In the same category
Marathon Gold Announces 2012 Q3 Financial Results
Published : November 12, 2012
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Cœur D'alene | Derivative | Gold | Growth | Idaho |

Marathon Gold Announces 2012 Q3 Financial Results

TORONTO, Nov. 12, 2012 /CNW/ - Marathon Gold Corporation (TSX: MOZ) ("Marathon") announced today its unaudited financial results for the three and nine months ended September 30, 2012.

Highlights:

The operational highlights of the nine month period include:

  • Becoming the 100% owner of the Valentine Lake gold project after completing the acquisition of Mountain Lake Resources Inc.
  • Completing an updated mineral resource estimate at the Leprechaun Gold Deposit within the Valentine Lake property incorporating the results of 19,800 meters of drilling during the 2012 drilling program, the first resource for the project to estimate pit-constrained and underground mineral resources.  The updated measured and indicated resource (in pit and underground) amounted to 9,540,000 tonnes grading 2.22 g/t representing 682,000 ounces of gold, and an additional inferred resource of 1,960,000 tonnes grading 2.30 g/t representing 145,000 ounces of gold.
  • Completing an initial mineral resource estimate on Golden Chest, with a global indicated resource of 3,107,000 tonnes grading 1.47 g/t, representing 147,000 ounces of gold, and an additional inferred resource of 4,978,000 tonnes grading 1.46 g/t, representing 233,300 ounces of gold. A new resource for Golden Chest incorporating the results of 7,900 meters of drilling completed in 2012 drilling program is expected to be complete prior to the end of the fourth quarter of 2012.

At September 30, 2012, Marathon held $2.0 million in cash and working capital.

Operating results:

Marathon's results of operations for the three and nine months ended September 30, 2012 and 2011 are summarized below.

  Three months ended
September 30
Nine months ended
September 30
  2012 2011 2012 2011
  $ $ $ $
Expenses:        
Exploration expenses 67,152 175,364 418,628 214,766
General and administrative expenses 613,281 403,071 1,350,394 1,263,819
Interest income (10,248) (10,443) (43,402) (23,826)
Unrealized loss on warrant derivative investments 21,159 92,229 103,909 201,231
Foreign exchange loss 85 2,308 901 1,931
Loss before taxes 691,429 662,529 1,830,430 1,657,921
Income taxes (182,051) - (1,188,625) -
Loss for the period 509,378 662,529 641,805 1,657,921

This press release should be read in conjunction with Marathon's condensed interim consolidated financial statements for the three and nine months ended September 30, 2012 and the related Management's Discussion and Analysis, both of which are available on www.sedar.com.

About the Valentine Lake Project

Marathon Gold Corporation is the 100% owner of the Valentine Lake Project. The Leprechaun Gold Deposit is situated at the south-western end of the Valentine Lake Project, and the Valentine East Gold Zone is located 18 kilometers along strike running in a north-easterly direction.  The J. Frank Zone, which currently extends over an area in excess of 850 meters in length and 250 meters in width, is located up to 0.5 kilometers southwest along strike from the current Resource boundary of the Leprechaun Gold Deposit. These gold occurrences form part of a 23 kilometer long, highly prospective gold-bearing mineralized corridor focused along the Valentine Lake thrust fault.

Marathon is currently conducting a fall 2012 program of prospecting, geological mapping and trenching along the highly prospective 23 kilometer strike length of the property outside of the current boundaries of the Leprechaun Gold Deposit. One drill is currently turning on the newly discovered J. Frank Zone southwest extension.

About the Leprechaun Gold Deposit

The Leprechaun Gold Deposit has a combined NI 43-101 compliant Measured and Indicated Resource of 9,537,000 tonnes grading 2.22 g/t Au, for a total estimated 682,000 ounces of Au. The Inferred Resource is 1,959,000 tonnes grading 2.30 g/t Au, for an estimated 145,000 ounces of Au. This Resource was estimated using a 0.5 g/t Au minimum cut-off for open pit resources and 1.5 g/t Au for underground resources. The Leprechaun Gold Deposit is open at depth and along strike.

