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MARATHON GOLD Marathon Gold Announces 2021 First Quarter Results TORONTO , May 12 , 2021 ( GLOBE NEWSWIRE ) -- Marathon Gold Corporation ( " Marathon " or the " Company " ; TSX : MOZ ) today announces its financial results for the first quarter ending March 31 , 2021 and provides an update on the Company's activities at the Valentine Gold Project ( the " Project " ) located in central Newfoundland . First Quarter Highlights • Completed the Feasibility Study for the Project confirming robust economics for a conventional open pit mining and milling operation , with low initial capital cost and high rate of return over a 13 - year mine life . After - tax Internal Rate of Return was 31.5 % and Net Present Value at a 5 % discount rate was C $ 600 million ( US $ 450 million ) at US $ 1,500 / oz gold , increasing to 42.2 % and C $ 868 million ( US $ 651 million ) at US $ 1,750 / oz gold ; • Subsequent to the end of the quarter , the Company released the results of the maiden mineral resource estimate for the new Berry Deposit . Inferred Mineral Resources of 638,700 oz ( 11.33 Mt at 1.75 g / t Au ) were estimated based on 42,000 metres of drilling completed to the end of November 2020 ; • On May 6 , 2021 , the Company announced an additional 50,000 metres of drilling to be completed at the Berry Deposit . Together with drilling completed in 2020 , and the 30,000 metres of drilling already budgeted for 2021 , this will bring the total drilling inventory at Berry to approximately 120,000 metres by mid - 2022 , sufficient to establish Berry's resource potential over its full 1.5 kilometre long extent . The Company will also commence a Reverse Circulation drill program of approximately 8,000 metres for resource reconciliation and grade control at the Leprechaun and Marathon Deposits ; • At March 31 , 2021 , the Company had completed 15,233 metres of its initially budgeted 52,000 metre 2021 exploration program . A total of 13,695 metres were drilled in the Berry Deposit ; • Consistent with the Environmental Assessment process , during the quarter the Company received Information Requests from both the federal and provincial regulators pursuant to the Project's Environmental Impact Statement ( " EIS " ) filed on September 2020. Subsequent to the quarter end , responses to all federal government information requests had been submitted ; • Subsequent to the end of the quarter , the Company signed a Socio - Economic Agreement with the Qalipu Mi'kmaq First Nation ( " Qalipu " ) , establishing a framework for a long - term positive working relationship between the Company and Qalipu over the life of the mine . Matt Manson , President and CEO commented : “ During the first quarter of this year we accomplished a number of important milestones in the development of the Valentine Gold Project . We completed the Feasibility Study and confirmed the Project's ' right sized ' design , cost and value attributes first laid out in our 2020 Pre - Feasibility Study . Our exploration efforts continued to deliver strong results , with a maiden resource estimate at the new Berry Deposit pointing to substantial mine life extension potential . Our Environmental Assessment continues on course , with diligent technical support being provided for the public and regulatory review of our EIS . Our Socio - Economic Agreement with Qalipu , completed in early April , reflects the focus on communities and people that we are bringing to the development process . Finally , subsequent to the quarter end , we announced a re - commitment to exploration at the Project , with additional drilling metres committed at Berry , and an optimized construction strategy based on prioritizing the construction of the Project's infrastructure elements prior to commencing site works , and establishing the ' best ' conditions for a successful build . Our work going forward into the summer will be focussed on continued exploration and resource growth , detailed project engineering and scheduling , and support for the ongoing Environmental Assessment . This will be supported with ongoing public consultation and the build - out of our Newfoundland based team . " Financial Performance The results of operations for the first quarter of 2021 are summarized below ( all figures are in Canadian dollars unless otherwise noted ) : ( Stated in thousands of Canadian dollars ) EXPENSES For the Three Months Ended March 31 , 2021 2020 General and administrative expense 1,709 $ 881 Finance income , net ( 26 ) ( 116 ) Other income ( 36 ) ( 39 ) Loss before tax 1,647 726 Deferred income tax expense / ( recovery ) 995 ( 658 ) Net Loss 2,642 $ 68