TORONTO, Ontario -- March 31, 2017 -- Marathon Gold Corporation (MOZ-TSX) (“Marathon”) announced today its financial results for the year ended December 31, 2016.
The results of operations for the three and twelve month periods ended December 31, 2016 and 2015 are summarized below. Marathon focused its exploration efforts in 2015 and 2016 exclusively on the Valentine Lake Gold Camp and incurred no exploration costs other than holding costs related to its non-core properties.
|Three months ended December 31||Year ended
|General and administrative expenses||799,773||350,882||1,564,313||1,404,033|
|Loss on investments||-||-||-||9,575|
|Foreign exchange (gain) loss||(5,430)||(7,090)||15,580||(10,489)|
|Loss from continuing operations before tax||989,497||366,665||1,798,756||1,442,380|
|Loss from continuing operations for the period||1,151,864||353,332||1,545,972||1,338,469|
|(Income) Loss from discontinued operations, net of tax||-||(1,021,120)||-||1,977,523|
|Net loss(Net income) for the period||1,151,864||(667,788)||1,545,972||3,315,992|
|Net loss attributable to non-controlling interest||-||(48,518)||-||(1,481,273)|
|Loss (Income) attributable to Marathon Gold shareholders||1,151,864||(716,306)||1,545,972||1,834,719|
This press release should be read in conjunction with Marathon's consolidated financial statements for the years ended December 31, 2016 and 2015 and the related Management's Discussion and Analysis, both of which are available on www.sedar.com.
About Marathon Gold Corporation
Marathon is a gold exploration company rapidly advancing its 100% owned Valentine Lake Gold Camp located in Newfoundland, one of the top mining jurisdictions in the world. The Valentine Lake Gold Camp currently hosts four near-surface, mainly pit-shell constrained, gold resources totaling 1,388,200 oz. gold at 1.91 g/t (Measured & Indicated) and 766,500 oz. gold at 2.24 g/t (Inferred) (February 2017). These resources occur over a 20-km system of gold bearing veins. Much of the 24,000-hectare property has not been explored in detail to date. Drilling in 2017 will continue to focus on expanding the Marathon Deposit at surface and to depth. The property is accessible by a year-round road and is located near Newfoundland’s electrical grid. The Company has constructed and maintains a 50-person all-season camp at the property. Recent metallurgical tests have demonstrated 93% to 98% recoveries via conventional milling and 50% to 70% recoveries via low cost heap leaching at both the Leprechaun and Marathon Deposits. To find out more information on the Valentine Lake Gold Camp please visit www.marathon-gold.com.
Marathon receives financial support in respect of certain of the Company’s exploration expenditures from the Junior Exploration Assistance program of Newfoundland and Labrador and the Research and Development Corporation of Newfoundland and Labrador.
For more information please visit www.marathon-gold.com.
For more information, please contact:
Chief Financial Officer
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.