Marathon Gold Confirms Valentine Gold Project Berry Expansion Released from Provincial Environmental Assessment Process

TORONTO, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Marathon Gold Corporation (“Marathon” or the “Company”; TSX: MOZ) is pleased to announce that the Honourable Bernard Davis, Newfoundland and Labrador (NL) Minister of Environment and Climate Change, has released the proposed addition of the Berry Deposit to the Valentine Gold Project (the “Berry Pit Expansion” and the “Project”) from the provincial environmental assessment (EA) process. The Minister’s decision follows regulatory and public review of the Berry Pit Expansion Environmental Registration document, which was submitted to the NL Department of Environment and Climate Change (“NLDECC”) on August 11, 2023.

Matt Manson, President and CEO, commented: “Today’s news is very positive. The Berry Deposit was discovered in 2020 and first included as a third pit within the Valentine mine plan in our December 2022 Updated Feasibility Study. We are grateful for the efficient assessment it has received by the Newfoundland and Labrador regulators and the NLDECC in particular. While review at the federal level continues, our earlier guidance that the federal regulator will not require a new impact assessment (see Marathon news release dated August 30, 2023) means that Berry is on track to be fully permitted well in advance of its scheduled mining in the second quarter of 2025. We would like to acknowledge the diligent work by the Marathon team, our partners at Stantec, and Minister Davis’ team at the NLDECC, which has culminated in today’s welcome news.”

As is customary for projects released from the provincial EA process, the decision letter includes certain terms and conditions with which Marathon must comply, including completion of water-related plans and studies, ongoing caribou monitoring and mitigation, avifauna surveys, and an update to the NL Benefits Agreement to include the Berry Pit Expansion. The conditions are similar to those required in the March 17, 2022 provincial EA Release, which included Leprechaun and Marathon pits, the process plant, and Tailings Management Facility.

The Berry EA documentation was also submitted to the Impact Assessment Agency of Canada (“IAAC”) and on August 30, 2023, Marathon received confirmation from IAAC that the proposed Berry Pit Expansion does not constitute a new Designated Project federally and, as such, a new impact assessment under the Impact Assessment Act (“IAA”) is not required. As per the federal conditions of release for the Valentine Gold Project, potential environmental effects of proposed changes to the designated project must nevertheless undergo review, and additional mitigation measures identified, if applicable. This process, which is ongoing, is anticipated to result in an amended Decision Statement.