Mr. Matthew Manson reports

MARATHON APPOINTS AUSENCO LEAD CONSULTANT FOR VALENTINE GOLD PROJECT PRE-FEASIBILITY STUDY

Marathon Gold Corp. has appointed Ausenco Engineering Canada Inc. as the lead consultant for the prefeasibility study (PFS) at the Valentine gold project in Newfoundland and Labrador.

Matt Manson, president and chief executive officer, commented: "Ausenco's Canadian-based engineering team has a broad range of mine development expertise well suited to the Valentine gold project. In particular, they bring the most recent direct experience in the development of a large open-pit gold project in the Maritimes as the engineering, procurement and construction (EPC) contractor at the successful Moose River gold mine developed by Atlantic Gold Corp. (now St Barbara Ltd.). They will join an existing team of specialized subcontractors already working with Marathon's owner's team to develop the best overall project configuration for subsequent feasibility study, permitting and financing."

As lead consultant in the PFS, Ausenco will undertake a trade-off study designed to assess the optimum scope, value and execution strategy for the project, and will incorporate an updated production schedule, facilities design, operating and capital cost estimates, and process design based on continuing metallurgical studies. Ausenco will be assisted by Moose Mountain Technical Services in the areas of mineral reserve estimation and mine design. The PFS will also incorporate the results of work currently being conducted at the Valentine gold project by Terrane Geoscience Inc. in the area of geotechnical drilling and pit slope design, by Gemtec Ltd. for hydrogeology, by Stantec Inc. for environmental assessment, and John T. Boyd Company for an updated mineral resource estimate.

The PFS is expected to take approximately six months to complete, with results expected early in the second quarter of 2020.

About Marathon Gold Corp.

Marathon is a Toronto-based gold company rapidly advancing its 100-per-cent-owned Valentine gold project located in central Newfoundland, one of the top mining jurisdictions in the world. The Valentine gold project comprises a series of mineralized deposits along a 20-kilometre system of gold-bearing quartz-tourmaline-pyrite veins. The project is accessible by year-round road and is in close proximity to the provincial electrical grid. To date, four gold deposits at Valentine have been delineated, including the large Leprechaun and Marathon deposits.

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