Dec 7 2015
Marathon Gold Corporation ("Marathon" or the "Company") announced today that it has completed the sale of its interest in Golden Chest LLC ("GCLLC"), the owner of the Golden Chest mine property in Idaho, to New Jersey Mining Company ("NJMC") for total consideration of US$180,000 (C$241,000).
All proceeds of the sale have been received in cash at the date of this release, and a 2% net smelter returns ("NSR") royalty over the patented and unpatented claims which make up the Golden Chest property and any claims acquired by NJMC or GCLLC in the future in a defined area of interest.
With the sale of Marathon's interest in GCLLC complete, the Company expects to receive royalty revenue from the NSR once NJMC resumes mining operations at Golden Chest. Marathon will continue to focus its resources on the exploration and development of its flagship property, the Valentine Gold Camp in Newfoundland.
About Marathon Gold Corporation
Marathon is a Toronto based gold resource company focused on its 100% owned Valentine Gold Camp located in central Newfoundland. The Valentine Gold Camp currently hosts four near-surface, mainly pit-shell constrained, gold resources totaling 1,060,100 oz. gold at 2.20 g/t (Measured & Indicated) and 200,000 oz. gold at 2.85 g/t (Inferred), (April 2015). These resources, open along strike and to depth, cover less than 6% of the total length of the highly prospective Valentine Lake Thrust Fault and associated splay faults which host the majority of the gold mineralization within the property. For more information please visit www.marathon-gold.com.