Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
TORONTO, April 20, 2012 /CNW/ – Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) today announced it has filed its Technical Report with the first NI 43-101 compliant Resource Estimate on the Golden Chest Mine in north eastern Idaho, USA and it can be found on the SEDAR website. The Technical Report was completed by Micon International Limited (Micon) and was released March 5, 2012. The completion of the Technical Report was a milestone for the Company and a significant contributor to the development of the Golden Chest Mine. The Golden Chest Mine is owned 50% by New Jersey Mining Corporation (“NJMC”) and 50% by Marathon Gold Corporation (TSX: MOZ) and NJMC is the operator.
Highlights:
“Marathon is having great success at the Golden Chest Mine. The results of the initial Resource Estimate, which were based on last year’s 10,000 m drilling program, confirm that there is significant potential for this to be a sizeable deposit. Since the commencement of this year’s 20,000 m drill program, the open pit infill holes have further indicated that the current deposit is expanding and the underground targeted holes are also extending the strike length of the Idaho vein system in an area that has not been previously drilled,” said Phillip Walford, President and CEO of Marathon Gold. “As this year’s drill program progresses, we are looking forward to drilling the high-grade Katie-Dora area to target the extension of the open pit Resource to the north.”
