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Thread: Marathon Gold Corporation (MGDPF

  1. #1

    Default Marathon Gold Corporation (MGDPF

    TORONTO, March 25, 2022 (GLOBE NEWSWIRE) -- Marathon Gold Corporation (“Marathon” or the “Company”; TSX: MOZ) today announces its financial results for the fourth quarter and year ending December 31, 2021 and provides an update on the Company’s activities at the Valentine Gold Project (the “Project”) in the central region of Newfoundland and Labrador (“NL”).

    Fourth Quarter Highlights

    At December 31, 2021, the Company had cash and cash equivalents of $87.2 million, leaving it well positioned to execute on its permitting, development, and exploration activities at the Project;
    During the fourth quarter of 2021, a total of 19,497 metres of exploration drilling was completed in 73 holes primarily at the Berry, Victory and Sprite Deposits. In total during 2021, Marathon completed 74,004 metres of drilling, successfully completing its 2021 exploration drilling program. An additional 12,128 metres of reverse circulation (RC) drilling was completed at the Leprechaun and Marathon Deposits to provide validation to the Project’s mineral reserve block model. The 2021 exploration and RC drilling will be incorporated into an update to the Project’s Mineral Resource estimate, scheduled for mid-year 2022;
    During the fourth quarter of 2021, the Company continued permitting, engineering, community engagement, procurement, project financing and team development activities with a view to a potential construction decision for the Project in 2022. At December 31, 2021 the company had 62 employees and 92 dedicated contract personnel, 86% within the province of NL;

    Subsequent to the year end, on March 16, 2022, the Company was notified that the Impact Assessment Agency of Canada had completed its technical review of the Project’s Environmental Impact Statement (“EIS”) and would move forward with the completion of an EA Report for public review;
    Subsequent to the year end, on March 17, 2022, the Company was notified by the NL Minister of Environment and Climate Change that the Environmental Assessment Committee overseeing the provincial environmental assessment (“EA”) of the Project had completed its review of the Project’s EIS and, concurrently, Marathon was advised that the Project has received approval by the Cabinet of the Government of Newfoundland and Labrador. This marks the completion of the provincial EA process, allowing Marathon to commence site-specific permitting including the acquisition of the Project’s Mining Lease;
    During the fourth quarter of 2021, Ms. Julie Robertson was appointed Chief Financial Officer of the Company, bringing extensive experience in capital projects financial management, planning and control; and
    During 2021 Marathon’s Board of Directors was strengthened with the appointment of Ms. Cathy Bennett.

    Matt Manson, President and CEO commented: “We made steady progress during 2021 on multiple fronts towards the delivery of the Valentine Gold Project as Atlantic Canada’s largest gold producer. We delivered a positive Feasibility Study in April and had advanced our engineering, design and procurement work significantly by year end. We have continued to strengthen our project team and build-out our staffing in the central region of Newfoundland around our Grand Falls-Windsor base. Community cooperation agreements with six central region communities were solidified and we entered into engagement agreements with both the Qalipu and Miawpukek Mi’kmaq First Nations. Subsequent to the year end, in March, we were very happy to see our hard work in social and environmental assessment culminate in release from the provincial EA process and completion of the federal EIS review. Concurrently with these project development efforts, we were also able to report consistently good results in our exploration efforts, with a continuing focus on the new Berry Deposit. With a strong cash balance of $87 million at year end, we are well placed to deliver the next milestones in project delivery during 2022.”
    Do your own due diligence

    I stand united with my friends & family in Canada who seek freedom.

  2. #2


    Marathon Gold and Calibre Mining are merging"

    "Calibre and Marathon Announce Combination to Create a High-Growth, Cash Flow Focused, Mid-Tier Gold Producer in the Americas with Expected Annual Production of 500,000 ounces
    6:30 AM ET, 11/13/2023 - GlobeNewswire

    VANCOUVER, British Columbia, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre”) and Marathon Gold Corporation (TSX: MOZ) (“Marathon” and collectively the “Parties”) are pleased to announce that the Parties have entered into a definitive arrangement agreement (the “Arrangement Agreement”) whereby Calibre will acquire all of the issued and outstanding common shares of Marathon pursuant to a court-approved plan of arrangement (the “Transaction”). The Transaction will create an Americas-focused, high-margin, high-growth, mid-tier gold producer with estimated average annual gold production of approximately 500 koz during 2025 – 2026E1. The combined company will have a strong balance sheet with a combined cash balance of US$148 million2 and significant free cash flow generated from Calibre’s existing mines. This financial strength is expected to facilitate the seamless construction of the Valentine Gold Project (“Valentine”) and a continuous flow of exciting discovery and resource-building drill results from Nicaragua, Nevada and Newfoundland & Labrador."
    Do your own due diligence

    I stand united with my friends & family in Canada who seek freedom.

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