TORONTO, April 23, 2021 (GLOBE NEWSWIRE) – Marathon Gold Corporation (“Marathon” or the “Company”; TSX: MOZ) is pleased to announce that it has filed an updated technical report in accordance with NI 43-101 – Disclosure standards for mining projects for the Valentine gold project in central Newfoundland, available on SEDAR (www.sedar.com).

The technical report is titled “NI 43-101 Technical Report and Feasibility Study on the Valentine Gold Project, Newfoundland and Labrador, Canada” and was prepared by Ausenco Engineering Canada Inc. with an effective date of 15 April 2021. The report contains updates to the mineral resource estimate for the project effective November 20, 2020 (Marathon, Leprechaun, Sprite and Victory deposits) and April 15, 2021 (Berry deposit), both prepared by John T Boyd Company.

The Valentine Gold Project (“FS”) Feasibility Study supports surface mining with a low initial capital cost and a high rate of return over a 13 year life. (see the Marathon press release of March 29, 2021). Strengths include:

• Internal after-tax rate of return of 31.5% and net present value at a discount rate of 5% (“NPV_5%“) From $ 600 million (US $ 450 million) to US $ 1,500 / ounce of gold, increasing to 42.2% and to $ 868 million (US $ 651 million) at US $ 1,750 / ounce of gold ;

• Initial capital cost (“Capex”) of $ 305 million (US $ 229 million) giving a favorable after-tax NPV_5%/ Capex ratio of 2.0. Total Mine Life Capital (“LOM”) of $ 662M (US $ 496M);

• 1.9 year after-tax refund;

• 22 month construction and commissioning schedule assuming start of construction in January 2022. First gold pour in October 2023;

• Average gold production of 173,000 oz / year and $ 119 million in average annual free cash flow (“FCF”) between 2024 and 2033 from high-grade mill feed processing, and 56,000 oz / year and $ 31 million FCF / year between 2034 and 2036 for processing low-grade stocks;

• LOM total cash costs of US $ 704 / oz and all-in sustaining costs of US $ 833 / oz;

• Plant capacity of 6,800 t / d (2.5 Mtpa) based on gravity leaching, increasing to 11,000 t / d (4.0 Mtpa) in year four based on flotation leaching by gravity. Average LOM gold recovery of 94.2% for a total LOM recovered gold production of 1.93 Moz; and

• Proven and probable mineral reserves of 2.05 Moz (47.06 Mt at 1.36 g / t Au);

Following the recent completion of the first mineral resource estimate for the Berry deposit (see the Marathon press release of April 21, 2021), the total mineral resources of the project now amount to:

The story continues

The MSDS was carried out by Ausenco Engineering Canada Inc. as the main consultant. Moose Mountain Technical Services acted as mining consultant, APEX Geoscience Ltd. as a geological consultant, Golder Associates Ltd. as a tailings consultant, Stantec Consulting Ltd. as a consultant in water management and site environment and GEMTEC Consulting Engineers and Scientists Limited as a geotechnical consultant. The mineral resource estimate for the Valentine Gold Project was prepared by the John T. Boyd Company. The mineral reserve estimate was prepared by Moose Mountain Technical Services.

Qualified people

Disclosure of a scientific or technical nature in this press release has been approved by Mr. Tim Williams, FAusIMM, COO of Marathon, Mr. Paolo Toscano, P.Eng. (Ont.), Vice President, Projects for Marathon, and Mr. James Powell, P.Eng. (NL), Vice President, Regulatory and Government Affairs for Marathon. Mr. Williams, Mr. Toscano and Mr. Powell are Qualified Persons under National Instrument (“NI”) 43-101.

