TORONTO, June 30, 2015 /CNW/ - Marathon Gold
Corporation ("Marathon" or the "Company") (TSX: MOZ) announced
today that it has closed the first tranche of its non-brokered
private placement financing announced on June 23, 2015. In this tranche,
Marathon issued a total of
2,556,666 flow-through shares at a price of $0.30 per share and 6,865,000 units at a price of
$0.25 per unit, for aggregate gross
proceeds of $2,483,250. The proceeds
raised from this financing will be used to further exploration work
on Marathon's Valentine Gold Camp,
including resource expansion drilling at the recently discovered
Marathon Deposit area, and for general corporate purposes.
More particularly, the proceeds from the sale of flow through
shares will be expended on qualifying Canadian Exploration Expenses
("CEE") on Marathon's mineral
projects before December 31,
2015.
Following the spring break-up, Marathon's exploration team has resumed its
program of focused prospecting and trenching at the Valentine Gold
Camp in the area around the Marathon Deposit and moving to the
northeast and southwest. Drilling at the Marathon Deposit has
commenced.
All of the shares issued pursuant to the Offering will be
subject to a statutory hold period of four months and one day from
the closing date.
"We are very pleased with the participation in this financing
and would like to thank our investors for their support. With the
close of the first tranche, we are able to commence drilling on the
strike extension of the Marathon Deposit where trenching has
exposed veining 75 m to the southwest of the last drill hole. As
well, we have several high priority targets to drill along a 2km
trend to the northeast of the Marathon Deposit. At Sprite, we have
some additional targets developed from a winter ground magnetic
survey and recent geological mapping. The Victory area also has
high priority drill targets that were previously identified.
Drilling was delayed on those targets by the discovery of the
Marathon Deposit last fall, and they are now scheduled for drilling
this summer. The summer program promises to be very important for
the development of the Valentine Gold Camp." Said Phillip Walford, President and CEO.
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.
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. For more information please
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.
SOURCE Marathon Gold Corporation