Marathon Gold Corporation is a Canadian gold exploration company with two gold projects in mining-friendly jurisdictions. The Valentine Lake Project in Newfoundland has an existing gold resource and ongoing drilling is expanding the resource and identifying new prospects. The fully permitted Golden Chest Mine in Idaho also has ongoing drilling and an initial resource estimate is expected in Q1-2012. Marathon has a strong balance sheet with $6.1 million in cash and significant exploration potential and catalysts at both projects positioning the company for near-term resource growth and development.

1. Rapidly Developing North American Gold Resources
Winter Presentation 2011
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2. Forward Looking
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.

3. Proven Management
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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, Geomaque • 30+ years in the financial management and resources
Exploration, LAC Minerals, Pamour Porcupine Mines, and Hudson industries
Bay Exploration and Development • Former CFO of North American Palladium
Sherry Dunsworth, P.Geo. | VP of Exploration Joe Spiteri, P.Geo. | Director
• 25+ years in the mining industry • 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 Professional Resources
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

4. Strong Balance Sheet TSX:MOZ
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Strong Balance Sheet Share Price Performance
Share Price (11-08-11) $1.60
1.2 $2.00
Shares Outstanding 22,915,928
Warrants ($1.80) 176,995 1.0 $1.80
Volume (millions)
Options (at $1.61) 2,036,000 0.8 $1.60
Price (CAD)
Fully diluted 25,128,923
0.6 $1.40
Market Cap ~C$36.7 million
Cash Balance ~C$6.1 million 0.4 $1.20
Investors Stillwater (15%)
0.2 $1.00
Sprott
Sentry Select
Analysts 0.0 $0.80
Aug-11
Sep-11
Apr-11
May-11
Jul-11
Jan-11
Feb-11
Mar-11
Jun-11
•Haywood Securities
•Fraser MacKenzie
•Octagon Capital Corp. Volume Price (CAD)
•Pope and Company

5. Company Highlights TSX:MOZ
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 Two gold projects in mining-friendly jurisdictions
— Valentine Lake Project in central Newfoundland (50/50 JV with Mountain
Two robust gold Lake Resources)
projects — Fully permitted Golden Chest Mine in Idaho’s prolific Coeur d’Alene Mining
District (50/50 JV with New Jersey Mining Company)
• Can earn 60% by putting $3.5 M in the ground
 Aggressive drilling programs
Near-term ─ 25,250 m completed at Valentine Lake; expanding the existing resource
resource growth ─ 10,000 m program ongoing at Golden Chest
potential  New hanging-wall gold bearing quartz veins discovery at the Leprechaun
Deposit (J. Frank Zone)
Significant  Five gold prospects identified along 17 km of strike at Valentine
exploration ─ Leprechaun gold deposit resource contained within 750 m strike
pipeline  Significant exploration potential at both Valentine and Golden Chest
Several near-  Initial resource estimate at Golden Chest expected Q1-2012
 Updated resource estimate at Valentine expected late Q4 -2011 or Q1- 2012
term catalysts  Potential to advance Golden Chest to development as early as 2013 given
underground infrastructure and permits in place

6. Our Projects TSX:MOZ
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Newfoundland
Legend
Golden Chest
Advanced Stage
1. Valentine Lake
– Leprechaun Deposit
2. Golden Chest
Idaho
Early Stage
1. Baie Verte
2. Finger Pond