About Marathon Gold Corporation

Marathon Gold Corporation is a North American gold resource development company, with projects located in the mining friendly province of Newfoundland and Labrador, the prolific Coeur d'Alene Mining District of Idaho and the historic gold rich Greenhorn District of Oregon, USA.  Marathon has a project pipeline consisting of early stage exploration to advanced resource development projects. Marathon is continually evaluating new gold resource development projects of merit that are located within the Americas.  Marathon's focused and low-cost approach to exploration and resource development has an established record of delivering rapid growth.  For more information visit: www.marathon-gold.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Except for statements of historical fact relating to Marathon Gold Corporation, certain information contained herein constitutes "forward-looking statements". Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "considers", "intends", "targets", or negative versions thereof 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 relating to the future and readers are cautioned that such statements may not be appropriate for other purposes.  By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in Marathon Gold Corporation's public filings, which may be accessed at www.sedar.com.  Other than as specifically required by law, we undertake 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 of unanticipated events, whether as a result of new information, future events or results otherwise.

 

 

 

SOURCE: Marathon Gold Corporation

For further information:

Marathon Gold Corporation

Jim Kirke
Chief Financial Officer
(416) 987-0710

Marathon gold Corp

EXPLORATION STAGE
CODE : MOZ.TO
ISIN : CA56580Q1028
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Marathon Gold is a gold exploration company based in Canada.

Its main exploration properties are GOLDEN CHEST in USA and VALENTINE LAKE (LEPRECHAUN) in Canada.

Marathon Gold is listed in Canada. Its market capitalisation is CA$ 64.1 millions as of today (US$ 51.2 millions, € 48.6 millions).

Its stock quote reached its highest recent level on December 02, 2010 at CA$ 5.25, and its lowest recent point on November 27, 2015 at CA$ 0.11.

