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June 12, 2015
Marlin Gold Mining Ltd. Provides Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 12, 2015) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
Marlin Gold Mining Ltd. (TSX VENTURE:MLN) ("Marlin" or the "Company") has been integrating its Arizona properties acquired after the closing of the Commonwealth Silver and Gold Inc. ("Commonwealth") acquisition on May 21, 2015. After further review of the geological database, Management believes that Commonwealth represents a second district-scale land package in addition to our
On June 3, 2015 Marlin closed a $13 million private placement, with approximately $11.6 million of this being used for debt repayment, including $5 million to the Sprott Resource Lending Partnership. This has significantly improved the Company's balance sheet and provided the financial flexibility to bring the San Carlos satellite pit into our mine plan as early as September 2015 depending on the results of our accelerated development plan. We expect the total capital expenditures to develop the San Carlos satellite pit to be around $5 million (US$4 million).
Exploration drilling has begun at La Trinidad, which is the first time an exploration drill rig has been on site since 2011. This drilling program will concentrate on infill drilling at our primary Taunus pit, and resource delineation at our
La Trinidad Optimization is Progressing Well
Sonoran Resources LLC, led by Jesse Munoz, has been advancing the Company's Taunus pit optimization and
Management Changes Will Further Advance Marlin's Assets
As Marlin transitions to a multi-asset and multi-jurisdiction mining company, it is crucial that the Company develop a flexible and scalable operating team that is capable of advancing as many assets as we can bring into the portfolio. Sonoran Resources LLC has demonstrated that they are the ideal team to be advancing and optimizing Marlin's mines and projects. They have proven themselves at La Trinidad, and being headquartered in Arizona will significantly help the advancement of Commonwealth. To this end, Marlin is pleased to welcome Jesse Munoz as interim COO of the company replacing John Brownlie, the former CEO and COO of Marlin. Akiba Leisman will assume the role of interim CEO in addition to Executive Chairman.
About Marlin Gold
Marlin is a TSX-V publicly-listed company with properties located in Sinaloa and Zacatecas, Mexico and Arizona, U.S.A. Marlin's priority is to advance its properties toward commercial production and enhance shareholder value through financial optimization, namely through the growth of its wholly-owned subsidiary, Sailfish Royalty Corp. The La Trinidad property, which hosts the Taunus gold deposit, declared commercial production on November 1, 2014. An NI 43-101 mineral resource estimate and preliminary economic assessment for the Taunus gold deposit can be found at www.sedar.com or atwww.marlingold.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary statement regarding forward-looking information
This news release contains 'forward-looking statements' within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur, including in relation to statements regarding the completion of any equity financing, use of proceeds from any equity financing, the expected results and timing for the development and exploitation of any mineral resources, the timing of reprocess of material and production from La Trinidad. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while based on management's expectations and considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties, including those described in the Company's current Annual Information Form filed on SEDAR at www.sedar.com. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this release. Unless required by law, Marlin has no intention to and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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