly
province of Newfoundland and Labrador and now a project in the
prolific Coeur d'Alene Mining District of Idaho. Marathon has
a tiered project pipeline consisting of early stage exploration to
advanced resource development projects that may be built into
mineable reserves. Marathon is continually evaluating new
gold resource development projects of merit that are located within
the Americas. Marathon's focused and low-cost approach to
resource development and exploration has an established record of
delivering rapid growth. Marathon is the operator of the
Valentine Lake Project under the joint venture with MOA. For
more information visit: www.marathon-gold.com CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING INFORMATION Except for statements of
historical fact relating to Marathon Gold, certain information
contained herein constitutes "forward-looking statements".
Forward-looking statements include statements that are predictive
in nature, depend upon or refer to future events or conditions, or
include words such as "expects", "anticipates", "plans",
"believes", "considers", "intends", "targets", or negative versions
thereof and other similar expressions, or future or conditional
verbs such as "may", "will", "should", "would" and "could". We
provide forward-looking statements for the purpose of conveying
information about our current expectations and plans relating to
the future and readers are cautioned that such statements may not
be appropriate for other purposes. By its nature, this
information is subject to inherent risks and uncertainties that may
be general or specific and which give rise to the possibility that
expectations, forecasts, predictions, projections or conclusions
will not prove to be accurate, that assumptions may not be correct
and that objectives, strategic goals and priorities will not be
achieved. These risks and uncertainties include but are not limited
to those identified and reported in Marathon Gold's public filings,
which may be accessed at www.sedar.com. Other than as
specifically required by law, we undertake no obligation to update
any forward-looking statement to reflect events or circumstances
after the date on which such statement is made, or to reflect the
occurrence of unanticipated events, whether as a result of new
information, future events or results otherwise. To view this news
release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/March2011/29/c7461.html
p Marathon Gold Corporationbr/ Joanna Longobr/ President, Terra
Partnersbr/ 1 (416) 238 1414br/ Email: a
href="mailto:jlongo@terrapartners.com"jlongo@terrapartners.com/a /p
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