TORONTO,
July 8, 2015 /CNW/ - Marathon
Gold Corporation ("Marathon" or the "Company") (TSX: MOZ)
announced today that it has closed the second and final tranche of
its non-brokered private placement announced on June 23, 2015. In total, Marathon issued a total of 3,175,000 flow
through shares at a price of $0.30
per share and 9,725,000 units at a price of $0.25 per unit, for aggregate gross proceeds of
$3,383,750. The net proceeds
from this financing will be used for exploration work on
Marathon's Valentine Gold Camp,
including resource expansion drilling at the recently discovered
Marathon Deposit area, drill testing new targets, and general
corporate purposes. More particularly, the proceeds from the
sale of flow through shares will be expended on qualifying Canadian
Exploration Expenses ("CEE") on Marathon's mineral projects before
December 31, 2015.
All of the shares issued pursuant to this
financing will be subject to a statutory hold period of four months
and one day from the closing date.
"The response to our financing has been very
strong and has given us a strong treasury to move forward. The
majority of the money raised will be used carefully over the
remainder of 2015 in advancing the Valentine Gold Camp. The summer
program of prospecting, followed by stripping and trenching of the
better prospects, is underway in the Marathon and Sprite areas. The first three
drill holes have been completed; two on the southwestern extension
of the Marathon Deposit and an additional hole that is testing one
of the drill targets to the north east of the Marathon Deposit.
Both holes in the Marathon Deposit intercepted quartz pyrite
tourmaline veins and are awaiting assay results. Drilling will
continue to the northeast testing areas of surface gold veining
before returning to the Marathon Deposit," said Phillip Walford, President and CEO of
Marathon.
About Marathon Gold Corporation
Marathon is a
Toronto based gold resource
company focused on its 100% owned Valentine Gold Camp located in
central Newfoundland. The
Valentine Gold Camp currently hosts four near-surface, mainly
pit-shell constrained, gold resources totaling 1,060,100 oz. gold
at 2.20 g/t (Measured & Indicated) and 200,000 oz. gold at 2.83
g/t (Inferred), (April 2015). These
resources, open along strike and to depth, cover less than 6% of
the total length of the highly prospective Valentine Lake Thrust
Fault and associated splay faults which host the majority of the
gold mineralization within the property.
Certain of Marathon's exploration expenditures at its
mineral properties in Newfoundland
are funded by the Government of Newfoundland and Labrador through its Junior Exploration
Assistance program. For more information please
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.
SOURCE Marathon Gold Corporation