SOURCE: Marathon Gold Corp.

Marathon Gold Corp.

December 04, 2015 07:00 ET

Marathon Gold Completes the Sale of Its Interest in the Golden Chest Mine

TORONTO, ON--(Marketwired - December 04, 2015) - Marathon Gold Corporation ("Marathon" or the "Company") (TSX: MOZ) announced today that it has completed the sale of its interest in Golden Chest LLC ("GCLLC"), the owner of the Golden Chest mine property in Idaho, to New Jersey Mining Company ("NJMC") for total consideration of US$180,000 (C$241,000). All proceeds of the sale have been received in cash at the date of this release, and a 2% net smelter returns ("NSR") royalty over the patented and unpatented claims which make up the Golden Chest property and any claims acquired by NJMC or GCLLC in the future in a defined area of interest.

With the sale of Marathon's interest in GCLLC complete, the Company expects to receive royalty revenue from the NSR once NJMC resumes mining operations at Golden Chest. Marathon will continue to focus its resources on the exploration and development of its flagship property, the Valentine Gold Camp in Newfoundland.

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 2.85 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. 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.

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