Marathon Gold Supporting Central Newfoundland Communities

TORONTO, Ontario, July 13, 2020 (GLOBE NEWSWIRE) -- Marathon Gold Corporation (“Marathon” or the “Company”; TSX: MOZ) is pleased to provide an update on community programs that it is supporting in the central region of Newfoundland and Labrador (“NL”). These programs represent both long-standing development initiatives focused on the six communities within the area of greatest social and economic impact of the Valentine Gold Project and, more recently, new funding initiatives made in response to economic impacts experienced in the region associated with the COVID-19 pandemic. In total, up to $200,000 of financial support is being committed.

Development Programs

Marathon has committed up to $110,000 in funding to support a variety of development initiatives selected by each community in the region. These include much needed upgrades to the T.A. Soper Memorial Stadium in the town of Buchans and support for visitor experiences in Millertown, such as signage and a new memorial garden. Financial support has also been committed to the 2020 Millertown Come Home Festival and Fishing Derby, both of which have now been postponed to 2021. Support for maintenance to the Buchans Junction Bridge has been provided in addition to support for upgrades to the Buchans Junction Fire and Town Hall. Funds have also been committed to the communities of Bishop’s Falls, Badger and Grand Falls-Windsor in support of locally directed community improvement programs and events.

Response to COVID-19

In addition to these ongoing community development programs, Marathon has committed a further $90,000 in financial support for several service organizations dealing with the economic impact of the recent COVID-19 pandemic on the region. This includes $30,000 to the South and Central Health Foundation supporting local hospitals in acquiring PPE supplies and specialized low-contact medical equipment. Additional funds have been committed to volunteer organizations in each of the region’s six communities in the areas of food security, support for vulnerable populations, and PPE supplies for service organizations such as volunteer fire departments and Boys and Girls Clubs.

Matt Manson, President and CEO, commented: “The community financial support that we are describing today represents Marathon’s long-term commitment to the well being of the central Newfoundland region where we propose to develop a significant gold-mining business at the Valentine Gold Project. In addition to our ongoing community development programs, we are also acknowledging the extraordinary economic dislocation that the region has experienced due to the COVID-19 pandemic. This is despite the impressive results Newfoundland and Labrador has achieved in its containment of the virus. This containment is what is allowing us to continue our work at the Valentine Gold Project camp. In 2020, Marathon was awarded $89,000 from the Junior Exploration Assistance Program of the NL Government to support the ongoing exploration at the Valentine Gold Project. Our COVID-19 community response funding announced today represents a matching investment back into the communities of central Newfoundland, helping to offset the adverse impacts that many essential local service organizations have experienced on their normal fund-raising activities.”

About Marathon

Marathon (TSX:MOZ) is a Toronto based gold company advancing its 100%-owned Valentine Gold Project located in central Newfoundland, one of the top mining jurisdictions in the world. The Project comprises a series of four mineralized deposits along a 20-kilometre system. An April 2020 Pre-Feasibility Study outlined an open pit mining and conventional milling operation over a twelve-year mine life with a 36% after-tax rate of return. The Project has estimated Proven Mineral Reserves of 1.3 Moz (26.3 Mt at 1.52 g/t) and Probable Mineral Reserves of 0.6 Moz (14.8 Mt at 1.23 g/t). Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.9 Moz (31.7 Mt at 1.86 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.19 Moz (23.2 Mt at 1.60 g/t). Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt at 1.78 g/t Au). Please see the Technical Report dated April 21, 2020 for further details and assumptions relating to the Valentine Gold Project.

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To find out more information on Marathon Gold Corporation and the Valentine Gold Project, please visit www.marathon-gold.com.

Cautionary Statement Regarding Forward-Looking Information

Certain information contained in this news release, constitutes forward-looking information within the meaning of Canadian securities laws (“forward-looking statements”). All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that Marathon expects to occur are 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”, “estimates”, “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. More particularly and without restriction, this news release contains forward-looking statements and information about Marathon’s intention to complete the Offering and the timing thereof, economic analyses for the Valentine Gold Project, capital and operating costs, processing and recovery estimates and strategies, future exploration and mine plans, objectives and expectations and corporate planning of Marathon, future feasibility studies and environmental impact statements and the timetable for completion and content thereof and statements as to management's expectations with respect to, among other things, the matters and activities contemplated in this news release. 

Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. A mineral resource that is classified as “inferred” or “indicated” has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an “indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher category of mineral resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable mineral reserves.

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. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include receipt of all necessary regulatory approvals, completion of all conditions to closing of the Offering, availability of financing to fund Marathon’s exploration and development activities, the ability of the current exploration program to identify and expand mineral resources, operational risks in exploration and development for gold, Marathon’s ability to realize the pre-feasibility study, delays or changes in plans with respect to exploration or development projects or capital expenditures, uncertainty as to calculation of mineral resources, changes in commodity and power prices, changes in interest and currency exchange rates, the ability to attract and retain qualified personnel, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral resources), changes in development or mining plans due to changes in logistical, technical or other factors, title defects, government approvals and permits, cost escalation, changes in general economic conditions or conditions in the financial markets, environmental regulation, operating hazards and risks, delays, taxation rules, competition, public health crises such as the COVID-19 pandemic and other uninsurable risks, liquidity risk, share price volatility, dilution and future sales of common shares, aboriginal claims and consultation, cybersecurity threats, climate change, delays and other risks described in Marathon’s documents filed with Canadian securities regulatory authorities.

You can find further information with respect to these and other risks in Marathon’s Amended and Restated Annual Information Form for the year ended December 31, 2019 and other filings made with Canadian securities regulatory authorities available at www.sedar.com. Other than as specifically required by law, Marathon undertakes 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.