Marlin Gold Mining Ltd.

Marlin Gold Mining Ltd.

July 31, 2015 01:41 ET

Marlin Gold Intersects 8.59 g/t Gold Over 23 Meters at the La Trinidad Open Pit Heap Leach Gold Mine in Sinaloa, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 30, 2015) -


Marlin Gold Mining Ltd. ("Marlin" or the "Company) (TSX VENTURE:MLN) is extremely pleased to report assay results from the first exploration drilling campaign the company has done since 2011 at its wholly owned 118,000 hectare La Trinidad property in Sinaloa Mexico.

Significant intersections* are as follows:

Hole # Zone From
15TRD02 Eldorado 30 36 6 1.17
15TRD03 Eldorado 38 44 6 0.41
15TRD03 HS Zone 70 78 8 0.85
and 84 112 28 3.45 Hole ended in 6.2 g/t gold
15TRD04 HS Zone 44 70 26 0.89
and 74 102 28 3.08 Hole ended in 1.5 g/t gold
15TRD05 HS Zone 61 84 23 8.59
including 62 68 6 18.1

* Significant intersection defined as minimum gold assay of 0.3 gpt over minimum 6m interval with no more than 2m of internal dilution below 0.3 gpt.

Dr. Matthew D. Gray. C.P.G., of Resource Geosciences Incorporated, a Qualified Person under the definitions of CSA NI 43-101, implemented and supervised industry standard QA/QC protocols for the Taunas drill sampling program including insertion of duplicate and reference standard samples. Dr. Gray has verified the reliability of the drill sampling results reported in this press release.

No significant intersections were found in 15TRD01, 15TRD06 and 15TRD07.

A total of 7 core holes have been completed at the Taunus pit. Holes 15TRD03, 15TRD04 and 15TRD05 targeted areas of the high grade HS Zone where the nearest drill neighbor was greater than 35 meters away. Hole 15TRD06 targeted an area beyond the northern periphery of the HS Zone to see if there were any northerly extensions to this zone. Hole 15TRD07 was intended to confirm waste areas for the optimized Taunus pit development. Holes 15TRD01 and 15TRD02 targeted areas in the lower grade Eldorado Zone. 15TRD07 and the first 36.25 meters of 15TRD05 were drilled using standard HQ diamond drill tools; a HQ triple tube core barrel was used for the remainder of the diamond drilling.

The nearest drill neighbors to this program were 09TR015, 09TR022 and 11TRSN013 and can be seen on a longitudinal section along with our current drill locations using the following link

Significant intersections for these holes are as follows:

Hole # Zone From
Press Release
09TR015 HS Zone 124 190 66 5.3 May 20, 2009
including 124 167 43 7.6
09TR022 HS Zone 120 141 21 8.6 July 16, 2009
including 120 130 10 17.4
11TRSN013 Eldorado Zone 37 61 24 7.7 May 5, 2011

Please see news releases from May 20th 2009, July 16th 2009 and May 5th 2011 for important technical disclosures about holes 09TR015, 09TR022 and 11TRSN013.

Executive Chairman and Interim CEO Akiba Leisman states, "These drill results are incredibly important for the Company. We have not had any exploration drilling at any of Marlin's projects since 2011. Furthermore, the previous drilling at La Trinidad was limited by very difficult conditions which caused some areas of the high grade HS Zone to be drilled more widely spaced than what would be required for mine planning purposes. With a better understanding of our geology, we were able to target certain areas of the high grade HS Zone that were previously untested, and the results have not only confirmed areas of extremely high grade, but in certain areas have exceeded what we were previously modelling. The intersections are some of the highest grades globally for a heap-leach operation, and we look forward to begin mining this area in Q2 of 2016."

Now that this Taunus pit drill program is complete, we have moved our drill rig over to the Company's San Carlos satellite target. Marlin has begun trial mining at San Carlos for bulk sampling and metallurgical testing purposes, and we aim to be continuously mining this area by September of this year.

These exceptional grades at Taunus bode well for our operations in 2016, especially when coupled with significantly lower waste removal requirements. This will dramatically reduce the cost structure and increase the production profile of Marlin once we begin mining this zone. In addition, there continues to be significant upside at the Taunus pit. The deposit is still open at depth, and a potential feeder system associated with the controlling North-South Chandler fault structure has not yet been discovered. As we continue to mine down to benches below the 46 level we are currently mining, we will be able to target some of these areas after the San Carlos drilling is complete.

Marlin Gold Increases Short Term Loan Facility

Marlin has entered into an amended and restated loan agreement providing Marlin with a US$2 million increase to its existing unsecured facility (the "Facility") from entities controlled by Wexford Capital, Marlin's controlling shareholder. The aggregate principle of the Facility is now US$13 million.

The Facility will mature one-year from the first anniversary of the initial advance under the Facility and will accrue interest daily at a rate of 15% per annum. Marlin intends to use the proceeds of the Facility for general corporate expenses and working capital. All waivers and consents necessary to complete this facility have been received from Marlin's senior lender, Sprott Resource Lending Partnership.

Wexford Capital is an "insider" (as defined in applicable securities laws) of the Company. Pursuant to Multilateral Instrument 61-101, the Facility is considered a "related party transaction". The Facility is exempt from the requirements to obtain a formal valuation or minority shareholder approval, as the Facility has no equity or voting component. The Facility was considered and approved by the board of directors of the Company, other than the directors of the Company who are also affiliated with Wexford, who abstained from such approval. There was no materially contrary view or abstention by any director approving the Facility.

Annual General Meeting Results

All matters put forth by the Board of Directors at the Annual General Meeting held on July 30, 2015 in Vancouver, BC were approved by shareholders.

About Marlin Gold

Marlin is a TSX-V publicly-listed company with properties located in Sinaloa and Zacatecas, Mexico and Arizona, U.S.A. Marlin's priority is to advance its properties toward commercial production and enhance shareholder value through financial optimization, namely through the growth of its wholly-owned subsidiary, Sailfish Royalty Corp. The La Trinidad property, which hosts the Taunus gold deposit, declared commercial production on November 1, 2014. An NI 43-101 mineral resource estimate and preliminary economic assessment for the Taunus gold deposit can be found at or at

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary statement regarding forward‐looking information

This news release contains 'forward-looking statements' within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur, including in relation to statements regarding the expected results and timing for the development and exploitation of any mineral resources. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while based on management's expectations and considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties, including those described in the Company's public disclosure documents on SEDAR at As a result, readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this release. Unless required by law, Marlin has no intention to and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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