Marathon Gold Corporation (“Marathon” or the “Company”)
(TSX: MOZ) is pleased to announce the appointment of
Hannes Portmann as Chief Financial Officer, effective October 16,
2019.
Mr. Portmann is a mining executive with
significant financial management and capital markets experience.
Most recently (2008 to 2018) he was employed by New Gold Inc. in a
series of progressively more senior roles including Executive Vice
President, Business Development and, ultimately, President and
Chief Executive Officer. Prior to New Gold, he was a member of the
Merrill Lynch investment banking mining group (2006 to 2008) and
the assurance and advisory practices of PricewaterhouseCoopers LLP
(2002 to 2006). Mr. Portmann is a Chartered Professional
Accountant.
Matt Manson, President and CEO, stated, “On
behalf of the board of directors, I am excited to welcome Hannes to
the Marathon Gold team. Hannes will assume immediate responsibility
for the day to day financial management of our business. At the
same time, he will take on an expanded mandate covering Business
Development, drawing upon his extensive mining industry and capital
markets experience. Hannes’ skill sets are extremely complimentary
to those of our existing senior leadership team, and I look forward
to partnering with him as we move forward with the development of
the Valentine Gold Project in Newfoundland.”
Mr. Portmann holds a Bachelor of Science in
Mining Engineering from Queen’s University and a Masters of
Management and Professional Accounting from the Rotman School of
Management, University of Toronto. Mr. Portmann is also a member of
the Board of Directors of SilverCrest Metals Inc.
Matt Manson added, “We also wish to express our
gratitude to Jim Kirke, Chief Financial Officer and Corporate
Secretary, who will be leaving the Company after a transitionary
period. Mr. Kirke has played an integral part in the success of
Marathon Gold and its predecessor companies, and we wish him well
in his future endeavours.”
About Marathon
Marathon is a Toronto based gold company rapidly
advancing its 100%-owned Valentine Gold Project located in central
Newfoundland, one of the top mining jurisdictions in the
world. The Valentine Gold Project comprises a series of
mineralised deposits along a 20-kilometer system of gold bearing
Quartz-Tourmaline-Pyrite veins. The project is accessible by
year-round road and is in close proximity to the provincial
electrical grid. To date, four gold deposits at Valentine have been
delineated, including the large Leprechaun and Marathon deposits.
An October 2018 Preliminary Economic Assessment showed the project
to be amenable to open pit mining and conventional milling over a
twelve-year mine life. Total Mineral Resources currently comprise
Measured Mineral Resources of 16.6 million tonnes at a grade of
2.18 g/t containing 1,166,500 oz. of gold, Indicated Mineral
Resources of 28.5 million tonnes at a grade of 1.66 g/t containing
1,524,900 oz. of gold and Inferred Mineral Resources of 26.9
million tonnes at a grade of 1.77 g/t containing 1,531,600 oz. of
gold. For more information, readers are referred to the technical
report prepared in accordance with the requirements of NI 43-101
dated October 30, 2018 for further details and assumptions relating
to the project.
Acknowledgments
Marathon acknowledges the financial support of
the Junior Exploration Assistance Program, Department of Natural
Resources, Government of Newfoundland and Labrador.
For more information, please
contact:
Matthew Manson, PhD President and Chief Executive
Officer Tel: 416-987-0711Email:
mmanson@marathon-gold.com |
Christopher HaldaneManager Investor RelationsTel:
416-987-0714Email: chaldane@marathon-gold.com |
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". More particularly and without
restriction, this press release contains forward-looking statements
and information about future exploration plans, objectives and
expectations of Marathon, future mineral resource and mineral
reserve estimates and updates and the expected impact of
exploration drilling on mineral resource estimates, future
pre-feasibility and 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. In
respect of the forward-looking statements and information
concerning the interpretation of exploration results and the impact
on the project’s mineral resource estimate, Marathon has provided
such statements and information in reliance on certain assumptions
it believes are reasonable at this time, including assumptions as
to the continuity of mineralization between drill holes. 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 the ability of the
current exploration program to identify and expand mineral
resources, operational risks in exploration and development for
gold, 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, 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, cost escalation, changes in general
economic conditions or conditions in the financial markets. 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
Annual Information Form for the year ended December 31, 2018 and
other filings made with Canadian securities regulatory authorities
and 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.
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