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Marathon Gold Signs Cooperation Agreements with Six Communities for the Valentine Gold Project

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Marathon Gold Signs Cooperation Agreements with Six Communities for the Valentine Gold Project






Marathon Gold Corporation (TSX: MOZ) is pleased to announce that it has entered into Cooperation Agreements  with six central Newfoundland communities located in proximity to the Valentine Gold Project.


The Agreements have been concluded with: Buchans, Buchans Junction, Millertown, Badger, Grand Falls-Windsor, and Bishop’s Falls. These are the communities that Marathon considers to be within the immediate socio-economic impact of the Project. The Agreements identify the interests of each community in employment, business opportunities, community investment, and environmental protection. Taken together, they provide a framework for a long-term, positive working relationship between the Company, the Valentine Gold Project, and local stakeholders.


Matt Manson, President and CEO, commented: “The investment in people and communities is a critical component of the modern exploration and development of Newfoundland and Labrador’s rich mineral resource potential. We are very pleased to have entered into these six separate agreements, which reflect our commitment to prioritize local economic development, employment, and community well-being in what will be Atlantic Canada’s largest gold development project. We regard these agreements as an important step in our continuing and meaningful engagement with the communities of central Newfoundland.”


The Valentine Gold Project’s Socio-Economic Impact


Based on a Pre-Feasibility Study released in April 2020, direct employment at the Valentine Gold Project is expected to peak at more than 400 persons over the life-of-mine, with construction commencing in 2022. In an independent assessment completed by Strategic Concepts Inc., the Project is expected to have substantial economic benefits for both Newfoundland and Labrador and Canada during 15-years of construction, operation, and rehabilitation. Utilizing a gold price assumption of US$1350/oz, these benefits include:


  • Creation of over 19,000 person years of total employment in Canada (direct, indirect and induced), including approximately 11,000 person years in NL;
  • Average annual employment of nearly 1,300 person years of employment in Canada, including an annual average of 725 person years within NL;
  • Generation of approximately C$1.3 billion in income to workers and businesses within Canada, including C$750 million to workers and businesses located within NL;
  • Contribution of C$3.6 billion to Canada’s gross domestic product, which includes C$2.9 billion to NL’s GDP;
  • Generation of approximately C$292 million in federal government revenues; and,
  • Generation of approximately C$400 million (C$27 million on an average annual basis) in incremental revenues to the treasury of NL.    


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 four mineralized deposits along a 20-kilometre system. An April 2020 Pre-Feasibility Study outlined an open pit mining and conventional milling operation over a twelve-year mine life with a 36% after-tax rate of return. The Project has estimated Proven Mineral Reserves of 1.3 Moz (26.3 Mt at 1.52 g/t) and Probable Mineral Reserves of 0.6 Moz (14.8 Mt at 1.23 g/t). Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.9 Moz (31.7 Mt at 1.86 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.19 Moz (23.2 Mt at 1.60 g/t). Additional Inferred Mineral Resources are 0.96 Moz (16.77 Mt at 1.78 g/t Au). Please see the Technical Report dated April 21, 2020 for further details and assumptions relating to the Valentine Gold Project.


Posted December 9, 2020

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