Marathon acquires PGM-Ni-Cu property in the Steel Mountain Complex, Newfoundland
Toronto, Ontario, August 24, 2007 - Marathon PGM Corporation (MAR -- TSX) ("Marathon" or the "Company") is pleased to announce it has acquired the Steel Mountain PGM-Ni-Cu property ("Steel Mountain") in western Newfoundland, approximately 8 km east of Stephenville. Historical grab samples have returned values as high as 2.97 g/t PGM, 1.10% nickel and 0.62% copper in pods of massive sulphide. Marathon was drawn to the area by sulphide showings containing platinum, palladium, nickel and copper values.
Acquiring a large portion of the Steel Mountain Complex meets the Marathon PGM criteria of focussing on highly prospective geology, access to infrastructure and potential for defining a resource; which are an integral part of Marathon's growth strategy. The Steel Mountain property is comprised of 14 licenses (910 claims) and covers 22,750 hectares (227.5 km2). Three of the licenses were acquired from prospectors and the remainder of the licenses were staked for Marathon PGM.
The Marathon PGM-Cu property is currently undergoing a comprehensive feasibility study on its 100%-owned Marathon PGM-Cu property in Ontario. The Bird River Sill property in Manitoba is thought to have potential to host significant Ni-Cu PGM resources and is currently undergoing prospecting and prioritizing of drill targets.
The Steel Mountain Property
The Steel Mountain complex is predominantly anorthositic gabbro and has known magmatic nickel, copper and PGM mineralization as well as gold and silver mineralization in late stage veins related to the Cabot Fault. The Cabot Fault runs through Newfoundland and is known to have gold mineralization associated with the Fault and with splays off of the Fault. Despite the physical size of the complex and obvious potential as shown by the occurrences of nickel, copper and PGM and gold, surprisingly little is known about the geology, making this prime target for systematic exploration by Marathon.
Marathon is carrying out detailed prospecting and regional soil and sediment sampling as part of its initial exploration campaign. Subsequent phases of exploration on the property will depend on results of this initial work.
Mineralization at Steel Mountain is hosted in massive sulphide lenses with discrete PGM hosted in deformed anorthosites and pyroxenites. Two mineralized showings discovered by prospectors hosted in anorthosites yielded grab samples with up to 1.48g/t platinum, 1.08g/t palladium, 1.17% nickel and 0.10% cobalt; and 1.78g/t platinum, 1.19g/t palladium, 1.10% nickel, 0.11% cobalt and 0.62% copper.
The Steel Mountain property is on strike from and encompasses the North Range Resources property which contains anorthosite hosted gold-bearing quartz veins which yield up to 162.7g/t Au and 7.10 oz/t Ag in grab samples and 16.2g/t Au and 14.2 oz/t Ag over 80cm (Government of Newfoundland and Labrador assessment file).
Phillip Walford, President and CEO, stated "Steel Mountain is low-cost acquisition, and early stage exploration property, which is the precise fit for the Marathon portfolio. The presence of auriferous veins and PGM and nickel-copper mineralization gives exploration potential for both base and precious metals."
All exploration work is being performed under the guidance and supervision of Phillip C. Walford, President and Chief Executive Officer of the Company, a professional geologist and Qualified Person as defined by National Instrument 43-101. Mr. Walford has approved the contents of this press release.
About Marathon PGM Corporation
The Company has a 100-per-cent interest in the Marathon PGM -- Cu project, located about 10 kilometers north of Marathon, Ont. The project is currently undergoing a definitive feasibility study and a 35,000 m drill campaign. As announced previously, the company has completed a revised preliminary economic assessment in compliance with the provisions of National Instrument 43-101, showing a measured resource of 39.2 million tonnes containing 1.6 million ounces of PGM and gold and 285 million pounds of copper, and an indicated resource of 28.9 million tonnes containing 1.1 million ounces of PGM and gold and 178 million pounds of copper. An additional low-grade resource was also identified in the report completed by P&E Mining Consultants Inc. and filed on SEDAR on April 5, 2007.
In April 2007, Marathon entered into an option agreement with Gossan Resources on the Bird River Sill Ni-Cu and PGM property, located in Southeastern Manitoba. Marathon is conducting exploration activities through 2007 at the Bird River Sill and will be drilling at the Page Zone in late autumn.
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 are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that co
uld cause actual events or results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include but are not limited to those identified and reported in Management's Discussion and Analysis for the year ended December 31, 2006. Circumstances or management's estimates or opinions could change, and management disclaims any obligation to revise or update forward-looking statements, whether for new information, future events or otherwise. The reader is cautioned not to place undue reliance on forward-looking statements.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
ON BEHALF OF MARATHON PGM:
"PHILLIP C. WALFORD"
PHILLIP C. WALFORD, P.GEO.
PRESIDENT, CHIEF EXECUTIVE OFFICER
GEN@MARATHONPGM.COM 
TEL: +1.416.987.0711 
FOR MORE INFORMATION, PLEASE CONTACT:
DAVID LENG, P.GEO: DLENG@MARATHONPGM.COM
TEL:  +1.905.537.5377  
FAX: +1.416.861.1925 
WWW.MARATHONPGM.COM      
FOR MEDIA INQUIRIES, PLEASE CONTACT:
VANESSA NAPOLI : VNAPOLI@RENMARKFINANCIAL.COM
TEL: +1.514.939.3989
