Marathon Gold Completes Strategic Acquisition of the Bonanza Mine
16 12월 2011 - 9:00PM
PR Newswire (Canada)
TORONTO, Dec. 16, 2011 /CNW/ - Marathon Gold Corporation
("Marathon" or the "Company") today announced that it has purchased
the Bonanza Mine, located in north eastern Oregon, USA from the
Gazelle Land and Timber LLC ("Gazelle"). The Bonanza Mine is a
historic high-grade producer and Marathon owns 100% of the
property. "As Marathon's focus has always been to rapidly develop
gold resources in the mining friendly jurisdictions of Canada and
the USA, this property exhibited real merit and promise and was a
natural fit for the Company. The Bonanza Mine was one of the larger
mines in the historic Greenhorn Gold District and we are not aware
of any modern exploration work being conducted on this former
high-grade producer. We believe this property has excellent upside
exploration potential and as we own 100% of the asset, we
anticipate it generating value for the Company," stated Phillip
Walford, President and CEO of Marathon Gold Corporation. "Closing
what was already a successful year for Marathon with this strategic
acquisition is a highlight for the Company and we are eager to
begin exploration work on this property in 2012." The Bonanza Mine
is comprised of 13 patented lode claims and one patented parcel
totaling approximately 300 acres. Under the terms of the agreement
with Gazelle, Marathon paid 300,000 shares and $125,000 USD for the
Bonanza Mine. Gazelle will retain a 2% NSR on the property which
includes a right to buy back 1% of the NSR for $1,000,000 USD at
the election of Marathon. Gazelle will also retain the timber
rights for 20 years from the date of purchase. Additional lode
claims are being added to the land package. These claims have no
royalties. About the Bonanza Mine The deposit is located in Baker
County approximately 30 miles west of the town of Baker in north
east Oregon, USA. The mine went into production in 1877 and there
is no recorded production after 1904. Recorded mine production was
128,500 tons grading 1.2 ounces per ton and 99,900 ounces of gold
was produced from that ore with an average recovery of 65%. Some of
the gold was reported to be tied up in sulfides and difficult to
liberate with the metallurgy of that time. Available accounts
indicate that high grade portions of the veins were selectively
mined and the lower grade and lower recovery material was left. The
cut off grade for low grade was anything grading less than 0.6
ounces per ton. The mine was developed on multiple levels to a
depth of 1,200 ft. Three main veins are listed as being important
for mining, the South Vein, Bonanza Vein and North Vein. The
Bonanza Vein can be followed on surface from more than 2,500 ft.
The Veins vary from a foot to 6 ft wide and locally can be up to 30
ft wide, dipping steeply to the southwest. Marathon plans to begin
work on the Bonanza Mine in the second quarter of 2012. Phillip
Walford, P. Geo., President and CEO, Marathon's Qualified Person,
has reviewed the contents for accuracy and has approved this press
release on behalf of Marathon. About Marathon Gold Corporation
Marathon Gold Corporation is a North American gold resource
development company, with projects located in the mining friendly
province of Newfoundland and Labrador, and a project in the
prolific Coeur d'Alene Mining District of Idaho. Marathon has
a project pipeline consisting of early stage exploration to
advanced resource development projects. 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 exploration and resource development has an established
record of delivering rapid growth. For more information
visit: www.marathon-gold.com CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION Except for statements of historical
fact relating to Marathon Gold Corporation, 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 Corporation'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, results or otherwise.
Marathon Gold Corporation CONTACT: Marathon Gold CorporationJennie
Guay Investor Relations ManagerTel: 1-416-987-0714 Email:
jguay@marathon-gold.com
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