7. Our Projects TSX:MOZ
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Newfoundland Newfoundland
Valentine Lake Baie Verte
• Six mineral licenses covering 19,925 hectares • Located 13 km south of Anaconda Mining’s Pine
• NI 43 101 Estimate – 187,000 oz Au Measured, Cove gold mine
90,000 oz Au Indicated and 285,000 oz Au Inferred • Significant area of gold and base metals anomalies
• Gold mineralization identified along at least 17 km identified within a wide area of alteration
• Leprechaun gold deposit is the most explored
deposit among the five known gold occurrences
• 25,250 m drill program completed
• Drilling has shown continuation of near-surface
gold mineralization and has extended the
Idaho
Leprechaun deposit along strike and down-dip
Golden Chest
• Prolific Coeur d’Alene mining region
Finger Pond
• Historical producer
• Located 50 km on strike and to the south-west of
• Fully permitted for drilling, underground mining,
Valentine Lake
and tailings deposition
• Historical exploration has outlined several gold and
• 10,000 m drill program is ongoing
base metal showings along the property’s 20 km
• Significant potential for reserve growth through
strike
continued underground drilling
• Targets ready to be drilled

8. Newfoundland TSX:MOZ
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9. Valentine Lake:
Flagship Project TSX:MOZ
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 50/50 Joint Venture between Marathon Gold
and Mountain Lake; Marathon is the Operator
 6 mineral licenses covering 19,925 hectares
 30 km strike length; Gold mineralization identified
along at least 17 km
 25,250 m drill program completed
 $6 million budget in 2011
 All Season Camp
 Solid Infrastructure
 camp expansion underway
 90 km to Trans-Canada Highway
 Nearby hydro generation, water

10. Valentine Lake:
Flagship Project TSX:MOZ
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11. Valentine Lake:
Leprechaun Deposit TSX:MOZ
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 The most explored deposit among the 5 known gold
occurrences
 Drilling has shown continuation of near-surface gold
mineralization and has extended the Leprechaun
deposit along strike and down-dip
 NI 43-101 compliant Resource
 Coarse and free gold have excellent metallurgical
recoveries with ~50% by gravity, total >90% Total Tonnes Cut Au (g/t) Au oz
Resource (MM)
Above 0.50
 A total of 150 drill holes of a 25,250 m 2011 drilling g/t cut off1
campaign have now been completed Measured 2.1 MM 2.768 187,000
Indicated 1.2 MM 2.363 90,000
 Resources Estimate update expected late Q4 2011 or M+I 3.3MM 2.622 277,000
early Q1 2012
Inferred 4.4 MM 2.007 285,000
Total 562,000

12. Leprechaun Deposit TSX:MOZ
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Ideal for open Pit
View SW towards Leprechaun Pond

13. Leprechaun Deposit:
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Continuity of Mineralization 11

14. Leprechaun Deposit:
Ideal for Open Pit TSX:MOZ
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15. Leprechaun Deposit:
Ideal for Open Pit TSX:MOZ
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16. Leprechaun Deposit:
Ideal for Open Pit TSX:MOZ
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17. Leprechaun Deposit New
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Discovery: J. Frank Zone 15
Extends 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

18. Leprechaun Deposit New
Discovery: J. Frank Zone TSX:MOZ
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 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

19. J. Frank Zone:
Coarse Visible Gold TSX:MOZ
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20. Finger Pond Deposit 100%
Owned TSX:MOZ
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Located 30 km on-strike and to the southwest from the Valentine Lake Gold Project
Historical exploration work outlines a number of gold and base metal showings along the 20
km strike length
Exploration work planned for 2012
Marathon Gold Corporation

21. Idaho TSX:MOZ
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22. Golden Chest Mine:
Historical Producer TSX:MOZ
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 Past producing mine located within Idaho’s
prolific Coeur d’Alene Mining District
 Mining historically focused on high grade
(>17 g/t) veins (Katie+Dora, Idaho, etc)
 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
average recovery of ~94%
 Can earn 60% by putting $3.5 M in the ground
 Fully permitted surface and timber rights with
an existing reserve and exploration potential
 Stable rich mining heritage and beside major
road
 10,000 m of drilling ongoing in 2011
Largest historical gold producer in Coeur d’Alene Mining
District

