Updated Technical Report For Valentine Gold Project

TORONTO - Marathon Gold Corporation has filed an updated technical report in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects for the Valentine Gold Project in central Newfoundland. The technical report is entitled “N.I. 43-101 Technical Report & Pre-Feasibility Study on the Valentine Gold Project, Newfoundland and Labrador, Canada”. The Valentine Gold Project Pre-Feasibility Study (PFS) supports an open pit mining operation with low initial capital cost and high rate of return over a 12-year mine life. Highlights include: After-tax IRR of 36% and NPV5% of C$472M (US$354M) based on US$1,350/oz gold, increasing to 55% and C$769M (US$577M) at US$1,650/oz gold; Initial capital cost (“Capex”) of C$272M (US$205M) yielding a favorable after-tax NPV5%/Capex ratio of 1.74. Life-of-mine (“LOM”) capital of C$545M (US$409M); After-tax payback of 1.8 years; 12-year mine life, with average gold production of 175,000 oz/year in Years 1-9 from the processing of high-grade mill feed, and 54,000 oz/year in Years 10-12 from the processing of low-grade stockpile; LOM average Total Cash Costs of US$633/oz and All-In Sustaining Costs of US$739/oz; Proven and Probable Mineral Reserves of 1.87 Moz (41.05 Mt at 1.41 g/t Au). Measured and Indicated Mineral Resources, which are inclusive of the Mineral Reserves, are 3.09 Moz (54.9 Mt at 1.75 g/t Au). Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt at 1.78 g/t Au); Mill capacity of 6,800 tpd (2.5 Mtpa) during Years 1-3 based on gravity-leaching, expanding to 11,000 tpd (4.0 Mtpa) in Year 4 based on gravity-flotation-leaching with LOM average gold recovery of 93%; & Simplified execution strategy based on open pit mining, conventional milling and thickened tailings deposition, with no heap leaching.