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October 2012

Rapidly Developing North American Gold Resources at Low Cost and Low Risk

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Forward Looking InformationCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATIONExcept 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.

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Two robust gold projects

Advancing two high grade gold projects located in mining-friendly jurisdictions― Flagship Valentine Lake Project in central Newfoundland (100% owner and

operator)― Fully permitted Golden Chest Mine (50/50 JV with New Jersey Mining

Company) in Idaho’s prolific Coeur d’Alene Mining District

Continuing to grow resource

base

Significant exploration

upside

Proven Management

Team

Over 80 years of management experience in mining exploration, development and production

Same management and technical team behind Marathon PGM (sold to Stillwater for $123 million in Dec. 2010)

Recently announced open pit and underground resource estimate and a 61% increase in contained gold at the Valentine Lake Project― Measured and Indicated: 9.54 million tonnes @ 2.22 g/t Au containing 682,000

oz Inferred: 1.96 million tonnes @ 2.30 g/t Au containing 145,000 oz Updated resource estimate at Golden Chest Mine expected in Q4-2012

Mineralization covering only a fraction of Valentine’s total 30 km strike has been delineated― One drill rig is currently turning on the newly discovered J. Frank Zone

southwest extension― Leprechaun deposit remains open at depth and along strike

Company Highlights

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Capitalization

Capital Structure

Share Price (10-18-12) $0.75

Shares Outstanding 50,181,514

Warrants (average price $1.93) 3,650,650

Options (at $1.61) (at $0.65)

1,740,0001,690,000

Fully diluted 58,157,164

Market Cap ~C$38 million

Analysts• Fraser Mackenzie• Octagon Capital Corp.• Haywood Securities; Tear Sheet• Canaccord; Tear Sheet

Share Price

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Proven Management

Phillip Walford, P.Geo. | President , CEO & Director• 40 years in the mining industry, primarily in mining geology• Has held senior management roles at a number of companies

throughout the Americas, including Anaconda Gold, Geomaque Exploration, LAC Minerals, Pamour Porcupine Mines, and Hudson Bay Exploration and Development

Sherry Dunsworth, P.Geo. | VP of Exploration• 25+ years in the mining industry• Has held positions with Anaconda Gold and Marathon PGM• Former member of the Mineral Rights Adjudication Board of

Newfoundland and Labrador• Former Geoscience Councilor for the Association of

Professional Engineers and Geoscientists of Newfoundland and Labrador

Jim Kirke, CA | CFO• 15+ years involvement in the mining industry• Former CFO of BacTech Mining and Golden Odyssey Mining

Phillip Walford, P.Geo. | See Management

George Faught, CA | Non-Executive Chairman• 30+ years in the financial management and resources

industries• Former CFO of North American Palladium• Vice Chairman of Aberdeen International

Joe Spiteri, P.Geo. | Director• 30+ years in the mining industry• Former senior Manager and Officer with Placer Dome,

Northgate Explorations, Lac Minerals and Campbell Resources

• Current Director of AuRico Gold, Roxgold, and Stillwater Mining

Page Chilcott | Director• Former President of the Vancouver Stock Exchange

David Poynton | Director• 30+ years of legal and business experience• President and CEO of Daycon Minerals• Former Senior VP, General Counsel and Corporate Secretary for

Iberian Minerals and Cadillac Ventures

Management Board of Directors

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Deliverables and Objectives

Q4-2011 Acquired the Bonanza Mine, an historic high-grade producing mine in Oregon; 100% owned

Q1-2012Reported initial NI 43-101 compliant resource estimate at the Golden Chest MineUpdated NI 43-101 compliant resource estimate at the Valentine Lake Project, increasing contained M&I gold by 53%

Q2-2012 Acquired Mountain Lake Resources to become 100% owner and operator of the Valentine Lake Gold Project

Q3-2012 Completed 7,000 m drill program at Golden Chest Mine

Q4-2012Updated the NI 43-101 compliant resource at the Valentine Lake Project, incorporating 19,800 m of additional drilling and increasing contained M&I gold by an additional 61%

