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MARATHON GOLD Marathon Gold Announces 2020 Fourth Quarter and Year - End Results TORONTO , ON - March 25 , 2021 - Marathon Gold Corporation ( " Marathon " or the " Company " ; TSX : MOZ ) today announces its financial results for the fourth quarter and year ending December 31 , 2020 and provides an update on the Company's activities at the Valentine Gold Project ( the " Project " ) in Central Newfoundland . Fourth Quarter Highlights • • • • • • Advanced the Feasibility Study ( " FS " ) for the Project with lead consultant Ausenco Engineering Canada Inc. The FS is expected to be completed on schedule prior to the end of the first quarter of 2021 ; Received confirmation that the Environmental Impact Statement ( " EIS " ) for the Valentine Gold Project has been assessed to be in conformance with guidelines issued by the Impact Assessment Agency of Canada in July 2019 and , accordingly , had been accepted into formal federal and provincial technical review processes . These reviews are expected to occur over a period of approximately 12 months and include information requests and submittals , as well as public consultations ; Continued infill drilling at the newly discovered Berry Zone , with an additional 14,056 metres of drilling over 67 holes completed in the quarter , and continuing to delineate an important new area of gold mineralization at the Project . The Berry Zone drilling program concluded on November 20 , 2020 with a total of 31,722 metres drilled in 2020 in support of a first Mineral Resource estimate , currently under preparation . Overall , 50,726 metres of exploration drilling was completed at the Project in 2020 ; Completed a strategic flow - through financing with net proceeds of $ 8.7 million resulting in cash and cash equivalents of $ 51.7 million at December 31 , 2020 ; Subsequent to the end of the quarter , released details regarding Marathon's 2021 Exploration Program comprising 52,000 metres of drilling at a budget of $ 10.5 million ; and Subsequent to the end of the quarter , announced the appointment of Cathy Bennett to the Company's Board of Directors . Matt Manson , President and CEO commented : " Our objective in 2020 was to advance the Valentine Gold Project in each of the three areas of engineering studies and mine design , environmental assessment , and exploration . Significant progress was made in each area . We will shortly release the results of the Project's Feasibility Study , our environmental assessment is progressing on schedule through technical review and public consultation , and the first mineral resource estimate on the newly discovered Berry Zone is currently under preparation and expected to be completed soon . In 2020 we also continued to strengthen our management team with several key hires , and we announced the appointments of Jim Gowans and Cathy Bennett to our Board of Directors . With an ending cash balance of $ 52 million , we are well positioned in 2021 to complete the ongoing engineering , permitting , and project financing activities prior to a potential project construction decision . At the same time , we will continue to remain focused on exploration . Whereas our 2020 exploration work was discovery oriented , our 2021 exploration program is designed to add ounces , with 52,000 metres and $ 10.5 million committed to a combination of infill drilling at Berry , a return to the Sprite and Victory Deposits , and additional generative projects . "