Winter Presentation 2011

Rapidly Developing North American Gold Resources

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TSX:MOZ Forward Looking

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.

TSX:MOZ 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 • 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

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

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

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

Iberian Minerals and Cadillac Ventures

Management Board of Directors

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TSX:MOZ Strong Balance Sheet

Share Price Performance

Share Price (11-08-11) $1.60

Shares Outstanding 22,915,928

Warrants ($1.80) 176,995

Options (at $1.61) 2,036,000

Fully diluted 25,128,923

Market Cap ~C$36.7 million

Cash Balance ~C$6.1 million

Investors Stillwater (15%) Sprott

Sentry Select

Strong Balance Sheet

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Analysts •Haywood Securities •Fraser MacKenzie •Octagon Capital Corp. •Pope and Company

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TSX:MOZ Company Highlights

Two robust gold projects

Two gold projects in mining-friendly jurisdictions — Valentine Lake Project in central Newfoundland (50/50 JV with Mountain

Lake Resources) — 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

Near-term resource growth

potential

Significant exploration

pipeline

Several near-term catalysts

Initial resource estimate at Golden Chest expected Q1-2012 Updated resource estimate at Valentine expected late Q4 -2011 or Q1- 2012 Potential to advance Golden Chest to development as early as 2013 given

underground infrastructure and permits in place

Aggressive drilling programs ─ 25,250 m completed at Valentine Lake; expanding the existing resource ─ 10,000 m program ongoing at Golden Chest

New hanging-wall gold bearing quartz veins discovery at the Leprechaun Deposit (J. Frank Zone)

Five gold prospects identified along 17 km of strike at Valentine ─ Leprechaun gold deposit resource contained within 750 m strike

Significant exploration potential at both Valentine and Golden Chest

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TSX:MOZ Our Projects

Idaho

Golden Chest Advanced Stage

Early Stage

Legend

1. Valentine Lake – Leprechaun Deposit

2. Golden Chest

1. Baie Verte

2. Finger Pond

Newfoundland

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TSX:MOZ Our Projects

Idaho

Newfoundland

Valentine Lake • Six mineral licenses covering 19,925 hectares • NI 43 101 Estimate – 187,000 oz Au Measured,

90,000 oz Au Indicated and 285,000 oz Au Inferred • Gold mineralization identified along at least 17 km • 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 Leprechaun deposit along strike and down-dip

Baie Verte • Located 13 km south of Anaconda Mining’s Pine

Cove gold mine • Significant area of gold and base metals anomalies

identified within a wide area of alteration

Golden Chest • Prolific Coeur d’Alene mining region • Historical producer • Fully permitted for drilling, underground mining,

and tailings deposition • 10,000 m drill program is ongoing • Significant potential for reserve growth through

continued underground drilling

Finger Pond • Located 50 km on strike and to the south-west of

Valentine Lake • Historical exploration has outlined several gold and

base metal showings along the property’s 20 km strike

• Targets ready to be drilled

Newfoundland

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TSX:MOZ Newfoundland

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TSX:MOZ

Valentine Lake: Flagship Project

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

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TSX:MOZ

Valentine Lake: Flagship Project

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Valentine Lake: Leprechaun Deposit

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% A total of 150 drill holes of a 25,250 m 2011 drilling

campaign have now been completed Resources Estimate update expected late Q4 2011 or

early Q1 2012

Total Resource

Above 0.50 g/t cut off1

Tonnes (MM)

Cut Au (g/t) Au oz

Measured 2.1 MM 2.768 187,000

Indicated 1.2 MM 2.363 90,000

M+I 3.3MM 2.622 277,000

Inferred 4.4 MM 2.007 285,000

Total 562,000

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TSX:MOZ Leprechaun Deposit

Ideal for open Pit

View SW towards Leprechaun Pond

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TSX:MOZ

Leprechaun Deposit: Continuity of Mineralization 11

TSX:MOZ

Leprechaun Deposit: Ideal for Open Pit

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TSX:MOZ

Leprechaun Deposit: Ideal for Open Pit

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TSX:MOZ

Leprechaun Deposit: Ideal for Open Pit

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Leprechaun Deposit New Discovery: J. Frank Zone

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

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TSX:MOZ

Leprechaun Deposit New Discovery: J. Frank Zone

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

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J. Frank Zone: Coarse Visible Gold

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TSX:MOZ

Finger Pond Deposit 100% Owned

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

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TSX:MOZ Idaho

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TSX:MOZ

Golden Chest Mine: Historical Producer

Largest historical gold producer in Coeur d’Alene Mining District

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

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TSX:MOZ Golden Chest Mine

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Golden Chest Mine: Near Surface Open-Pit

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

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TSX:MOZ

Golden Chest Mine: Potential for Open Pit and Underground Exploration

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

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Deposit Tonnes

Au Grade g/t

Gold (oz)

Tonnes Au Grade g/t

Gold (oz)

Valentine Lake1 3,284,000 2.6 276,843 4,409,000 2.0 285,000

Reserves & M and I Inferred

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. Historic non 43-101 complaint resource 4. Please note that there are several 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 and they should not be relied upon.

Summary of Reserves and Resources 24

Historic4 Golden Chest2

(underground) 242,058 5.1 37,885 - - -

Historic4 Golden Chest3

(open pit) 1,227,150 1.35 53,263 5,522,850 0.98 174,000

Deposit Tonnes

Au Grade g/t

Gold (oz)

Tonnes Au Grade g/t

Gold (oz)

Reserves & M and I Inferred

TSX:MOZ Reasons to Invest

LOCATION

Located in mining-friendly Newfoundland, Canada and Idaho, USA Strong infrastructure; highway/road access, water, fully equipped on sight

camps Socio-economic and political stability

DEVELOPING RESOURCES

We have the GOLD - our focus is no longer to find the gold but develop and

grow the resources that we have

Golden Chest – initial resource estimate expected Q1 2012 Valentine Lake – updated resource estimate expected late Q4 2011 or

early 2012

MANAGEMENT Over 80 years of Management experience in mining exploration, development

and production $6 Million in the bank

SIGINFICANT EXPLORATION

POTENTIAL

Orgogenic gold deposits at Valentine and Golden Chest have significant exploration potential

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

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TSX:MOZ Development Milestones

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

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www.marathon-gold.com