TORONTO, Nov. 13, 2014 /CNW/ - Marathon Gold
Corporation (MOZ-TSX) ("Marathon") announced today its
financial results for the three and nine months ended September 30, 2014.
At September 30, 2014,
Marathon had $4.1 million in cash and working capital.
During the period ended September 30,
2014, Marathon completed
five private placements of common shares, units and flow through
shares which generated aggregate gross proceeds of $6.5 million. The proceeds of these
financings and Marathon's existing
cash reserves were used to fund a drilling program in the winter of
2014, which was completed in March
2014; a successful program of focused trenching and
prospecting in the Rainbow, Sprite and Marathon Areas following up
on magnetic lows interpreted as splays off the Valentine Lake
Thrust Fault; and a renewed drilling program focused on the
existing Rainbow and Sprite Zones and the highest priority
targets in the newly discovered Marathon Area. Marathon's drilling program at Valentine Lake
continues to focus on targets in the Marathon Area identified by prospecting in
2014 and subsequent channel sampling in early 2015.
Operating results:
Marathon's results of
operations for the three and nine months ended September 30, 2014 and 2013 are summarized below
and reflect ongoing efforts by management to reduce administrative
costs and minimize exploration activity on its non-core mining
properties.
|
Three months
ended
September
30
|
Nine months
ended
September
30
|
|
2014
|
2013
|
2014
|
2013
|
|
$
|
$
|
$
|
$
|
Expenses:
|
|
|
|
|
Exploration
expenses
|
18,098
|
117,762
|
23,284
|
135,731
|
General and
administrative expenses
|
329,457
|
218,661
|
914,412
|
1,101,561
|
Interest
income
|
(1,797)
|
(5,503)
|
(5,953)
|
(25,395)
|
Other finance
expense
|
-
|
-
|
1,903
|
-
|
Unrealized loss on
warrants
|
-
|
-
|
-
|
3,208
|
Foreign exchange
(gain) loss
|
-
|
-
|
(172)
|
568
|
Loss before
taxes
|
345,758
|
330,920
|
933,474
|
1,215,673
|
This press release should be read in conjunction with
Marathon's unaudited condensed
interim consolidated financial statements for the three and nine
months ended September 30, 2014 and
2013 and the related Management's Discussion and Analysis, both of
which are available on www.sedar.com.
About Marathon Gold Corporation
Marathon is a Toronto based gold resource development
company focused on the Valentine Lake property in central
Newfoundland. Marathon's mission is to rapidly move the
Valentine Lake project towards advanced exploration and
pre-development stages. For more information
visit: www.marathon-gold.com.
About the Valentine Lake Project
The Valentine Lake property, owned 100% by Marathon Gold
Corporation, hosts two well defined gold deposits with NI 43-101
compliant resources: the Leprechaun Gold Deposit and the Victory
Gold Deposit. The Leprechaun Gold Deposit is located near the
south-western end of the Valentine Lake property, and the
Victory Gold Deposit is located 13 kilometers along strike to the
north-east. These gold deposits form part of a 23 km long,
highly prospective gold-bearing mineralized corridor focused along
the Valentine Lake Thrust Fault.
The Leprechaun Gold Deposit has a NI 43-101 compliant Open Pit
and Underground Resource (refer to August 1,
2013 news release). The Open Pit Resource is Measured 3.5
million tonnes containing 247,000 oz Au, and Indicated 6.2
million tonnes containing 412,000 oz Au, and Inferred 1.2 million
tonnes at 1.82 g/t Au containing 71,000 oz Au. The Underground
Resource is Measured 108,000 tonnes containing 17,000 oz Au, and
Indicated 764,000 tonnes containing 100,000 oz Au, and Inferred
349,000 tonnes containing 69,000 oz Au. As a result of favorable
drilling results in 2013 and 2014, the Sprite Area, which is
adjacent to the Leprechaun Gold Deposit, will be a focus of
continued exploration this year. The Sprite Area adjoins the
Leprechaun Gold Deposit and recent promising drilling is located
1.5 km to the north east of the Leprechaun Gold Deposit.
The Victory Gold Deposit (formerly Valentine East Hill) has an Open Pit Resource
(refer to August 1, 2013 news
release). The Open Pit Resource is Indicated 761,000 tonnes
containing 41,000 oz Au, and Inferred 199,000 tonnes containing
9,000 oz Au. Both deposits are open to expansion.
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 or results otherwise.
SOURCE Marathon Gold Corporation