Marathon Gold Announces Closing of Financing

TORONTO, March 1 /CNW/ --
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

(figures in Canadian dollars)

TORONTO, March 1 /CNW/ - Marathon Gold Corporation (TSX: MOZ) (the
'Company') announced today the closing of its previously-disclosed
bought deal financing through a syndicate of underwriters, led by
Stonecap Securities Inc. and including Octagon Capital Corporation
(collectively, the 'Underwriters'). The Underwriters purchased, on a
bought deal basis, 2,065,450 flow-through common shares (the
'Flow-Through Common Shares') of the Company at a price (the 'Issue
Price') of $1.80 per Flow-Through Common Share. An additional 463,050
Flow-Through Common Shares were sold at the Issue Price by the Company
directly on a non-brokered private placement basis, 335,512 of which
were purchased by a wholly-owned Canadian subsidiary of Stillwater
Mining Company. In total, 2,528,500 Flow-Through Common Shares were
sold for gross proceeds to the Company of $4,551,300. 

The gross proceeds from the sale of the Flow-Through Common Shares will
be used for exploration at the Company's Canadian exploration
properties.

The Offering was made by way of private placement to accredited
investors in all provinces of Canada. The Flow-Through Common Shares
are subject to a four-month hold period.

This news release is not an offer of the securities for sale in the
United States.  The securities being offered have not been registered
under the United States Securities Act of 1933, as amended, and may not
be offered or sold in the United States or to, or for the account or
benefit of, U.S. persons absent registration or an applicable exemption
from registration requirements. Any public offering of the securities
to be made in the United States will be made by means of a prospectus
that may be obtained from the Company or the Underwriters. and that
will contain detailed information about the Company and its management,
as well as financial statements. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful.

Neither the Toronto Stock Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the Toronto Stock Exchange)
accepts responsibility for the adequacy or accuracy of this release.

About Marathon Gold Corporation:

Marathon Gold Corporation ('Marathon') 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 of 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 located in
Newfoundland under a joint venture agreement with Mountain Lake
Resources Inc. For more information visit: www.marathon-gold.com.

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Joanna Longo
President, Terre Partners
(416) 238-1414 ext 233