23. Golden Chest Mine TSX:MOZ
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24. Golden Chest Mine:
Near Surface Open-Pit TSX:MOZ
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2011 Drill Program
 56 drill holes
 10,000 m
 Underground rehabilitation
underway in the historic high
grade area
Highlights:
 GC 11-34 - 5.07 g/t Au over 21.6 m @
25.8 to 71.1 m including 10.8 g/t gold
over 3.8 m @ 45.9 to 53.8 m
 GC 11-33 - 3.00 g/t Au over 19.9 m
from 22.0 to 55.1 m including 16.1 g/t
Au over 2.5 m @ 26.5 to 30.6 m
 GC 11-39 - 1.94 g/t Au over 29.1 m
from 3.4 m to 47.6 m
 GC 11-38 - 1.86 g/t Au over 13.3 m
from 33.0 to 54.2 m

25. Golden Chest Mine:
Potential for Open Pit and UndergroundTSX:MOZ
Exploration 23
DDH-11-39 – 47.6 m @ 1.94 g/t Au
DDH-11-37 – 29.0 m @ 1.51 g/t Au
DDH-11-38 – 21.0 m @ 1.86 g/t Au
DDH-11-35 – 30.5 m @ 0.86 g/t Au
DDH-11-27 – 15.5 m @ 0.59 g/t Au
DDH-11-30 – 21.0 m @1.30 g/t Au

26. Summary of Reserves and
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Resources 24
Reserves & M and I Inferred
Deposit Tonnes Au Grade Gold Tonnes Au Grade Gold (oz)
g/t (oz) g/t
Valentine Lake1
3,284,000 2.6 276,843 4,409,000 2.0 285,000
Historic Reserves & M and I Historic Inferred
Deposit Tonnes Au Grade Gold Tonnes Au Grade Gold (oz)
g/t (oz) g/t
Historic Golden
Chest 2,3 242,058 5.1 37,885 - - -
(underground)
Historic Golden
Chest3 1,227,150 1.35 53,263 5,522,850 0.98 174,000
(open pit)
1. Source: Technical Report on the Mineral Resource Estimate for the Leprechaun Gold deposit Valentine Lake Gold Project Central
Newfoundland, Canada, dated January 31, 2011
2. Source: New Jersey Mining Company’s Form 10-L for the fiscal year-ended December 31, 2010
3. These are historical estimates reported on the Golden Chest property which Marathon is not treating as current mineral
resources or mineral reserves under NI 43-101. A qualified person has not done sufficient work to classify the historical
estimates as a current mineral resource or mineral reserve and they should not be relied upon.

27. Reasons to Invest TSX:MOZ
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 Located in mining-friendly Newfoundland, Canada and Idaho, USA
 Strong infrastructure; highway/road access, water, fully equipped on sight
LOCATION camps
 Socio-economic and political stability
 Over 80 years of Management experience in mining exploration, development
MANAGEMENT and production
 $6 Million in the bank
 We have the GOLD - our focus is no longer to find the gold but develop and
grow the resources that we have
DEVELOPING  Golden Chest – initial resource estimate expected Q1 2012
RESOURCES  Valentine Lake – updated resource estimate expected late Q4 2011 or
early 2012
 Orgogenic gold deposits at Valentine and Golden Chest have significant
SIGINFICANT exploration potential
EXPLORATION  Mineralization covering only a fraction of Valentine’s total 30 km strike has
POTENTIAL been delineated

28. Development Milestones TSX:MOZ
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Exploration Activity Q1 2011 Q2 2011 Q3 2011 Q4 2011
Valentine Lake Project
Leprechaun Gold & Valentine East Deposit
Drilling (completed by October 2011)
Geological Mapping Prospecting and Geophysics
Metallurgical testing
Updated Resource Estimate
Preliminary Economic Assessment
Base Line Environmental Program
Finger Pond Project
Prospection and target investigation
Golden Chest Mine
Drilling (10,000 m drill program)
NI 43-101 New Resource & Reserve Estimate
Underground Development
Data Compilation of Historical Mine Data

29. TSX:MOZ
www.marathon-gold.com