Marathon Gold Announces 2012 Q2 Financial Results
August 01 2012 - 10:02PM
PR Newswire (Canada)
TORONTO, Aug. 2, 2012 /CNW/ - Marathon Gold Corporation (MOZ-TSX)
("Marathon") announced today its unaudited financial results for
the three and six months ended June 30, 2012. Highlights: The
operational highlights of the period include: -- At June 30, 2012,
Marathon held $4.0 million in cash and working capital. --
Subsequent to June 30, 2012, completing the acquisition of MOA,
resulting in Marathon becoming the 100% owner of the Valentine Lake
gold project. -- The 2012 drilling program at Valentine Lake,
comprising 24,442 meters of drilling out of an original planned
program of 40,000 meters. An updated mineral resource estimate
based on the results of the 2012 drilling program will be completed
by the end of the year. -- The 2012 drilling program at Golden
Chest, focused in part on expanding the existing potential open-pit
mineral resource. Operating results: Marathon's results of
operations for the three and six months ended June 30, 2012 and
2011 are summarized below. Three months ended Six months ended June
30 June 30 2012 2011 2012 2011 $ $ $ $ Expenses: Exploration
expenses 349,404 33,215 351,476 39,402 General and 376,397 425,326
737,113 860,748 administrative expenses Interest income (19,570)
(13,306) (33,154) (13,383) Unrealized loss on 23,987 123,784 82,750
109,002 warrant derivative investments Foreign exchange loss 1,101
(287) 816 (377) (gain) Loss before taxes 731,319 568,732 1,139,001
995,392 Income taxes (376,986) - (1,006,574) - Loss for the period
354,333 568,732 132,427 995,392 This press release should be read
in conjunction with Marathon's condensed interim consolidated
financial statements for the three and six months ended June 30,
2012 and the related Management's Discussion and Analysis, both of
which are available on www.sedar.com. About the Valentine Lake
Project Marathon Gold Corporation is now the 100% owner of the
Valentine Lake Project. The Leprechaun Gold Deposit is situated at
the south-western end of the Valentine Lake Project, and the
Valentine East Gold Zone is located 17 kilometers along strike
running in a north-easterly direction. The J. Frank Zone,
which currently extends over an area in excess of 850 meters in
length and 250 meters in width, is located up to 0.5 kilometers
southwest along strike from the current Resource boundary of the
Leprechaun Gold Deposit. These gold occurrences form part of a 23
kilometer long, highly prospective gold-bearing mineralized
corridor focused along the Valentine Lake thrust fault. About the
Leprechaun Gold Deposit The Leprechaun Gold Deposit has a NI 43-101
compliant Measured and Indicated Resource of 6,446,000 tonnes
grading 2.05 g/t gold, for a total estimated 424,000 ounces of gold
(news release, March 29, 2012). The Inferred Resource is 5,742,000
tonnes grading 1.65 g/t gold, for an estimated 305,000 ounces of
gold. This resource was estimated using a 0.5 g/t gold minimum
cut-off over a 3 meter minimum width. The Leprechaun Gold Deposit
is open at depth and along strike. 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 or results otherwise. Marathon
Gold Corporation CONTACT: Marathon Gold CorporationJim KirkeChief
Financial Officer(416) 987-0710
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