Marathon Gold Reports 2011 Third Quarter Financial Results
November 11 2011 - 1:50PM
PR Newswire (Canada)
TORONTO, Nov. 11, 2011 /CNW/ - Marathon Gold Corporation
("Marathon") announced today its financial results for the three
and nine months ended September 30, 2011. At September 30, 2011 the
Company had $3,200,000 in cash. Highlights: -- Completed the
earn-in for a 50% interest in the Valentine Lake Project by making
a payment of $3,000,000 to Richmont Mines Inc., triggering the
formation of the Valentine Lake 50/50 joint venture with Mountain
Lake Resources Inc. -- Completed an updated NI 43-101 Resource
Estimate on the Valentine Lake Project based on drilling results
from the 2010 drilling campaign, which included Measured and
Indicated Resources of 3.3 million tonnes grading 2.6 g/t gold,
representing a total of 277,000 ounces of gold, and an additional
Inferred Resource of 4.4 million tonnes grading 2.0 g/t gold,
representing an Inferred Resource of 285,000 ounces. -- Completed a
2011 drill program at the Valentine Lake Project, focused on
expanding the existing Resource at Leprechaun Gold Deposit, and
preliminary drilling at the Valentine East and Sprite Zones,
including 25,500 meters of drilling. An updated NI 43-101 compliant
Resource Estimate incorporating the results of the 2011 drilling
program is expected to be completed either in the fourth quarter
2011 or early in 2012. -- Funded US $2,000,000 in option payments
to Golden Chest LLC stipulated under the operating agreement
between Marathon and New Jersey Mining Company, required to
complete the earn-in for Marathon's 50% interest in the Golden
Chest Mine. -- Closed a private placement of flow-through common
shares in March 2011 of 2,528,500 flow-through shares with gross
proceeds of $4,551,300. -- Completed initial prospecting and ground
exploration programs at the Finger Pond and Barachois Brook
exploration stage properties in Newfoundland. Operating highlights:
Marathon's losses for the three and nine months ended September 30,
2011 and 2010 are summarized below. Three months ended Nine
monthsended September 30 September 30 2011 2010 2011 2010 $ $ $ $
Expenses: Exploration 175,364 6,027 214,766 11,624 expenses General
and 403,071 180,019 1,263,819 868,972 administrative expenses Total
expenses 578,435 186,046 1,478,585 880,596 Interest income (10,443)
(8,794) (23,826) (22,313) Unrealized loss 92,229 - 201,231 - on
warrant derivatives Foreign exchange 2,308 (186) 1,931 245 loss
(gain) Loss for the 662,529 177,066 1,657,921 858,528 period This
press release should be read in conjunction with Marathon's
unaudited condensed Interim Consolidated Financial Statements for
the period ended September 30, 2011 and the related Management's
Discussion and Analysis, both of which are available on
www.sedar.com. About Marathon Gold Corporation Marathon Gold
Corporation is a North American gold resource development company,
with projects located in the mining friendly province of
Newfoundland and Labrador, and a project in the prolific Coeur
d'Alene Mining District of Idaho. Marathon has a project
pipeline consisting of early stage exploration to advanced resource
development projects. Marathon is continually evaluating new gold
resource development projects of merit that are located within the
Americas. Marathon's focused and low-cost approach to
exploration and resource development has an established record of
delivering rapid growth. For more information 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. Marathon
Gold Corporation CONTACT: Marathon Gold CorporationJennie
GuayInvestor Relations ManagerTel: 1-416-987-0714
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