UpcomingUpdate NI 43-101 resource estimate at Golden Chest MineContinue to drill the newly discovered J. Frank Zone southwest extension

Accomplishments – Last 12 Months

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Marathon Gold takes a 3-Pronged approach to de-risking your investment

Current Resources (at 100%)Valentine Lake Project:

Open Pit Resource – M&I: 561,000 oz @ 2.14 g/t Au Inferred: 56,000 oz @ 1.93 g/t AuUnderground Resource – M&I: 121,000 oz @ 2.75 g/t Au Inferred: 89,000 oz @ 2.60 g/t Au

Golden Chest Mine: Initial Resource - M&I 121,100 oz Au @ 1.35 g/t Au, Inferred 179,000 oz Au @ 1.45 g/t Au

Marathon Gold

Focused on developing gold resources in

Canada and USA only- current resources are

expanding!

Projects have solid infrastructure and are

located in mining-friendly jurisdictions

Projects have +1 million oz Au at good

grades

Focused on Rapidly Developing North American Gold Resources

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Corporate Strategy Going Forward

“We Add Value by Adding Quality Ounces”

Marathon Gold’s 2012/2013

Strategy

GROWTH

- Progressing the Valentine Lake Project towards the million ounce mark- Longevity in a volatile market

UPDATING RESOURCES

- A new Open Pit and Underground Resource Estimate released October 22, 2012-7,000 m of drilling to be added to the Golden Chest Mine Resource

CONSERVING CAPITAL

- 1 drill rig turning- Prospecting, trenching and geological mapping

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Our Projects

Legend

Advanced Stage

1. Valentine Lake– Leprechaun Deposit

2. Golden Chest

Early Stage

1. Bonanza2. Baie Verte3. Finger Pond

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Deposit Tonnes Au Grade g/t

Gold (oz) Tonnes Au Grade

g/t Gold (oz)

Open Pit 8,160,000 2.14 561,000 897,000 1.93 56,000

Underground 1,371,000 2.80 121,000 1,062,000 2.60 89,000

Total 9.531.000 2.22 682,000 1,959,000 2.29 145,000

Inferred Resources

Deposit Tonnes Au Grade g/t

Gold (oz) Tonnes Au Grade

g/t Gold (oz)

Inferred Resources

Golden Chest Mine1 2,788,000 1.35 121,100 3,847,500 1.45 179,000

Global Resource 10,925,000 1.86 742,500 3,882,750 1.56 234,500

Summary of Global Resources

M and I Resources

M and I Resources

1 The Golden Chest Mine is a 50/50 joint venture with New Jersey Mining Company

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Valentine Lake Project, Newfoundland (100%)Leprechaun Gold Deposit: Updated NI 43-101 Resource Estimate

Total 58,500 m drilling (2010-2012), of which 19,800 m (2012) was added to the resource

Updated global NI 43-101 compliant resource estimate; M&I increase of 61%

New open pit and underground NI 43-101 resource estimate

2012/2013 drilling program will be focused on developing and upgrading resources underground, expanding the open pit resource along strike and defining new deposits along strike of the current resource to the northeast and the southwest

Coarse and free gold have excellent metallurgical recoveries with ~50% by gravity, total >90%

Open Pit @ 0.50 g Au/t cut-off

Underground@ 1.5 g Au/t cut-off Total

Category Tonnes(kt)

Grade(g/t)

Au(kOz)

Tonnes(kt)

Gold(g/t)

Gold(kOz)

Tonnes(kt)

Grade(g/t)

Au(kOz)

Measured 2,892,000 2.25 209,000 141,000 3.34 15,000 3,033,000 2.30 224,000

Indicated 5,274,000 2.07 352,000 1,219,000 2.69 106,000 6,645,000 2.20 458,000

Total M&I 8,166,000 2.14 561,000 1,371,000 2.75 121,000 9,385,000 2.22 682,000

Inferred 897 1.93 56 1,062 2.60 89 1,959 2.29 145

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Newfoundland, Valentine Lake Project 10+ Mile Long GOLD Corridor

