Marathon Gold Corp T.MOZ

Metals & Mining Gold

Marathon Gold Corporation is a Canada-based gold exploration and development company. The Company’s primary business focus is the exploration and development of its flagship asset, the wholly owned Valentine Gold Project, located in Newfoundland and Labrador, Canada. The project comprises a series of five mineralized deposits along a 32- kilometer system. Its prospects are located along the Valentine Lake Shear Zone and include Frank Zone, Rainbow Zone, Triangle Zone, Victoria Bridge, Narrows, Victory Southwest, Victory Northeast, and the Berry Zone. In addition to the Valentine Gold Project in the Central Region of Newfoundland and Labrador, the Company holds 100% interests in the Bonanza Mine, a former mine located in Baker County in northeastern Oregon, the Gold Reef property, an exploration property consisting of approximately 12 hectares of claims located near Stewart, British Columbia; and a 2% net smelter returns royalty on precious metal sales by the Golden Chest mine in Idaho.

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Marathon Gold Corp

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Post by u4eahon Nov 05, 2012 6:25pm

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Post# 20564878

MARATHON resource update news release

Marathon Gold Files 43-101 Technical Report with Updated Resource and a 61% Increase in Measured and Indicated for Valentine Lake Gold Project

Marathon Gold Files 43-101 Technical Report with Updated Resource and a 61% Increase in Measured and Indicated for Valentine Lake Gold Project

TORONTO, Nov. 5, 2012 /CNW/ - Marathon Gold Corporation ("Marathon" or the "Company") (MOZ: TSX) today announced that it has made the regulatory filing of the report entitled "Technical Report and Resource Estimate on the Valentine Lake Project, Leprechaun Gold Deposit". The resource update was announced on October 22, 2012 and conducted by Roscoe Postle Associates.

"Management believes that this new Valentine resource estimate is a significant step towards justifying an economic study. The resource at Valentine only covers the Leprechaun Deposit and considerable potential exists on the property and will further underpin the value of the Valentine Lake Project," said Phillip Walford, President and CEO of Marathon Gold Corp. In addition to the Leprechaun resource, Marathon has 50% of the Golden Chest Mine in Idaho that has an open pit resource. The resource ounces attributable to Marathon are mainly Measured and Indicated, the highest resource categories. Our strategy is to continue to successfully develop quality resources leading to reserves."

Highlights:

Leprechaun-Measured and Indicated: 9.53 million tonnes @ 2.22 g/t Au containing 682,000 oz Au
Leprechaun-inferred: 1.96 million tonnes @ 2.30 g/t containing 145,000 oz Au
The resource has not only significantly increased by 61% in the M&I category, and the grade has increased by 8% as well
The resource has advanced to an open pit and underground resource
The total resource attributable to Marathon including 50% of Golden Chest and all of Leprechaun:
- Measured and Indicated: 10.93 million tonnes @ 2.11 g/t Au containing 744,000 oz;
- Inferred: 3.89 million tonnes @ 1.88 g/t Au containing 235,000 oz Au; and
A new resource is expected by the end of the quarter for Golden Chest.