1. Rapidly Developing North American Gold Resources at Low Cost and Low Risk
May 2012
1

2. Forward Looking Information TSX:MOZ
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to the Company, certain information contained herein
constitutes "forward-looking statements". Forward-looking statements include statements that are predictive
in nature, depend upon or refer to future events or conditions, or include words such as “expects”,
“anticipates”, “plans”, “believes”, “considers”, “intends”, “targets”, or negative versions thereof and other
similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. We
provide forward-looking statements for the purpose of conveying information about our current expectations
and plans relating to the future and readers are cautioned that such statements may not be appropriate for
other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be
general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections
or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives,
strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to
those identified and reported in Marathon Gold Corporation’s public filings, which may be accessed at
www.sedar.com .
Other than as specifically required by law, we undertake no obligation to update any forward-looking
statement to reflect events or circumstances after the date on which such statement is made, or to reflect the
occurrence of unanticipated events, whether as a result of new information, future events, results or
otherwise.
2

3. Acquisition of Mountain Lake TSX:MOZ
 Marathon is acquiring 100% of the outstanding common shares of its Valentine Lake JV
partner, Mountain Lake Resources
Terms  Mountain Lake shareholders will receive 0.40 of a Marathon share for each Mountain
Lake share held, as well as shares in a SpinCo, Mountain Lake Minerals
 Mountain Lake is transferring all of its projects, except for the Valentine Lake Project to
Mountain Lake Minerals, a newly incorporated exploration company (“Spinco”)
 Spinco will be led by the existing management team and Board of Directors of Mountain
SpinCo Lake and will focus on developing its promising exploration properties, including the
Glover Island, Little River, and Bobby’s Pond projects
 Marathon will subscribe for units of Spinco for aggregate consideration of $300,000
representing approximately 4.9% of the outstanding shares of Spinco
 Consolidates project ownership, bringing Marathon’s total Measured and Indicated
resource to 424,000 ounces of gold at 2.05 g/t and total Inferred resource to 305,000
Investment ounces of gold at 1.65 g/t
 Allows exploration at the Valentine Lake Gold Project to be aggressively pursued under
Highlights one consolidated owner
 Enhances Marathon's capital markets profile as the 100%-owner of its flagship asset
Expected  July 2012
Closing
3

4. Investment Highlights TSX:MOZ
 Valentine Lake Project in central Newfoundland
– Currently acquiring JV partner Mountain Lake Resources to consolidate project
interest and become 100% owner and operator
Three robust gold
 Fully permitted Golden Chest Mine in Idaho’s prolific Coeur d’Alene Mining District
projects (50/50 JV with New Jersey Mining Company)
– Can earn 60% by putting $3.5 M in the ground
 Bonanza Mine in Oregon’s prolific Greenhorn Gold District (100% owned)
 Updated resource estimate at Valentine Lake and initial resource estimate at Golden
Continuing to Chest Mine announced in March 2012
grow resources  Doubling attributable resources at Valentine Lake through acquisition of Mountain
Lake
 Aggressive drilling programs currently underway
Significant – 40,000 m 2012 drill program at Valentine Lake Project
exploration – 25,000 m 2012 drill program at Golden Chest Mine
potential  Updated NI 43-101 compliant resource estimates at both projects to follow 2012 drill
program
 Several large properties with large geological systems
 Five gold prospects identified along 17 km of strike at Valentine Lake Project
Blue Sky – Leprechaun Gold Deposit Resource contained within 750 m strike
 Significant exploration potential at both Valentine Lake Project and Golden Chest Mine
4

