Wexford Updates Disclosure of Ownership of Marlin Gold Mining Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 17, 2016) - Wexford Capital LP ("Wexford") announced today that Wexford Spectrum Trading Limited ("WST") and Wexford Catalyst Trading Limited ("WCT", and together with WST, the "Wexford Funds"), two private investment funds managed by Wexford, acquired an aggregate of 40,162,419 common shares (the "Common Shares") of Marlin Gold Mining Ltd. ("Marlin"), representing approximately 25.3% of Marlin's issued and outstanding Common Shares.

The Common Shares were acquired in connection with the rights offering (the "Offering") announced by Marlin on April 8, 2016, as more particularly described in Marlin's rights offering circular dated April 8, 2016. In accordance with the Wexford Funds' standby commitment under the Offering which required the Wexford Funds to purchase all of the Common Shares not otherwise purchased by holders of rights under the Offering, 34,819,671 Common Shares were acquired by the Wexford Funds pursuant to the Wexford Funds' basic subscription privilege and 5,342,748 Common Shares were acquired by the Wexford Funds pursuant to the Wexford Funds' additional subscription privilege. The Wexford Funds acquired the Common Shares at a price of $0.30 per Share for total consideration of $12,048,725.70.

Immediately prior to the completion of the Offering, the Wexford Funds owned, directly or indirectly, 92,802,968 Common Shares. Following completion of the Offering, the Wexford Funds beneficially hold, directly or indirectly, 132,965,387 Common Shares, representing an increase in the Wexford Fund's securityholding percentage from approximately 80.3% to approximately 83.7% of the issued and outstanding Common Shares.

The Common Shares were acquired to increase the ownership interest of the Wexford Funds in Marlin. The Wexford Funds may from time to time acquire additional securities, dispose of some or all of the existing or additional securities, or may continue to hold the securities of Marlin.

The Wexford Funds acquired the Common Shares in reliance on the Rights Offering - Stand-By Commitment exemption contained in section 2.1.1 of National Instrument 45-106 Prospectus Exemptions.

The head office of Marlin is located at 250-1199 West Hastings Street, Vancouver, British Columbia.

For further information and to obtain a copy of the early warning report filed under applicable Canadian securities laws in connection with the Offering, please see Marlin's profile on the SEDAR website www.sedar.com.

About Wexford Capital LP

Wexford is an SEC registered investment advisor based in Greenwich, Connecticut and West Palm Beach, Florida, with over $2.7 billion of assets under management. Wexford has particular expertise in the energy/natural resources sector with actively managed investments in coal, oil and gas exploration and production, energy services, mining and related sectors.

Neither 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.