Marathon Gold has 118 660 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of Marathon gold Corp
11/22/2018Marathon Gold advances Marathon deposit with more drilling, ...
Financings of Marathon gold Corp
6/30/2015Closes First Tranche of $3.5M Financing
6/30/2015Closes First Tranche of $3.5M Financing
6/23/2015Announces $3.5 M Financing
5/12/2014Announces Closing of the First Tranche of Private Placement
4/22/2014Announces $2.5 M Financing
Financials of Marathon gold Corp
11/12/2013Announces 2013 Q3 Financial Results
11/12/2012Announces 2012 Q3 Financial Results
11/12/2012Announces 2012 Q3 Financial Results
11/12/2012Announces 2012 Q3 Financial Results
3/29/2011Announces 2010 Financial Results
Project news of Marathon gold Corp
1/31/2012(Valentine Lake (leprechaun))Marathon Gold Hits New Gold Intersections with the Start of ...
8/25/2011(Valentine Lake (leprechaun))Marathon Discovers New Gold Bearing Quartz Veins with Grab S...
4/1/2011(Valentine Lake (leprechaun))Marathon Gold Hits 9.68 g/t Au over 12.8m (TW) including 23....
Corporate news of Marathon gold Corp
1/14/2016Marathon's Valentine Gold Camp Update and Q1 Plans
11/27/2015Marathon Gold Announces Closing of Flow-Through Financing
10/26/2015Marathon Defines 3 km Gold Corridor at the Victory Deposit A...
10/6/2015Exploration Success Continues at the Marathon Deposit; 8.89 ...
9/15/2015Marathon Discovers New High-Grade Gold Zone 550 Meters NE of...
9/9/2015Marathon Deposit Strike Length Doubles to 850 Meters, Valent...
8/10/2015Marathon Gold Announces Q2 2015 Financial Results
3/30/2015Deposit Continues to Expand in Advance of Resource Update, V...
3/2/2015Marathon Hits 3.02 g/t Au over 32.9 meters (TT) in Step-Out ...
2/17/2015The Marathon Gold Zone is now over 350m in Strike Length and...
2/17/2015The Marathon Gold Zone is now over 350m in Strike Length and...
2/2/2015Step out Drilling expands the strike length of the Marathon ...
1/12/2015Marathon Gold Step-Out Drills 2.11g/t Au over 27.5 meters (T...
1/7/2015Marathon Zone Continues Expanding with 2.01 g/t Au over 40.8...
1/7/2015Zone Continues Expanding with 2.01 g/t Au over 40.8 meters (...
12/10/2014Marathon Zone Growing with 4.13 g/t Au over 9.9m (TT) and 1....
12/10/2014Zone Growing with 4.13 g/t Au over 9.9m (TT) and 1.75 g/t A...
12/3/2014Reports High Metallurgical Process Recoveries of 92.8% to 95...
12/3/2014Marathon Reports High Metallurgical Process Recoveries of 92...
11/25/2014Marathon Zone Expanding with 2.74 g/t Au over 24.2m (TT), 2....
11/25/2014Zone Expanding with 2.74 g/t Au over 24.2m (TT), 2.71 g/t Au...
11/14/2014Marathon Gold Announces Q3 2014 Financial Results
11/4/2014Marathon Drills 4.14 g/t Au over 11.4 meters (TT) and 3.05 g...
11/4/2014Drills 4.14 g/t Au over 11.4 meters (TT) and 3.05 g/t Au ove...
10/30/2014Drills 1.71 g/t Au over 44.4 m (TT) in the Newly Discovered ...
10/30/2014Marathon Drills 1.71 g/t Au over 44.4 m (TT) in the Newly Di...
10/8/2014Marathon Announces Discovery of New High-Grade Gold Zone in ...
9/15/2014Marathon's Summer Drilling in the Sprite Zone Confirms Near ...
9/15/2014Summer Drilling in the Sprite Zone Confirms Near Surface Gol...
9/4/2014More Positive Results from Marathon's Rainbow and Sprite Zon...
9/4/2014More Positive Results from Marathon's Rainbow and Sprite Zon...
8/21/2014Marathon Gold Announces Closing of C$4.4 Million Equity Fina...
8/15/2014Marathon Gold Announces Q2 2014 Financial Results
8/5/2014Rambler Continues Its Investment in Marathon Gold
7/31/2014Marathon Gold Announces $3.0 Million Bought Deal, Unit and F...
7/23/2014Discovers New Gold Mineralized Trends over 2 Km at the Sprit...
7/10/2014Trenching and Prospecting Expands the Strike Length of the S...
6/24/2014Hits Gold in Channels 300m North of Leprechaun with 6.19 g/t...
6/18/2014discovers multiple high-grade mineralized veins 300 meters n...
4/17/2014Completes Successful Sprite Zone Winter Drilling Program, Va...
4/1/2014Drilling Expands the Sprite Zone with High-Grade, Near Surfa...
3/24/2014continues to succeed with drilling at the Sprite Area 2.53 g...
2/19/2014Drills New Gold Zone at Sprite Hitting 2.20 g/t Au over 16.8...
2/10/2014Announces Closing of Private Placement and Extension of Dril...
1/27/2014Hits Multiple Gold Intervals in Shallow Drilling at the Vict...
1/27/2014Hits Multiple Gold Intervals in Shallow Drilling at the Vict...
1/13/2014Launches 2014 Drilling Program at the Victory Gold Deposit
12/11/2013Completes Financing with Rambler and Announces Exploration P...
12/4/2013Enters into an Agreement With Rambler Metals and Mining to s...
11/27/2013Juniper Resources Exercise their Option from Marathon Gold t...
11/20/2013Step Out Channel Sampling at the Victory Gold Deposit Return...
4/3/2013Hits 4.14 g/t Au over 11.0 meters (TT) in Near-Surface Drill...
1/17/2013(Golden Chest)Reports NI- 43-101 Resource Estimate Update for the Golden C...
1/11/2013Intersects Near-Surface Gold Mineralization in the SW extens...
9/11/2012(Golden Chest)Extends High-Grade Gold Interval at the Golden Chest Mine, ...
9/8/2011Potential Open Pit Resource Continues to Expand at the Lepre...
8/30/2011Advances Resource Development with In-fill Drilling at the ...
6/9/2011(Golden Chest)Reports High Grade Drill Results from Golden Chest Mine, Ida...
3/29/2011Hits 9.68 g/t Au over 12.8m (TW) including 23.15 g/t Au over...
3/16/2011(Golden Chest)Announces High Grade Intercept of 33.0 g/t Gold Over 2.6 Met...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (MOZ.TO)
0.540-1.82%
TORONTO
CA$ 0.540
10/12 17:00 -0.010
-1.82%
Prev close Open
0.550 0.550
Low High
0.530 0.555
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
0.540 -  0.550 -1.82%
Volume 1 month var.
1,142,466 -%
24hGold TrendPower© : 27
Produces
Develops
Explores for Gold
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
20240.00%
2023-49.06%1.200.53
2022-66.88%3.220.73
202110.73%3.732.13
202071.01%2.990.71
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.29-0.14%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 9.75+4.50%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59-1.84%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05-9.09%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
 2.24+0.45%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 14.31-0.76%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
 0.30-6.25%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
 0.22+7.50%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 2.10-0.47%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 42.61+0.45%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Sun Res.(Oil)SUR.AX
Released ASX Announcement: Quarterly Activities Report
AU$ 0.00+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.