5. Proven Management TSX:MOZ
Management Board of Directors
Phillip Walford, P.Geo. | President , CEO & Director Phillip Walford, P.Geo. | See Management
• 40 years in the mining industry, primarily in mining geology
• Has held senior management roles at a number of companies George Faught, CA | Non-Executive Chairman
throughout the Americas, including Anaconda Gold, • 30+ years in the financial management and resources
Geomaque Exploration, LAC Minerals, Pamour Porcupine
Mines, and Hudson Bay Exploration and Development industries
• Former CFO of North American Palladium
Sherry Dunsworth, P.Geo. | VP of Exploration
• 25+ years in the mining industry Joe Spiteri, P.Geo. | Director
• Has held positions with Anaconda Gold and Marathon PGM • 30+ years in the mining industry
• Former member of the Mineral Rights Adjudication Board of • Former senior Manager and Officer with Placer Dome,
Newfoundland and Labrador Northgate Explorations, Lac Minerals and Campbell
• Former Geoscience Councilor for the Association of Resources
Professional Engineers and Geoscientists of Newfoundland
and Labrador
Page Chilcott | Director
Jim Kirke, CA | CFO • Former President of the Vancouver Stock Exchange
• 15+ years involvement in the mining industry
• Former CFO of BacTech Mining and Golden Odyssey Mining David Poynton | Director
• 30+ years of legal and business experience
• Former Senior VP, General Counsel and Corporate Secretary for
Iberian Minerals and Cadillac Ventures
5

6. Capital Structure TSX:MOZ
Capitalization Share Price
Pre-MOA Post-MOA
Acquisition Acquisition $2.0 1.20
$1.8
Share Price (05-22-12) $0.75 1.00
$1.6
Shares Outstanding 29,871,928 50,394,718 $1.4
Volume (Millions)
0.80
Warrants 2,140,995 4,712,550 $1.2
Share Price
$1.0 0.60
Options (at $1.61) 2,689,000 2,689,000
$0.8
Fully diluted 34,701,923 57,796,268 0.40
$0.6
Market Cap ~C$22 million ~C$38 million $0.4
0.20
$0.2
$0.0 -
Jan-11
Apr-11
Oct-11
Apr-12
Jul-11
Jan-12
Analysts Volume Price (CAD)
• Fraser Mackenzie
• Octagon Capital Corp.
6

7. Focused on North American Gold Resources
TSX:MOZ
Marathon Gold takes a 3-Prong approach to de-risking your investment
Marathon Gold
Focused on developing
Projects have solid Projects have
gold Resources in
infrastructure and are >1,000,000 oz Au
Canada and USA only-
located in mining- potential of good
current Resources are
friendly jurisdictions grade potential
expanding!
Marathon Gold currently has 920,000 oz of Resource and growing!1
Current Resources (at 100%)
Valentine Lake Project: M&I 424,000 oz Au @ 2.05 g/t Au, Inferred 305,000 oz Au @ 1.65 g/t Au
Golden Chest Mine: M&I 147,000 oz Au @ 1.47 g/t Au, Inferred 233,300 oz Au @ 1.46 g/t Au
1. Assuming completion of the Mountain Lake Resources acquisition
7

8. Summary of Global Resources TSX:MOZ
M and I Resources Inferred Resources
Deposit Tonnes Au Grade Gold Tonnes Au Grade Gold (oz)
g/t (oz) g/t
100%-Owned
Valentine Lake
Project1,2 6,450,000 2.05 424,000 5.740,000 1.65 305,000
Global Updated
Resource Estimate
M and I Resources Inferred Resources
Deposit Tonnes Au Grade Gold Tonnes Au Grade Gold (oz)
g/t (oz) g/t
Golden Chest Mine
Global Initial
3,107,000 1.47 147,000 4,978,000 1.46 233,300
Resource Estimate 3
TOTAL M&I and
TOTAL Inferred
Valentine Lake 9,557,000 1.86 571,000 10,718,000 1.56 538,300
Project and Golden
Chest Mine
1. Source: Technical Report on the Mineral Resource Estimate for the Leprechaun Gold deposit Valentine Lake Gold Project Central Newfoundland, Canada, dated March 29, 2012.
2. Assuming completion of the Mountain Lake Resources acquisition
3. The Golden Chest Mine is a 50/50 Joint Venture with New Jersey Mining Company, therefore Marathon Gold Reserves and Resource account for half
8

9. Our Projects TSX:MOZ
Legend
Advanced Stage
1. Valentine Lake
– Leprechaun Deposit
2. Golden Chest
Early Stage
1. Bonanza
2. Baie Verte
3. Finger Pond
9