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Newfoundland, Valentine Lake Project 100% Owned - Deposit Expansion

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Newfoundland, Valentine Lake Project 100% Owned : Leprechaun Gold Deposit

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Newfoundland, Valentine Lake Project 100% Owned : Leprechaun Gold Deposit

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Newfoundland, Valentine Lake Project 100% Owned : Leprechaun Gold Deposit

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J. Frank Zone: New High-Grade Gold Extension 400 m strike length

Discovered during summer 2012 prospecting and trenching program

Multiple high-grade gold-bearing quartz–tourmaline–pyrite veins over a 400 m strike length and extending up to 180 meters into the hanging wall

The Sprite, the Leprechaun Gold Deposit and the J. Frank Zone is now more than 3 km long

One drill rig is currently turning in the new extension in the southwest area

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J. Frank Zone: One drill rig turning

Channel sampling of Trench 8175 returned surface intervals of 4.73 g/t Au over 24.68 meters including 20.45 g/t Au over 3.11 meters and 11.22 g/t Au over 4.2 meters, and 2.51 g/t Au over 4.45 meters

Channel Sample Intervals - Trench 8175, SW J. Frank Zone

Trench # From (m) To (m) Length (m) Au gpt (uncut)

8175 1.9 26.58 24.68 4.73including 1.9 5.01 3.11 20.54including 21.41 25.61 4.2 11.22

29.66 34 4.34 0.95 47.36 57.74 10.38 0.19 135.76 140.21 4.45 2.51

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Valentine Lake Project: 3.5 km Strike Length with Coarse and Free Gold

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Newfoundland: Finger Pond

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Idaho - Golden Chest MineProlific Coeur d’Alene Mining District

Idaho Hill

View West

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Idaho, Golden Chest Mine: NI 43-101 Resource Estimate, Near Surface Open-Pit

Initial Resource Estimate based on 10,000 m of drilling in 2011

18,034 m drilled to date (2011-2012)

7,000 m of drilling to be added to the updated Resource Estimate

Past produced 8,500 t of ore with an average grade of 6.90 g/t and an average recovery of ~94%

Fully permitted surface and timber rights with an existing reserve and exploration potential

Katie - Dora

“H” Vein

Golden Chest Mine Open Pit

Resource Estimate

Total Cut-off 0.40g/t

Tonnes g/t Au Au oz

M+I 2,788,000 1.35 121,100

Inferred 3,847,500 1.45 179,000

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Idaho, Golden Chest MineOpen-Pit & Underground Potential

Open pit potential and significant opportunity for reserve growth with underground drilling

2011 Drilling – 102 DDH’s – 11,456 m

2012 Drilling – 50 DDH’s - total 6,578 m to date― Recent highlights: 9.7 g/t Au over 7.7 m,

including 30.3 g/t Au over 2.4 m; 4.4 g/t Au over 20.6 m, including 10.8 g/t Au over 7.0 m

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Oregon

Circa 1904

BONANZA MINE

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Oregon, Bonanza Mine (100%):Historical High-Grade Producer

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

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Bonanza Mine: Property Boundary

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Bonanza Mine: Property Boundary

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Reasons to Invest

LOCATION

Mining-friendly jurisdictions

Established infrastructure; road access, water, fully equipped on-site camp

Socio-economic and political stability; no native issues

MANAGEMENT

Over 80 years of proven management experience in mining exploration, development and production

RESOURCE DEVELOPMENT

Valentine Lake Project:New NI 43-101 compliant Open Pit and Underground Resource Estimate with M&I increase of 61%Updated resource estimate at Golden Chest upcoming

SIGNIFICANT EXPLORATION

POTENTIAL

Classic lode gold deposit at Valentine Lake has significant exploration potential

Mineralization covering only a fraction of Valentine’s total 30 km strike has been delineated

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www.marathon-gold.com416-987-0714

Phillip WalfordPresident and CEOpwalford@marathon-gold.com

Jennie GuayInvestor Relations Managerjguay@marathon-gold.com