Marathon Gold and Miawpukek First Nation Sign Memorandum of Understanding

TORONTO, May 14, 2021 (GLOBE NEWSWIRE) -- Marathon Gold Corporation (“Marathon” or the “Company”; TSX: MOZ) and Miawpukek First Nation are pleased to announce that they have concluded a Memorandum of Understanding (the “MOU”) relating to the Environmental Assessment and development of the Valentine Gold Project located in central Newfoundland (the “Project”). The MOU was signed by Matt Manson, President and CEO of Marathon, and Miawpukek Chief Mi’sel Joe.

The MOU provides for a process of ongoing engagement and consultation between Marathon and Miawpukek. This will include, amongst other things, the completion of a Traditional Knowledge/Traditional Land and Resource Use Study, funding for a community-based Liaison Officer, and the commencement of negotiations towards a Socio-Economic Agreement.

Matt Manson, President and CEO of Marathon, commented: “We are very pleased to have entered into this agreement with Miawpukek First Nation, which represents the beginning of what we hope will be a long and mutually beneficial relationship. As we work towards the development of the Valentine Gold Project, we will continue to prioritize our investment in the residents and communities of central Newfoundland, and in Newfoundland’s Indigenous peoples. This MOU represents our commitment to establish an open and cooperative working relationship with Miawpukek during the Environmental Assessment of the Project and beyond.”

Chief Mi’sel Joe commented: “On behalf of Miawpukek First Nation we would like to thank Marathon Gold for working and communicating with our community on this desired project. We are looking forward to a long-term working and cordial relationship with Marathon Gold. We have come to realize that communication with Marathon Gold, our community and all first nations has been very important in moving forward. When the COVID restrictions are lessened, we would like to do an in-person meeting to discuss our history, the ongoing work on the land and the work we continue to do on the land. We look forward to what the future holds.”

About Marathon

Marathon (TSX:MOZ) is a Toronto based gold company advancing its 100%-owned Valentine Gold Project located in the central region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Project comprises a series of five mineralized deposits along a 20-kilometre system. An April 2021 Feasibility Study outlined an open pit mining and conventional milling operation over a thirteen-year mine life with a 31.5% after-tax rate of return. The Project has estimated Proven Mineral Reserves of 1.40 Moz (29.68 Mt at 1.46 g/t) and Probable Mineral Reserves of 0.65 Moz (17.38 Mt at 1.17 g/t). Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.92 Moz (32.59 Mt at 1.83 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.22 Moz (24.07 Mt at 1.57 g/t). 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 year ended December 31, 2020 and other filings made with Canadian securities regulatory authorities and available at www.sedar.com for further details and assumptions relating to Marathon and the Valentine Gold Project.