Marathon Gold Announces Vertical Amalgamation With Its Wholly Owned Subsidiary

TORONTO, Jan. 28, 2022 (GLOBE NEWSWIRE) —

Marathon


Gold


Corporation


(“Marathon”


or


the


“Company”;


TSX:


MOZ)

is pleased to announce that it has completed a vertical amalgamation with its wholly-owned subsidiary, Mountain Lake Resources Inc., effective January 28, 2022. The amalgamation will streamline the Company’s mining exploration activities under a single corporate entity and will reduce corporate and operational expenses.

About


Marathon

Marathon (TSX:MOZ) 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 Amended and Restated Annual Information Form for the year ended December 31, 2020 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.

For


more


information,


please


contact:

To find out more information on Marathon Gold Corporation and the Valentine Gold Project, please visit


www.marathon-gold.com


.

Cautionary


Statement


Regarding


Forward-Looking


Information

Certain


information


contained


in


this


news


release,


constitutes


forward-looking


information


within


the meaning of Canadian securities laws (“forward-looking statements”). All statements in this


news release, other than statements of historical fact, which address events, results, outcomes


or


developments


that


Marathon


expects


to


occur


are


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”, “estimates”,


“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. More particularly and without restriction, this news release


contains


forward-looking


information,


including


statements


as


to


management’s


expectations


with


respect


to,


among


other


things,


the


matters


and activities


contemplated


in


this news


release.

Forward-looking statements involve known and unknown risks, uncertainties and assumptions


and accordingly, actual results and future events could differ materially from those expressed or


implied in such statements. You are hence cautioned not to place undue reliance on forward-


looking statements. In respect of the forward-looking statements concerning the interpretation of


exploration results and the impact on the Project’s mineral resource estimate, the Company has


provided such statements in reliance on certain assumptions it believes are reasonable at this


time, including assumptions as to the continuity of mineralization between drill holes. A mineral


resource that is classified as “inferred” or “indicated” has a great amount of uncertainty as to its


existence and economic and legal feasibility. It cannot be assumed that any or part of an


“indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher


category


of


mineral


resource.


Investors


are


cautioned


not


to


assume


that


all


or


any


part


of


mineral


deposits


in


these


categories


will


ever be


converted


into


proven


and


probable


mineral


reserves.

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. Factors that could cause future


results or events to differ materially from current expectations expressed or implied by the


forward-looking statements include risks and uncertainties relating to the interpretation of drill


results, the geology, grade and continuity of mineral deposits and conclusions of economic


evaluations;


uncertainty


as


to


estimation


of


mineral


resources;


inaccurate


geological


and


metallurgical assumptions (including with respect to the size, grade and recoverability of mineral


resources);


the


potential


for


delays


or


changes


in


plans


in


exploration


or


development


projects


or


capital


expenditures,


or


the


completion


of


feasibility


studies


due


to


changes


in


logistical,


technical


or


other


factors;


the


possibility


that


future


exploration,


development,


construction


or


mining


results

will not be consistent with the Company’s expectations; risks related to the ability of the current


exploration


program


to


identify


and


expand


mineral


resources;


risks


relating


to


possible


variations


in


grade,


planned


mining


dilution


and


ore


loss,


or


recovery


rates


and


changes


in


project


parameters as plans continue to be refined; operational mining and development risks, including


risks


related


to


accidents,


equipment


breakdowns,


labour


disputes


(including


work


stoppages


and


strikes) or other unanticipated difficulties with or interruptions in exploration and development;


risks related to the inherent uncertainty of production and cost estimates and the potential for


unexpected


costs


and


expenses;


risks


related


to


commodity and


power prices,


foreign


exchange


rate fluctuations and changes in interest rates; the uncertainty of profitability based upon the


cyclical nature of the mining industry; risks related to failure to obtain adequate financing on a


timely basis and on acceptable terms or delays in obtaining governmental or other stakeholder


approvals


or


in


the


completion


of


development


or


construction


activities;


risks


related


to


environmental regulation and liability, government regulation and permitting; risks relating to the


Company’s ability to attract and retain skilled staff; risks relating to the timing of the receipt of


regulatory


and


governmental


approvals


for


continued


operations


and


future


development


projects;


political


and


regulatory


risks


associated


with


mining


and


exploration;


risks


relating


to


the


potential


impacts


of


the


COVID-19


pandemic


on


the


Company


and


the


mining


industry;


changes


in


general


economic


conditions


or


conditions


in


the


financial


markets;


and


other


risks


described


in


Marathon’s


documents


filed


with


Canadian


securities


regulatory


authorities,


including


the


Amended


and


Restated


Annual


Information


Form


for


the year ended


December


31,


2020.

You


can


find


further


information


with


respect


to


these


and


other


risks


in


Marathon’s


Amended


and


Restated


Annual


Information


Form


for


the


year


ended


December


31,


2020


and


other


filings


made


with


Canadian


securities


regulatory


authorities available


at



www.sedar.com



. Other than as


specifically required by law, Marathon undertakes 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.