About Marathon

Marathon (TSX:MOZ) is a Toronto-based gold company advancing its 100% owned Valentine gold project, located in central Newfoundland and Labrador, one of the world’s leading mining jurisdictions. The project comprises a series of five mineralized deposits along a 20 kilometer network. An April 2021 feasibility study described an open pit mining and conventional processing operation over a thirteen year lifespan with an after-tax rate of return of 31.5%. The project estimated proven mineral reserves of 1.40 Moz (29.68 Mt @ 1.46 g / t) and probable mineral reserves of 0.65 Moz (17.38 Mt @ 1.17 g / t). Total Measured Mineral Resources (including Mineral Reserves) includes 1.92 Moz (32.59 Mt @ 1.83 g / t) with Indicated Mineral Resources (including Mineral Reserves) of 1.22 Moz (24 , 07 Mt at 1.57 g / t). The additional inferred mineral resources are 1.64 Moz (29.59 Mt at 1.72 g / t Au). Please see Marathon’s Annual Information Form for the fiscal year ended December 31, 2020 and other documents filed with Canadian securities regulatory authorities and available at www.sedar.com for more details and assumptions regarding the Valentine Gold Project.

For more information please contact:

To learn more about Marathon Gold Corporation and the Valentine Gold Project, please visit www.marathon-gold.com.

Caution regarding forward-looking information

Certain information contained in this press release constitutes forward-looking information within the meaning of Canadian securities laws (“forward-looking statements”). All statements in this press release, other than statements of historical fact, that deal with events, results, results or developments that Marathon expects to occur are forward-looking statements. Forward-looking statements include statements that are predictive in nature, depend on or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “Considers”, “considers”, “Intends”, “target”, or negative versions of these 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 for the future, and readers are cautioned that such statements may not be appropriate for other purposes. More particularly and without restriction, this press release contains forward-looking statements and information on Marathon’s intention to complete the Offer and the timing thereof, economic analyzes for the Valentine gold project, investment costs and exploitation, estimates and strategies of treatment and recovery, future exploration. and the mine plans, objectives and expectations and business planning of Marathon, future feasibility studies and environmental impact statements and the schedule and content thereof and statements of expectations management concerning, among other things, the issues and activities envisaged in this new Liberation.

Forward-looking statements involve known and unknown risks, uncertainties and assumptions and, therefore, actual results and future events could differ materially from those expressed or implied in such statements. You are therefore cautioned not to place undue reliance on forward-looking statements. A mineral resource classified as “inferred” or “indicated” involves great uncertainty as to its existence and its economic and legal feasibility. It cannot be assumed that all or part of an “indicated mineral resource” or an “inferred mineral resource” will one day be upgraded to a higher category of mineral resource. Investors are cautioned not to assume that any or all of the mineral deposits in these categories will ever be converted into proven and probable mineral reserves.

By their very nature, this information is subject to inherent risks and uncertainties which may be general or specific and which give rise to the possibility that expectations, forecasts, forecasts, projections or conclusions will not prove to be accurate, that the assumptions may not not be correct and that the 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 in the forward-looking statements include receipt of all necessary regulatory approvals, compliance with all conditions until the closing of the Offer , the availability of financing to finance the exploration and development of Marathon. activities, the ability of the current exploration program to identify and expand mineral resources, operational risks associated with gold exploration and development, the ability of Marathon to complete the study of pre-feasibility, delays or changes in plans with respect to exploration or development projects or capital expenditures, uncertainty in the calculation of mineral resources, changes in commodity prices and electricity, changes in interest rates and 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 resources mineral), changes in development or mining plans due to changes in logistical, technical or other factors, title defects, government approvals and permits. costs, escalating costs, changes in general economic or financial market conditions, environmental regulations, operational hazards and risks, delays, tax rules, competition, public health crises such as the pandemic COVID-19 and other uninsurable risks, liquidity risk, share price volatility, dilution and future sales of common shares, Indigenous claims and consultations, cybersecurity threats, climate change, delays and other risks described in Filed Marathon Documents with Canadian securities regulators.

You can find more information on these and other risks in Marathon’s Amended and Restated Annual Information Form for the fiscal year ended December 31, 2019 and in other documents filed with the Canadian securities regulatory authorities available at the next address: www.sedar.com. Except as specifically required by law, Marathon assumes 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 unforeseen events, whether as a result of new information. , future events or results otherwise.