VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 18, 2016) –
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”) is pleased to provide an operating update from its wholly owned La Trinidad mine in Sinaloa, Mexico (“La Trinidad”). Since hitting a vertical projection of the high grade HS Zone in May 2016, Marlin has mined through seven complete six-meter benches and has been consistently mining high grade since September 15, 2016.
Since September 15th, we have placed over 5,890 ounces of gold onto the leach pad with approximately 4,400 ounces coming in October alone. Grades sampled at the crusher are up over 270% from earlier this year at approximately 2.61 grams per tonne compared to approximately 0.70 grams per tonne. Going forward we will crush on average one tonne of mineralized material for each three tonnes of waste mined.
This year’s rainy season was similar to last year where 1,507 millimeters of rain fell from June through September compared to 1,386 millimeters for the same period in 2015. Fortunately, we did not sustain any property damage; however access to the mineralized zone at the bottom of the pit was frequently impeded. There has been virtually no rainfall since October 4th, and we are hopeful that the worst of the rainy season is behind us.
The negative 8 level bench is currently being mined around exploration hole 15TRD05 which hit 8.59 grams per tonne over 23 meters (please see the news release on July 30, 2015 for important technical disclosures about hole 15TRD05). Mined grades around this hole are confirming these grades.
Akiba Leisman, Chairman and Interim CEO of Marlin states, “consistently mining high grade material at
La Trinidad is transforming the Company. We went through another tough rainy season, which slowed production, but we couldn’t be more pleased with how the mine is performing now. To put this in perspective, October is a record month for placing gold onto the leach pad- a record we broke just 12 days into the month.”
In addition, total costs at La Trinidad have trended down since May as highlighted in the table below.
| Total Costs at La Trinidad* | |
| May | $4.2 million |
| June | $3.4 million |
| July | $3.1 million |
| August | $2.4 million |
| September | $1.8 million |
| *All dollar amounts in the table above are in USD. | |
Expectations are that costs will track between USD2.25-2.5 million per month going forward.
About Marlin Gold
Marlin is a publicly-traded gold and silver mining company with properties located in Sinaloa, Mexico and Arizona, USA. Marlin’s priority is to advance its properties toward commercial production and enhance shareholder value through the growth of its wholly-owned subsidiary, Sailfish Royalty Corp. The La Trinidad property in Sinaloa, Mexico, declared commercial production on November 1, 2014. A NI 43- 101 mineral resource estimate and preliminary economic assessment for the La Trinidad mine and Commonwealth project can be found at www.sedar.com or at www.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, without limitation, the intended use of proceeds. 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: the risk that the anticipated effects of the equity financing may not result in the outcomes predicted by management, 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.
Akiba Leisman
Executive Chairman and Interim CEO
203-862-7059
aleisman@marlingold.com
www.marlingold.com