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Marathon Gold Corp
Symbol MOZ
Shares Issued 208,118,169
Close 2020-11-04 C$ 2.28
Market Cap C$ 474,509,425
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Marathon's Valentine EIS goes into IAAC formal review

2020-11-04 07:44 ET - News Release

Mr. Matt Manson reports

MARATHON ENVIRONMENTAL IMPACT STATEMENT ACCEPTED INTO FORMAL REVIEW PROCESS

The environmental impact statement (EIS) for Marathon Gold Corp.'s Valentine gold project located in the central region of Newfoundland and Labrador has been determined to be conforming with federal EIS guidelines issued in July, 2019, by the Impact Assessment Agency of Canada (IAAC). As a result, the EIS has been accepted into IAAC's formal review process, marking a significant milestone in the overall environmental assessment (EA) process for the project.

The EIS was submitted to IAAC and the Newfoundland and Labrador Department of Environment, Climate Change and Municipalities (NLDECCM) on Sept. 29, 2020. The EA for the Valentine gold project commenced in April, 2019, with the filing of a project description and a project registration to the federal and provincial regulators, respectively. The EA is being conducted pursuant to the Canadian Environmental Assessment Act 2012 and the Newfoundland and Labrador Environmental Protection Act.

Now that the EIS has been determined to be conforming with the 2019 guidelines, federal and provincial technical review processes will begin, overseen by IAAC and a provincial environmental assessment committee established under the auspices of NLDECCM. These reviews are expected to occur over a period of approximately 12 months and include information requests and submittals as well as public consultations. Permitting for site-specific activities related to the project's construction and operation would be expected to commence following successful release from the EA process.

The EIS has been authored by Marathon and Stantec of St. John's, Nfld., and utilizes extensive environmental baseline data collected at the project site by Marathon and its consultants starting in 2011. It incorporates the results of a current land use and traditional knowledge study completed by the Qalipu Mi'kmaq First Nation, and an independent economic assessment of the project completed by Strategic Concepts Inc. of St. John's, Nfld. Starting in March, 2019, and continuing through to the summer of 2020, a series of public meetings, engagements and information sessions on the project were conducted with the Qalipu and the Miawpukek first nations, the communities of Millertown, Buchans, Buchans Junction, Badger, Grand Falls-Windsor and Bishop's Falls, and regional civil society groups. Feedback received from these sessions has been incorporated into the project's planning and design process.

The EIS assesses the potential environmental and socio-economic effects of the project in 15 separate areas of study, including water and air quality, wildlife, vegetation and wetlands, fish and fish habitat, communities, indigenous groups, and the regional and provincial economies. A particular focus of study has been delineating potential effects on water quality and fish habitat through the placement of the project's infrastructure and facilities, and potential effects on the nearby Victoria Lake hydroelectric reservoir and dam. The EIS also describes the potential effects on migration of the Buchans caribou herd, one of several herds located in the central region of Newfoundland, which is known to transit seasonally through the area of the project. In each of the 15 areas of study, the EIS assesses and characterizes the potential effects from the project's development, and the mitigation measures to be adopted with the aim of reducing the project's environmental footprint.

The Valentine gold project EIS will be made available on-line by Marathon at its website, by IAAC at its website and by NLDECCM at its website. Hard copies of the EIS will also be made available at designated viewing locations in St. John's, Corner Brook, Buchans and Grand Falls-Windsor.

Qualified person

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of James Powell, PEng (Newfoundland), Marathon's vice-president of regulatory and government affairs, and a qualified person under National Instrument 43-101.

About Marathon Gold Corp.

Marathon is a Toronto-based gold company advancing its 100-per-cent-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 four mineralized deposits along a 20-kilometre system. An April, 2020, prefeasibility study outlined an open-pit mining and conventional milling operation over a 12-year mine life with a 36-per-cent after-tax rate of return. The project has estimated proven mineral reserves of 1.3 million oz (26.3 million t at 1.52 g/t) and probable mineral reserves of 600,000 ounces (14.8 million t at 1.23 g/t). Total measured mineral resources (inclusive of the mineral reserves) comprise 1.9 million ounces (31.7 million t at 1.86 g/t) with indicated mineral resources (inclusive of the mineral reserves) of 1.19 million oz (23.2 million t at 1.60 g/t). Additional inferred mineral resources are 960,000 ounces (16.77 million t at 1.78 g/t Au). Please see the technical report dated April 21, 2020, for further details and assumptions relating to the Valentine gold project.

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