SOURCE: Rambler Metals & Mining Plc

Rambler Metals & Mining PLC

April 02, 2014 07:00 ET

Rambler Invests Further in Marathon Gold

LONDON, UNITED KINGDOM and BAIE VERTE, NEWFOUNDLAND and LABRADOR, CANADA--(Marketwired - Apr 2, 2014) - Rambler Metals and Mining plc (TSX VENTURE: RAB) (AIM: RMM) ('Rambler' or the 'Company'), a copper and gold producer operating in Newfoundland and Labrador, Canada, today announces the closing of the second tranche of a non-brokered private placement of common shares of Marathon Gold Corporation ("Marathon" or the "Company") (TSX: MOZ) under the terms of a subscription agreement dated December 3, 2013 and previously announced on December 4, 2013. 

The placement of Marathon's common shares by way of a non-brokered private placement generated proceeds of $250,000 and cumulative proceeds of $500,000, with Rambler holding an option to invest an additional $1.5 million going forward. Post-subscription Rambler holds 1,973,918 shares of Marathon representing 3.1% of the issued and outstanding shares.

About Marathon Gold Corporation

Marathon is a Toronto based gold resource development company focused on the Valentine Lake property in central Newfoundland. Marathon's mission is to rapidly advance the Valentine Lake project. For more information visit: www.marathon-gold.com.

The Valentine Lake property itself, owned 100% by Marathon Gold Corporation, hosts two well defined gold deposits with NI 43-101 compliant resources: the Leprechaun Gold Deposit and the Victory Gold Deposit. The Leprechaun Gold Deposit is located near the south-western end of the Valentine Lake property, and the Victory Gold Deposit is located 13 kilometers along strike to the north-east, Newfoundland, Canada. These gold deposits form part of a 23 km long, highly prospective gold-bearing mineralized corridor focused along the Valentine Lake Thrust Fault.

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