TORONTO, May 14, 2015 /CNW/ - Marathon Gold
Corporation (MOZ-TSX) ("Marathon") announced today its
financial results for the three months ended March 31, 2015.
Highlights:
- Following completion of a successful drilling program at the
Marathon Zone, the results of drilling in 2014 and 2015 at the
Valentine Gold Camp were incorporated into initial resource
estimates for the Marathon and
Sprite Deposits and an updated resource estimate for the Victory
Deposit. With the completion of these estimates, the
Valentine Gold Camp now hosts 4 separate resources along a total
strike length of 16 km, representing an aggregate measured and
indicated resource exceeding 1 million ounces of gold at a grade of
2.20 g/t, with 87% of this resource classified as open pit
resources. All of the resources reported to date for the
Valentine Gold Camp exhibit consistent grades around 2 g/t and are
open along strike and to depth.
- Metallurgical test work completed on ore samples from the
Leprechaun Deposit in the first quarter of 2015, funded in part by
the Research and Development Corporation of Newfoundland and Labrador, concluded that direct sulphide-gold
flotation followed by conventional cyanide leaching,
carbon-in-pulp, and electrowinning would provide an overall
recovery in the range of 92.8% to 95%, a significant improvement on
the results of similar work completed in 2011.
- At March 31, 2015, Marathon had $1.6
million in cash and $1.7
million in working capital.
Operating results:
Marathon's
results of operations for the three months ended March 31, 2015 and 2014 are summarized
below. Marathon focused its
exploration efforts in 2015 exclusively on the Valentine Gold Camp
and did not incur any costs related to its non-core properties.
|
|
2015
|
2014
|
|
|
$
|
$
|
Expenses:
|
|
|
|
General and
administrative expenses
|
|
296,417
|
347,769
|
Other finance
expense
|
|
-
|
1,903
|
Interest
income
|
|
(7,028)
|
(2,665)
|
Loss on
investments
|
|
9,575
|
-
|
Foreign exchange
(gain) loss
|
|
(3,059)
|
45
|
Loss from continuing
operations before tax
|
|
295,905
|
347,052
|
Income
taxes
|
|
(90,578)
|
-
|
Loss from continuing
operations for the period
|
|
205,327
|
347,052
|
Loss from
discontinued operations, net of tax
|
|
-
|
-
|
Net loss for the
period
|
|
205,327
|
347,052
|
Net loss attributable
to non-controlling interest
|
|
-
|
-
|
Loss attributable
to Marathon Gold shareholders
|
|
205,327
|
347,052
|
This press release should be read in conjunction
with Marathon's unaudited
condensed interim consolidated financial statements for the period
ended March 31, 2015 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
company focused on its 100% owned Valentine Gold Camp located in
central Newfoundland. The
Valentine Gold Camp currently hosts four near-surface, mainly
pit-shell constrained, gold resources totaling 1,060,100 oz. gold
at 2.20 g/t (Measured & Indicated) and 200,000 oz. gold at 2.83
g/t (Inferred), (April 2015). These
resources, open along strike and to depth, cover less than 6% of
the total length of the highly prospective Valentine Lake Thrust
Fault and associated splay faults which host the majority of the
gold mineralization within the property. For more information
please visit www.marathon-gold.com.
Certain of Marathon's exploration expenditures at its
mineral properties in Newfoundland
are funded by the Government of Newfoundland and Labrador through its Junior Exploration
Assistance program.
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