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Marathon Gold Secures U$81 Million of Equipment Financing for Project Development and Mining Operations at the Valentine Gold Project

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Marathon Gold Secures U$81 Million of Equipment Financing for Project Development and Mining Operations at the Valentine Gold Project

 

 

 

 

 

Marathon Gold Corporation (TSX: MOZ) is pleased to announce the execution of a credit-approved commitment letter with Caterpillar Financial Services Limited for equipment lease financing related to the development and operation of the Valentine Gold Project located in central Newfoundland.

 

Matt Manson, President and CEO of Marathon, commented: “We are very happy to be announcing today our equipment leasing commitment with Cat Financial, another significant milestone in our project financing arrangements for the Valentine Gold Project. This agreement will provide financing for the Project’s mobile mining equipment through project development and into the first several years of mining operations at an attractive overall cost of capital for Marathon.”

 

The commitment letter announced today with Cat Financial contemplates US$81 million of equipment leasing for Caterpillar trucks, excavators, graders, loaders, and dozers, for the purpose of loading, hauling, road maintenance, waste dump maintenance and primary pit support for the Project. The Cat Financial lease will be available to the Company upon release of the Project from its federal Environment Assessment process, review of the Project’s updated Feasibility Study, satisfaction of a cost to complete certification, and other customary conditions.

 

About Marathon

 

Marathon 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, 2021 and other filings made with Canadian securities regulatory authorities and available at www.sedar.com for further details and assumptions relating to the Valentine Gold Project.

 

Posted June 13, 2022

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