TORONTO, Aug.10, 2017(GLOBE NEWSWIRE) -- Marathon Gold Corporation (TSX:MOZ) ("Marathon") announced today its financial results for the period ended June 30, 2017.
Highlights:
Marathon completed the following activities in the period ended June 30, 2017, and subsequently to the date of this MD&A:
Operating Results:
The results of operations for the three- and six-month periods ended June 30, 2017 and 2016 are summarized below and reflect increases in staff compensation costs and director fees following an independent benchmarking review of Marathon's compensation practices; a performance bonus awarded to management and employees driven by the sharp increase in mineral resources at the Valentine Lake Gold Camp and related to performance in 2015 and 2016; stock options issued in the second quarter of 2017; and professional fees associated with changes to Marathon's shareholder rights plan, stock option plan, and corporate governance practices and policies.
Three months ended June 30 | Six months ended June 30 | |||||||
2017 | 2016 | 2017 | 2016 | |||||
$ | $ | $ | $ | |||||
Expenses: | ||||||||
Exploration expenses | 5,135 | - | 86,614 | - | ||||
General and administrative expenses | 1,229,011 | 243,641 | 1,583,268 | 485,183 | ||||
Other finance expense | 111,589 | 6,741 | 111,589 | 6,741 | ||||
Interest income | (12,674 | ) | (1,529 | ) | (25,054 | ) | (3,073 | ) |
Foreign exchange loss | 3,287 | 1,374 | 5,225 | 24,824 | ||||
Loss before tax | 1,336,348 | 250,227 | 1,761,642 | 513,675 | ||||
Income tax recovery | (699,851 | ) | - | (1,874,140 | ) | (415,151 | ) | |
Loss (Income) for the period attributable to Marathon Gold shareholders | 636,437 | 250,227 | (112,498 | ) | 98,524 |
This press release should be read in conjunction with Marathon's unaudited condensed interim consolidated financial statements for the periods ended June 30, 2017 and 2016 and the related Management's Discussion and Analysis, both of which are available on www.sedar.com.
About Marathon Gold Corporation
Marathon Gold Corporation (TSX:MOZ) is a Toronto based gold exploration company rapidly advancing its 100% owned Valentine Lake Gold Camp located in Newfoundland, one of the top mining jurisdictions in the world. The Valentine Lake Gold Camp currently hosts four near-surface, mainly pit-shell constrained, deposits with measured and indicated resources totaling 1,388,200 oz. of gold at 1.91 g/t and inferred resources totaling 766,500 oz. of gold at 2.24 g/t. These resources occur over a 20-kilometer system of gold bearing veins, with much of the 24,000-hectare property having had little detailed exploration activity to date. Drilling in 2017 is continuing to focus on expanding the Marathon Deposit at surface and to depth. The Valentine Lake Gold Camp is accessible by year-round roads and is located in close proximity to Newfoundland's electrical grid. Marathon maintains a 50-person all-season camp at the property. Recent metallurgical tests have demonstrated 93% to 98% recoveries via conventional milling and 50% to 70% recoveries via low cost heap leaching at both the Leprechaun and Marathon Deposits.
Marathon receives financial support in respect of certain of the Company's exploration expenditures from the Junior Exploration Assistance program of Newfoundland and Labrador and the Research and Development Corporation of Newfoundland and Labrador.
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 or results otherwise.
For more information, please contact: Jim Kirke Chief Financial Officer (416) 987-0710