TORONTO, ON--(Marketwired - March 30, 2016) -
Marathon Gold Corporation
(
Highlights:
Operating Results:
Marathon's results of operations for the three and twelve month periods ended December 31, 2015 and 2014 are summarized below. Marathon focused its exploration efforts in 2014 and 2015 exclusively on the Valentine Gold Camp and incurred minimal costs related to its non-core properties. Marathon incurred non-cash losses in 2015 related to write-downs of the net assets of GCLLC amounting to $1,977,523, net of $1,122,668 in balance sheet reserves released to operations upon completion of the sale of GCLLC.
Three months ended December 31 | Year ended December 31 | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||
$ | $ | $ | $ | |||||||||
Expenses: | ||||||||||||
Exploration expenses | 831 | 726 | 21,253 | 24,010 | ||||||||
General and administrative expenses | 350,882 | 299,097 | 1,404,033 | 1,213,509 | ||||||||
Other expense | 23,595 | - | 32,307 | 1,903 | ||||||||
Interest income | (1,553 | ) | (11,491 | ) | (14,299 | ) | (17,444 | ) | ||||
Loss on investments | - | 68,526 | 9,575 | 68,526 | ||||||||
Foreign exchange (gain) loss | (7,090 | ) | 33 | (10,489 | ) | (139 | ) | |||||
Loss from continuing operations before tax | 366,665 | 356,891 | 1,442,380 | 1,290,365 | ||||||||
Income taxes | (13,333 | ) | (146,853 | ) | (103,911 | ) | (146,853 | ) | ||||
Loss from continuing operations for the period | 353,332 | 210,038 | 1,338,469 | 1,143,512 | ||||||||
(Income) Loss from discontinued operations, net of tax | (1,021,120 | ) | 8,212,288 | 1,977,523 | 8,212,288 | |||||||
(Net income) Net loss for the period | (667,788 | ) | 8,422,326 | 3,315,992 | 9,355,800 | |||||||
Net loss attributable to non-controlling interest | (48,518 | ) | (3,923,832 | ) | (1,481,273 | ) | (3,923,832 | ) | ||||
(Income) Loss attributable to Marathon Gold shareholders | (716,306 | ) | 4,498,494 | 1,834,719 | 5,431,968 | |||||||
This press release should be read in conjunction with Marathon's consolidated financial statements for the year ended December 31, 2015 and the related Management's Discussion and Analysis, both of which are available on www.sedar.com.
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 or results otherwise.
Contact Information:
For more information, please contact:
Jim Kirke
Chief Financial Officer
(416) 987-0710