Marathon Gold Receives Court Approval for the Arrangement with Mountain Lake Resources
July 05 2012 - 5:31AM
PR Newswire (Canada)
-- Marathon Gold to become the 100% owners of the Valentine Lake
Project, Newfoundland TORONTO, July 5, 2012 /CNW/ - Marathon Gold
Corporation ("Marathon" or the "Company") today announced that the
Supreme Court of British Columbia has approved the previously
announced arrangement ("Arrangement") whereby Marathon Gold
Corporation ("Marathon") will acquire all of the outstanding common
shares of Mountain Lake Resources ("Mountain Lake") to consolidate
Mountain Lake's and Marathon's respective 50% interests in the
Valentine Lake Project, resulting in Marathon becoming the 100%
owner of the project. Mountain Lake's remaining projects will
be transferred to Mountain Lake Minerals Inc. ("Spinco"), a newly
incorporated exploration company. Assuming all other remaining
conditions to the Arrangement are either satisfied or waived, the
Company expects that the closing date of the Arrangement (the
"Effective Date") will occur on or about Monday July 9,
2012. Under the terms of the Arrangement, Mountain Lake
shareholders on the Effective Date will receive 0.40 of a Marathon
common share and 0.40 of a common share in Spinco for every
Mountain Lake share held. For complete details of the Plan of
Arrangement, interested persons are directed to the Information
Circular filed on SEDAR (www.sedar.com) on June 6, 2012 by Marathon
Gold under its profile. 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, the prolific Coeur d'Alene Mining
District of Idaho and the historic gold rich Greenhorn District of
Oregon, USA. 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, results or otherwise.
Marathon Gold Corporation CONTACT: Marathon Gold CorporationJennie
GuayInvestor Relations ManagerTel: 1-416-987-0714E-mail:
jguay@marathon-gold.com
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