10. Newfoundland TSX:MOZ
10

11. Valentine Lake Project:
Flagship Project TSX:MOZ
11

12. Leprechaun Gold Deposit:
Updated NI 43-101 Resource Estimate TSX:MOZ
 Updated NI 43-101 compliant Resource
GLOBAL
RESOURCE Tonnes Cut Au (g/t) Au oz Estimate; M&I Increase of 54%
ESTIMATE
Total Resource
Above 0.50 g/t cut
 Aggressive 40,000 m drill program
off1 underway
Measured 1,378,000 1.90 84,000
 The most explored deposit among the five
Indicated 5,068,000 2.09 340,000
known gold occurrences
M+I 6,446,000 2.05 424,000
Inferred 5,742,000 1.65 305,000
 Leprechaun Gold Deposit has been
extended along strike and down-dip
 Hanging-wall zones are open in all
directions
 Coarse and free gold have excellent
metallurgical recoveries with ~50% by
gravity, total >90%
12

13. Valentine Lake Project
Resource Growth TSX:MOZ
 Measured and Indicated has increased by 53% since 2011 – based on 25,000
m of drilling and growing!
Valentine Lake Project Resource Growth
450,000
424,000 oz Au
400,000
350,000 2011 Measured
305,000 oz Au
300,000 and Indicated
250,000
2012 Measured
200,000
and Indicated
150,000
100,000 2011 Inferred
50,000
0 2012 Inferred
2011 2012 2011 2012
Measured Measured Inferred Inferred
and and
Indicated Indicated
13

14. Leprechaun Gold Deposit:
Resource Boundary Expansion TSX:MOZ
14

15. Leprechaun Gold Deposit:
Ideal for Open Pit TSX:MOZ
15

16. Leprechaun Gold Deposit:
Ideal for Open Pit TSX:MOZ
16

17. Leprechaun Gold Deposit:
Ideal for Open Pit TSX:MOZ
17

18. Leprechaun Gold Deposit, New
Discovery: J. Frank Zone TSX:MOZ
 High grade grab samples consisting of quartz-tourmaline-pyrite with coarse visible gold returned
assays of up to 581.88 g/t Au, 287.95 g/t Au, 152.75 g/t Au and 88.60 g/t Au
 The newly exposed quartz-tourmaline-pyrite-gold stacked veins occur 100 m into the hanging-wall
 Ongoing prospecting and stripping continues to exposes additional quartz veining along strike and
into the hanging wall
 Channel sampling continues, with assays pending
18

19. Leprechaun Gold Deposit, New
Discovery: J. Frank Zone TSX:MOZ
Extends deposit in
excess of 850 m in
length and 250 m in
width, and is located
up to 1.5 km southwest
along strike from the
current resource
boundary of the
Leprechaun Gold
deposit
19

20. Selected 2012 Drill Results TSX:MOZ
• Marathon expects a steady stream of drill results from its 40,000 m drill program
• The deposit remains open down-dip and along strike to the northeast and southwest
1
Hole ID From To Length Gold
(m) (m) (m) (g/t)
VL-12-393 115 130 13.5 4.31
including 120 122 1.8 25.42
and 135 139 3.6 8.85
including 136 137 0.9 32.31
VL-12-395 252 261 7.7 11.28
including 252 254 1.7 41.8
VL-12-403 210 232 20.9 7.23
including 228 230 1.9 48.99
VL-12-402 277 301 21.6 4.05
including 297 299 1.8 24.55
VL-12-407 289 304 13.5 9.19
including 291 293 1.8 34.92
VL-12-408 153 172 18.1 13.81
including 164 166 1.9 109.94
1. True Thickness
20

