Marathon Gold Corporation and Mountain Lake Resources Inc. Announce Formation of Joint Venture
Marathon Gold Corporation (TSX: MOZ) ('MOZ?) and Mountain Lake
Resources Inc. (TSX-V: MOA) ('MOA') announced today they
have entered into a joint venture after MOZ exercised its option to earn
a 50% interest in the Valentine Lake Gold Property ('Valentine Lake', or
the 'Property') which is located in Central Newfoundland.
Pursuant to the previously announced Option and Joint Venture Agreement
(the 'OJVA') between Marathon PGM Corporation ('MAR?) and MOA, which was
assigned by MAR to MOZ, MOZ has earned the 50% interest through spending
a total of $3,000,000 in exploration and development expenditures on
Valentine Lake and funding a total of $3,000,000 in payments by MOA to
Richmont Mines Inc. ('Richmont') for MOA to acquire Richmont's 70%
interest in the Property.
MOZ and MOA now own 100% of the Property on a 50/50 joint venture basis.
MOZ is the operator of the project and both companies have agreed to a
jointly funded budget of $6 million for 2011, which will include 25,000
metres of resource expansion and exploration drilling.
About the Valentine Lake Property
The Property is 30 kilometers (?km?) long with the Leprechaun Gold
Deposit situated at the south-western end and the Valentine East Gold
Zone located 13 km along strike running in a north-easterly direction.
These gold deposits form part of a 23 km long, highly prospective
gold-bearing mineralized corridor that straddles the faulted contact
between the older Valentine Lake Intrusive and younger Rogerson Lake
sedimentary rocks in the Valentine Lake Property.
In December, an updated NI 43-101 compliant mineral resource was
completed on the Leprechaun Deposit at a 0.5 g/t cut off that resulted
in a Measured & Indicated resource of 277,000 ounces of gold at the cut
grade, and an Inferred resource of 285,000 ounces of gold at the cut
grade. Approximately 2,400,000 tonnes of the Measured & Indicated
resource (74%), containing 205,000 ounces of gold, is located within 150
meters of the surface and is potential open pit material.
The above mineral resource estimate was prepared by Sam Shoemaker,
MAusIMM, of Micon International, the independent qualified person (QP)
for the mineral resource estimate and is based on a 0.5 g/t gold minimum
cut-off.The kriged gold estimate was used to determine the
mineral resource and individual assays were cut to 76 g/t gold.
About Marathon Gold Corporation:
Marathon Gold Corporation (TSX: MOZ) is one of Canada′s newest gold
resource development companies, with projects located in the mining
friendly province of Newfoundland and Labrador and now a project in the
prolific Coeur d′Alene Mining District, Idaho. Marathon has a tiered
project pipeline consisting of early stage exploration to advanced
resource development projects which can be built into mineable reserves.
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 resource development and exploration
has an established record of delivering rapid growth. Marathon is the
operator of the Valentine Lake project under the joint venture with MOA.
For more information visit: www.marathon-gold.com.
About Mountain Lake Resources Inc:
Mountain Lake Resources Inc. (TSX-V: MOA) is a diversified junior
exploration company, whose corporate strategy is to build shareholder
value through the exploration and development of economically viable
mineral properties. Mountain Lake′s current projects include: a 50%
interest in the Valentine Lake gold property (Newfoundland) under the
joint venture with Marathon Gold Corp; a 100% interest in the Glover
Island gold exploration property (Newfoundland); an option to earn a
100% interest in the Little River gold-antimony exploration property
(Newfoundland); a 100% interest in the Bobby′s Pond base metals property
(Newfoundland); and a minority (~6.4%) stake in Etruscan Diamonds Ltd.,
an alluvial diamond project (South Africa).
For more information visit: www.mountain-lake.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to Marathon Gold,
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's public filings, which may be accessed at www.sedar.com.Marathon Gold offers no assurance that the Offering will be completed
upon the above-referenced terms or at all.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.
NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER
(AS THAT
TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE)
ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS NEWS
RELEASE.
Terre Partners
Christina McCarthy, 1-416-238-1414
Vice
President
cmccarthy@terrepartners.com
or
For
corporate, media, or investor inquiries:
Lytle & Associates
Greg
Lytle, info@mountain-lake.com
North
America toll-free: 866-285-5817
Int′l or Vancouver: 604-839-6946