Marathon Gold Announces 2011 Q1 Financial Results
15 6월 2011 - 6:00AM
PR Newswire (Canada)
TORONTO, June 14, 2011 /CNW/ -- TORONTO, June 14, 2011 /CNW/ -
Marathon Gold Corporation (MOZ-TSX) ("Marathon") announced today
its financial results for the three months ended March 31, 2011.
Marathon ended the period ended March 31, 2011 with $7.6 million in
cash and no debt. Highlights: -- Completing Marathon's 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. -- Commencing work on a 25,000-meter drilling
program at Valentine Lake focused on resource expansion at the
Leprechaun Gold Deposit and preliminary drilling at the Valentine
East and Sprite zones. -- 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. An
update resource estimate reflecting the drilling completed in the
first quarter is under way and expected to be completed in the
second quarter. -- Funding the second of five payments to Golden
Chest LLC associated with our 50% interest in the Golden Chest
joint venture with New Jersey Mining Company. New Jersey Mining,
the operator of the joint venture, has made progress in surface
drilling oriented at expanding the existing proven and probable
reserve centred on the Idaho vein, surface drilling intended to
test the Katie vein in a largely unexplored area of the mine, and a
planned 56-hole surface program intended to test the potential for
an open pit resource. -- Closing a private placement in March 2011
of 2,528,500 flow-through shares that generated gross proceeds of
$4,551,300. After completion of this financing, Marathon had
22,915,928 shares issued and outstanding and 24,912,923 on a fully
diluted basis. Operating highlights: Marathon's losses for the
three months ended March 31, 2011 and 2010 are summarized below.
2011 2010 $ $ Expenses: Exploration expenses 6,187 4,982 General
and administrative expenses 435,422 235,410 Total expenses 441,609
240,392 Interest income (77) (5,452) Unrealized gain on warrant
derivatives (14,782) - Foreign exchange gain (90) - Loss for the
period 426,660 234,940 Other comprehensive income: Currency
translation adjustment 28,450 - Unrealized gain in fair value of
investments (36,973) - classified as available for sale
Comprehensive loss for the period 418,137 234,940 This press
release should be read in conjunction with Marathon's unaudited
interim consolidated financial statements for the period ended
March 31, 2011 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
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Marathon Gold Corporationbr/ Jim Kirkebr/ Chief Financial
Officerbr/ (416) 987-0710 /p
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