21. Idaho
Golden Chest Mine TSX:MOZ
21

22. Golden Chest Mine:
Historical Producer with Initial NI 43-101 TSX:MOZ
Compliant Resource
GLOBAL  Initial Resource Estimate based on 10,000 m of
Tonnes g/t Au Au oz
RESOURCE drilling in 2011
ESTIMATE - M&I 147,000 oz Au
Total Cut-off 0.40
g/t - Inferred 233,000 oz Au
M+I 3,107,000 1.47 147,000
 Aggressive 20,000 m drill program underway
Inferred 4,978,000 1.46 233,300
IN OPEN PIT  Past producing mine located within Idaho’s
Total Cut-off
0.40g/t
Tonnes g/t Au Au oz prolific Coeur d’Alene Mining District
-Road accessibility
M+I 2,788,000 1.35 121,100
Inferred 3,847,500 1.45 179,000
 Recent localized mining by JV partner New
Jersey Mining Company, produced 8,500 t of ore
with an average grade of 6.90 g/t and an
Selected 2012 Drill Results1 average recovery of ~94%
GC-12-106 – 3.9 m @ 8.22 g/t Au
GC-12-107 – 5.2m @ 12.39 g/t Au  Can earn 60% by putting $3.5 M in the ground
GC-12-117 – 5.1 m @ 3.56 g/t Au
1. True Thickness  Fully permitted surface and timber rights with
an existing reserve and exploration potential
22

23. Golden Chest Mine:
Near Surface Open-Pit TSX:MOZ
23

24. Oregon TSX:MOZ
24

25. Bonanza Mine:
Historical High-Grade Producer TSX:MOZ
 100% Owned
 Historical Producer
• 128,500 tons grading 1.2 oz/ton and
99,900 oz Au was produced with an
average recovery of 65%
• Historic mining cut off grade of 0.60
oz/ton (17 grams)
 Three main veins are important for mining
• South Vein
• Bonanza Vein; can be followed on
surface from more than 2,500 ft
• North Vein
 The veins vary from a foot to 6 ft wide and
locally can be up to 30 ft wide, dipping
steeply to the southwest
25

26. Bonanza Mine:
Property boundary TSX:MOZ
Bonanza Patent
26

27. Reasons to Invest:
Delivering on Milestones TSX:MOZ
 Valentine  Stillwater  Initial Resource  40,000 m drill program  Updated
Lake Resources Estimate is released commences at Valentine Resource
Project purchases on Valentine Lake Lake Project Estimate at
acquired Marathon PGM Project  Signed Acquisition Valentine Lake
by for $110 Million  25,000 m drill Agreement with Mountain Project expected
Marathon  Gold assets of program Lake Resources for 100% Q1 2013
PGM Marathon PGM commences at ownership of Valentine Lake
are spun out; Valentine Lake  20,000 m drill program  Updated
Marathon Gold  10,000 m drill commences at Golden Chest Resource
is formed program Mine Estimate at
 Golden Chest commences at  Initial NI 43-101 Resource Golden Chest
Mine is acquired Golden Chest Mine Estimate released on the Mine expected
 Bonanza Mine is Golden Chest Mine Q1 2013
acquired  Updated NI 43-101 Resource
Estimate released on  PEA anticipated
Valentine Lake Project; M&I for Valentine
increase of 53% Lake Project
2009 2010 2011 2012 2013
27

28. Reasons to Invest TSX:MOZ
RESOURCE SIGNIFICANT
LOCATION MANAGEMENT EXPLORATION
DEVELOPMENT
POTENTIAL
Mining-friendly Over 80 years of Valentine Lake Project: Orogenic gold
jurisdictions: proven management deposits at Valentine
Newfoundland, Idaho - NI 43-101 compliant
experience in mining Lake and Golden
and Oregon Updated Resource
exploration, Chest have significant
Estimate with M&I
development and exploration potential
increase of 53%
Established production
infrastructure; road -40,000 m drill program
access, water, fully underway Mineralization
equipped on-site camp covering only a
fraction of Valentine’s
Golden Chest Mine: total 30 km strike has
Socio-economic and -NI 43-101 compliant Initial been delineated
political stability Resource Estimate
-20,000 m drill program
underway
Doubling drill
programs in 2012
28

29. TSX:MOZ
www.marathon-gold.com
416-987-0714
Phillip Walford Jennie Guay
President and CEO Investor Relations Manager
pwalford@marathon-gold.com jguay@marathon-gold.com
29