News Feed Item

Marlin Gold Mining Ltd. Provides Operating and Corporate Update

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/19/14 -- Marlin Gold Mining Ltd. (TSX VENTURE:MLN)(OTCQX:MLNGF) ("Marlin" or the "Company") is pleased to announce an operating and corporate update. The ramp-up at Marlin's wholly owned La Trinidad mine in Sinaloa, Mexico ("La Trinidad") continues, with commercial production expected to be reached by the end of the third quarter. Through June 16, 2014, 867,986 tonnes of material have been mined from the Taunus and Bocas pits and 476,508 tonnes of material have been crushed and placed on the leach pad. Gold recoveries and grade reconciliation to the block model are behaving as expected. We are producing gold on a monthly basis, with total gold production and gold in solution to date of 1,892 ounces. As of today our cash balance is approximately $10.15 million with an additional $3.4 million in refundable tax receivables.

Mine Optimization Aims to Accelerate Mining of High Grade Material

Marlin's management and board of directors have embarked on an optimization program to accelerate the development of the main Taunus pit, with the objective of getting to the high grade "HS Zone" as quickly as possible. It is our expectation that the high grade zone will be mined materially sooner than what was contemplated in our June 2012 PEA. The HS Zone has been extensively drilled by Marlin and its predecessors, with select significant intercepts such as:

                         From       To  Interval    Gold       Press Release
Hole #          Zone      (m)      (m)       (m)   (g/t)               Dated
08TR012      HS Zone    151.0    212.1      61.1     8.5     October 6, 2008
08TR013      HS Zone    147.0    180.6      33.6     3.8     October 6, 2008
  including             160.9    168.2       7.3    15.8                    
09TR016      HS Zone    160.9    221.5      60.6     3.4        May 26, 2009
  including             160.9    197.4      36.5     5.2                    
09TR025      HS Zone    151.0    232.8     81.75     3.6   September 9, 2009
  including             167.3    199.1     31.85     7.1                    
09TR027A     HS Zone    170.0    188.7      18.7    5.16   December 10, 2009
  including             176.0    187.5      11.5    7.67                    
09TR034A     HS Zone    132.0    166.5      34.5    8.66    January 27, 2010
09TR041      HS Zone    202.0    242.9      40.9    11.9       March 3, 2010
10TR044      HS Zone    112.0    127.6      15.6     5.6      April 28, 2010
  including             119.0    125.6       6.6    12.3                    
SN22         HS Zone    125.5    157.5      32.0    4.07       July 21, 2011

A more detailed discussion of the Company's drill results can be found in the "Amended NI43-101 Technical Report, Preliminary Economic Assessment, Trinidad/Taunus Project, Sinaloa, Mexico", originally dated June 1, 2012 as amended July 12, 2012 (the "June 2012 PEA"), prepared by SRK Consulting (U.S.) Inc. and available under the Company's profile at www.sedar.com.

Advancement of Golden Reign Streaming Transaction

An internal scoping study at Golden Reign Resource Ltd.'s ("Golden Reign") San Albino Gold Project in Nueva Segovia, Nicaragua was recently completed. Prepared by Sonoran Resources LLC, the nominated EPCM firm, it is anticipated that this scoping study will form the basis of a preliminary economic assessment, which will provide the details of the mine design and plant throughput capacity, with the objective of bringing the San Albino Gold Project into production as quickly and efficiently as possible using Sonoran Resources as the nominated EPCM contractor.

Marlin and Sailfish Royalty Corp. ("Sailfish", Marlin's wholly-owned subsidiary) are pleased to announce that negotiations on the principal transactional documents for the equity and streaming transaction (the "Golden Reign Transaction") have continued to progress. Subject to the satisfaction of the remaining conditions, including finalization of the security documents by local Nicaraguan counsel, the parties expect that the Golden Reign Transaction will close in the coming weeks. Further details on the Golden Reign Transaction are available in our press release dated February 26, 2014.

Share Consolidation

Contemporaneously with the closing of the Golden Reign Transaction, and subject to the approval of the TSX Venture Exchange, Marlin expects to complete the previously announced share consolidation of its outstanding common shares on a 10:1 ratio (the "Share Consolidation"). The Share Consolidation was previously approved by Marlin's shareholders at the Company's May 16, 2014 annual general and special meeting of shareholders.

Management Changes

Marlin announces the resignation of Priscila Costa Lima as the Company's Chief Financial Officer and of Mimy Fernandez-Maldonado as of the Company's Corporate Secretary. Effective immediately, Marlin is pleased to announce that Mr. Scott Kelly has been appointed as the Company's Chief Financial Officer and Corporate Secretary. Mr. Kelly has extensive experience as an officer and consultant to junior mining and exploration companies having served in similar capacities with other issuers since 2004.

This management change will save the company approximately $13,000 per month, and management will continue to look for cost savings to make sure our industry low general and administrative expenses are even lower.

About Marlin Gold

Marlin Gold is a publicly-listed company on the TSX Venture Exchange with properties located in Sinaloa and Zacatecas, Mexico. 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, had a first gold pour on February 28, 2014. A NI 43-101 resource estimate and preliminary economic assessment for the Taunus gold deposit 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.

The technical information contained in this news release has been reviewed by (Gary) Yee-Yuen Wong, P.Eng., Marlin's Geological Consultant, who is a qualified person pursuant to National Instrument 43-101. Readers are cautioned that the conclusions, projections and estimates set out in this news release are subject to important qualifications, assumptions and exclusions, all of which are detailed in the June 2012 PEA, which is available on SEDAR at www.sedar.com.

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 the timing of commercial production and the available resources at La Trinidad, the closing and timing of the Golden Reign Transaction, the timing of the Share Consolidation, the Company's operations and management expenditures and 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 involved in the interpretation of drilling results and other tests and the estimation of gold resources; 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 related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; 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.

Marlin Gold Mining Ltd.
John Brownlie
604-642-2411 (FAX)
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Daniel Jones is CTO of EngineerBetter, helping enterprises deliver value faster. Previously he was an IT consultant, indie video games developer, head of web development in the finance sector, and an award-winning martial artist. Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams.
The standardization of container runtimes and images has sparked the creation of an almost overwhelming number of new open source projects that build on and otherwise work with these specifications. Of course, there's Kubernetes, which orchestrates and manages collections of containers. It was one of the first and best-known examples of projects that make containers truly useful for production use. However, more recently, the container ecosystem has truly exploded. A service mesh like Istio addr...
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
As IoT continues to increase momentum, so does the associated risk. Secure Device Lifecycle Management (DLM) is ranked as one of the most important technology areas of IoT. Driving this trend is the realization that secure support for IoT devices provides companies the ability to deliver high-quality, reliable, secure offerings faster, create new revenue streams, and reduce support costs, all while building a competitive advantage in their markets. In this session, we will use customer use cases...
The IoT Will Grow: In what might be the most obvious prediction of the decade, the IoT will continue to expand next year, with more and more devices coming online every single day. What isn’t so obvious about this prediction: where that growth will occur. The retail, healthcare, and industrial/supply chain industries will likely see the greatest growth. Forrester Research has predicted the IoT will become “the backbone” of customer value as it continues to grow. It is no surprise that retail is ...
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of bus...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
DXWorldEXPO LLC announced today that "Miami Blockchain Event by FinTechEXPO" has announced that its Call for Papers is now open. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Financial enterprises in New York City, London, Singapore, and other world financial capitals are embracing a new generation of smart, automated FinTech that eliminates many cumbersome, slow, and expe...