Marathon Gold Corporation (“Marathon” or the “Company”;
TSX: MOZ) is pleased to announce that it has filed a final
base shelf prospectus (the “
Shelf Prospectus”)
with the securities regulatory authorities in each of the provinces
and territories of Canada.
The Shelf Prospectus will enable Marathon to
make offerings of up to a total of C$250 million of any combination
of common shares, warrants, subscription receipts, units,
convertible securities and debt securities during the 25-month
period that the Shelf Prospectus, including any amendments thereto,
remains valid. The nature, size and timing of any such financings
(if any) will depend, in part, on Marathon’s assessment of its
requirements for funding and general market conditions. Unless
otherwise specified in the prospectus supplement relating to a
particular offering of securities, the net proceeds from any sale
of any securities will be used to advance Marathon’s business
objectives and for general corporate purposes, including funding
ongoing exploration and development activities at the Valentine
Gold Project and/or working capital requirements. The specific
terms of any future offering will be established in a prospectus
supplement to the Shelf Prospectus, which supplement will be filed
with the applicable Canadian securities regulatory authorities.
As at December 31, 2020, Marathon had cash and
equivalents of C$51 million (unaudited) and is well positioned to
fund the Company’s planned 2021 activities, including the continued
exploration and advancement of the Valentine Gold Project. The
filing of the Shelf Prospectus, which is effective for 25 months,
is intended to provide the Company with increased flexibility as it
evaluates potential financing opportunities in the future.
The securities have not been registered
under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements. This news
release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in
any State in which such offer, solicitation or sale would be
unlawful.
A copy of the final Shelf Prospectus is
available on SEDAR (www.sedar.com).
About Marathon
Marathon (TSX:MOZ) is a Toronto based gold
company advancing its 100%-owned Valentine Gold Project located in
the central region of Newfoundland and Labrador, one of the top
mining jurisdictions in the world. The Project comprises a
series of four mineralized deposits along a 20-kilometre system. An
April 2020 Pre-Feasibility Study outlined an open pit mining and
conventional milling operation over a twelve-year mine life with a
36% after-tax rate of return. The Project has estimated Proven
Mineral Reserves of 1.3 Moz (26.3 Mt at 1.52 g/t) and Probable
Mineral Reserves of 0.6 Moz (14.8 Mt at 1.23 g/t). Total Measured
Mineral Resources (inclusive of the Mineral Reserves) comprise 1.9
Moz (31.7 Mt at 1.86 g/t) with Indicated Mineral Resources
(inclusive of the Mineral Reserves) of 1.19 Moz (23.2 Mt at 1.60
g/t). Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt
at 1.78 g/t Au). Please see the Technical Report dated April 21,
2020 for further details and assumptions relating to the Valentine
Gold Project.
For more information, please
contact:
Matt MansonPresident & CEOTel: 416
987-0711mmanson@marathon-gold.com |
Hannes PortmannCFO & Business DevelopmentTel: 416
855-8200hportmann@marathon-gold.com |
Amanda MalloughSenior Associate, Investor RelationsTel: 416
855-8202amallough@marathon-gold.com |
To find out more information on Marathon Gold
Corporation and the Valentine Gold Project, please visit
www.marathon-gold.com.
Cautionary Statement Regarding
Forward-Looking Information
Certain information contained in this news
release, constitutes forward-looking information within the meaning
of Canadian securities laws (“forward-looking statements”). All
statements in this news release, other than statements of
historical fact, which address events, results, outcomes or
developments that Marathon expects to occur are 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”, “estimates”, “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.
Forward-looking statements involve known and
unknown risks, uncertainties and assumptions and accordingly,
actual results and future events could differ materially from those
expressed or implied in such statements. You are hence cautioned
not to place undue reliance on forward-looking statements. A
mineral resource that is classified as “inferred” or “indicated”
has a great amount of uncertainty as to its existence and economic
and legal feasibility. It cannot be assumed that any or part of an
“indicated mineral resource” or “inferred mineral resource” will
ever be upgraded to a higher category of mineral resource.
Investors are cautioned not to assume that all or any part of
mineral deposits in these categories will ever be converted into
proven and probable mineral reserves.
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.
Factors that could cause future results or events to differ
materially from current expectations expressed or implied by the
forward-looking statements include availability of financing to
fund Marathon’s exploration and development activities, the ability
of the current exploration program to identify and expand mineral
resources, operational risks in exploration and development for
gold, Marathon’s ability to realize the pre-feasibility study,
delays or changes in plans with respect to exploration or
development projects or capital expenditures, uncertainty as to
calculation of mineral resources, changes in commodity and power
prices, changes in interest and currency exchange rates, the
ability to attract and retain qualified personnel, inaccurate
geological and metallurgical assumptions (including with respect to
the size, grade and recoverability of mineral resources), changes
in development or mining plans due to changes in logistical,
technical or other factors, title defects, government approvals and
permits, cost escalation, changes in general economic conditions or
conditions in the financial markets, environmental regulation,
operating hazards and risks, delays, taxation rules, competition,
public health crises such as the COVID-19 pandemic and other
uninsurable risks, liquidity risk, share price volatility, dilution
and future sales of common shares, aboriginal claims and
consultation, cybersecurity threats, climate change, delays and
other risks described in Marathon’s documents filed with Canadian
securities regulatory authorities.
You can find further information with respect to
these and other risks in Marathon’s Amended and Restated Annual
Information Form for the year ended December 31, 2019 and other
filings made with Canadian securities regulatory authorities
available at www.sedar.com. Other than as specifically required by
law, Marathon undertakes 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.
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