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Marathon Gold Announces Closing of C$4.4 Million Equity Financing

Press Release –

Aug 21, 2014

TORONTO, ON – August 21, 2014 – Marathon Gold Corporation (“Marathon” or the “Company”) (MOZ: TSX) is pleased to announce the closing of a bought deal private placement (the “Offering”) conducted by a syndicate of underwriters led by Canaccord Genuity Corp., and which included Clarus Securities Inc. The Offering was upsized from the proceeds previously announced in the press release of the Company dated July 31, 2014 for gross proceeds of up to C$4.0 million. Under the revised Offering, 3,450,000 units (the “Units”) of the Company were sold at a price of C$0.50 per Unit and 4,863,140 flow-through common shares (the “FT Shares”) of the Company were sold at a price of C$0.55 per FT Share for aggregate gross proceeds of C$4,399,727. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole warrant a “Warrant”). Each Warrant entitles the holder to purchase one common share of the Company at an exercise price of C$0.75 until August 21, 2016. The securities issued under the Offering will be subject to a hold period of four months and a day which expires on December 22, 2014.

The net proceeds raised through the Offering will be used, in the case of the FT Shares, to incur “Canadian exploration expenses” in respect of the Valentine Lake Project as defined in the Income Tax Act (Canada) as well as, in the case of the Units, for the exploration and development of the Valentine Lake Project and for general working capital purposes.

“I am very pleased with the response to the financing and appreciate the investor’s interest in the offering. The funds raised will enable Marathon to continue the drilling campaign now underway. There are eight holes completed to date testing the mineralization in the Sprite trenches. The drill will be moving to Rainbow shortly to test that mineralization and then the drilling will be focused on the best mineralization” said Phillip Walford, President and CEO of Marathon Gold.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.

About Marathon Gold Corporation

Marathon is a Toronto based gold resource development company focused on the Valentine Lake property in central Newfoundland. Marathon’s mission is to rapidly move the Valentine Lake project towards advanced exploration and pre-development stages. For more information visit:

About the Valentine Lake Project

The Valentine Lake property, owned 100% by Marathon Gold Corporation, hosts two well defined gold deposits with NI 43-101 compliant resources: the Leprechaun Gold Deposit and the Victory Gold Deposit. The Leprechaun Gold Deposit is located near the south-western end of the Valentine Lake property, and the Victory Gold Deposit is located 13 kilometers along strike to the north-east. These gold deposits form part of a 23 km long, highly prospective gold-bearing mineralized corridor focused along the Valentine Lake Thrust Fault.

The Leprechaun Gold Deposit has a NI 43-101 compliant Open Pit and Underground Resource (refer to August 1, 2013 news release). The Open Pit Resource is Measured 3.5 million tonnes containing 247,000 oz Au, and Indicated 6.2 million tonnes containing 412,000 oz Au, and Inferred 1.2 million tonnes at 1.82 g/t Au containing 71,000 oz Au. The Underground Resource is Measured 108,000 tonnes containing 17,000 oz Au, and Indicated 764,000 tonnes containing 100,000 oz Au, and Inferred 349,000 tonnes containing 69,000 oz Au. As a result of favorable drilling results in 2013 and 2014, the Sprite Area, which is adjacent to the Leprechaun Gold Deposit, will be a focus of continued exploration this year. The Sprite Area adjoins the Leprechaun Gold Deposit and recent promising drilling is located 1.5 km to the north east of the Leprechaun Gold Deposit.

The Victory Gold Deposit (formerly Valentine East Hill) has an Open Pit Resource (refer to August 1, 2013 news release). The Open Pit Resource is Indicated 761,000 tonnes containing 41,000 oz Au, and Inferred 199,000 tonnes containing 9,000 oz Au. Both deposits are open to expansion.

For more information, please contact:

Christopher Haldane
Investor Relations Manager
Tel: 1-416-987-0714
E-mail: [email protected]

Except for statements of historical fact relating to Marathon Gold Corporation, 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 Corporation’s public filings, which may be accessed at 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, results or otherwise.


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