Marathon PGM Corporation

Published : August 24th, 2007

acquires PGM-Ni-Cu property in the Steel Mountain Complex, Newfoundland

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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

Marathon PGM Corporation

EXPLORATION STAGE
CODE : MAR.TO
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Marathon PGM is a nickel and zinc exploration company based in Canada.

Marathon PGM holds various exploration projects in Canada.

Its main exploration properties are BIRD RIVER - PAGE BLOCK, MARATHON, BIRD RIVER - NI ZONE, BIRD RIVER - ZN & CU ZONE and GEORDIE LAKE in Canada.

Marathon PGM is listed in Canada and in United States of America. Its market capitalisation is CA$ 9.2 millions as of today (US$ 7.1 millions, € 6.2 millions).

Its stock quote reached its lowest recent point on August 14, 1998 at CA$ 0.02, and its highest recent level on June 03, 2011 at CA$ 7.50.

Marathon PGM has 17 700 000 shares outstanding.

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Financings of Marathon PGM Corporation
12/18/2009 Closes First Tranche of Non-Brokered Private Placement Flow...
Nominations of Marathon PGM Corporation
8/8/2007 appoints Raymond Mason as VP of Operations
Financials of Marathon PGM Corporation
8/15/2008Announces 2008 Q2 Financial Results
11/14/2007 Announces 2007 Q3 Financial Results
8/2/2007 Announces 2007 Q2 Financial Results
5/15/2007Announces 2007 Q1 Financial Results
Project news of Marathon PGM Corporation
9/12/2013(Marathon)Marathon Trenching Adds 300m Strike-length to Mineralized Zo...
7/27/2010Cu Project Advances: Permitting, Financing and Metallurgy
7/21/2010(Marathon)Hits 33.54 g/t (uncut) Gold Across 4 m (0.98 oz/ton uncut ac...
3/22/2010(Geordie Lake)Excellent Geordie Lake Drill Results
11/24/2009(Marathon) Receives Optimized Definitive Feasibility Study - Significa...
10/7/2009(Geordie Lake)Development Plans for Geordie Lake Deposit
9/29/2009(Marathon) Wraps Up 2009 Campaign with 4.31 g/t PGM+Au and 0.19% Cu ov...
9/16/2009(Marathon)Drilling Program Hits High Grade Outside Pit Shell
9/10/2009(Marathon)Announces Analyst Day at Marathon PGM-Cu Project
9/8/2009(Marathon)Marathon's Drilling Pushing New Boundaries
7/6/2009(Marathon)Project DFS Being Optimized
6/10/2009(Marathon)Completes Purchase of Bamoos Land Package
6/12/2009(Bird River - Page Block)Marathon Intersects Sulphide Lenses at Coppermine Zone
6/1/2009(Marathon)Better Metallurgy and Economics
3/11/2009(Bird River - Page Block) Reports Positive Drill Results at Bird River
2/27/2009(Bird River - Page Block)Bird River Resource Expansion Continues
2/3/2009(Bird River - Page Block)Marathon Files Technical Report on Feasibility Study and Res...
1/15/2009(Bird River - Page Block) Develops Two Resources on Bird River Project
12/19/2008(Marathon)Project Receives Positive Feasibility Study
11/6/2008(Marathon)Project Receives Support from Pic River First Nation
8/12/2008Definitive Feasibility Study Update
7/29/2008(Marathon)Hits Thickest Ever Intersection of PGM-Cu Mineralization, 18...
7/16/2008(Bird River - Page Block)Ore Fault Drilling Hits 4.5m of 1.32% Ni, 0.14% Cu, and 1.31...
1/28/2008(Marathon) Entering into Option and JV Agreement with Benton Resources...
12/12/2007(Bird River - Page Block)Reviews Progress of 2007 and Plans for 2008
10/24/2007(Marathon)reports final holes of 2007 campaign and hits thickest ever ...
9/11/2007 intersects 44 m of 1.48 g/t PGM and gold and 0.36% copper o...
7/26/2007(Marathon)Drilling intersects 14.6 g/t PGM and gold and 0.18% copper o...
4/18/2007(Marathon)drills 8 m of 3.1 g/t PGM+Au in W Zone
4/4/2007(Marathon)drilling continues to expand W and RD Zones
3/21/2007(Marathon)Drilling Expands High Grade W Zone and Establishes New Poten...
2/17/2007(Marathon)hits high-grade Palladium, Platinum and Rhodium in 2 holes, ...
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4/20/2015Marret Resource Corp. provides update
3/31/2015Marret Resource Corp. Releases 2014 Year End Financial State...
12/1/2014IIROC Trade Resumption - MAR
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8/20/2014Marret Resource Corp. Announces Monthly Dividend
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5/1/2013(Marathon)Marathon Intersects Multiple High-Grade Intervals while Unde...
1/16/2013Marret Resource Corp. announces participation in Cline Minin...
1/16/2013Marret Resource Corp. announces participation in Cline Minin...
10/6/2011(Marathon)Marathon Intersects Best Interval at the Leprechaun Gold Dep...
10/3/2011(Marathon)Marathon Continues to Expand the Leprechaun Gold Deposit wit...
8/11/2010Receives Initial Metallurgical
5/13/2010Announces 8,000 Meter Drilling
5/4/2010New Geordie Lake Resource: Increased Metals, Grade and
4/27/2010Joseph G. Spiteri Appointed to Marathon PGM
3/17/2010Drilling Confirms Near Surface Gold Mineralization at Leprec...
12/23/2009Enters Option and JV Agreement for Mountain Lake's Valentine...
8/26/2009Marathon Converting Waste to Ore
7/15/2009Improving Resources Classifications at Marathon
12/11/2008Project accepted into MPMO Projects List
9/4/2008Completes 2008 Drilling Program on BCF JV Property, Intersec...
8/27/2008Acquires Remaining Discovery Shares Pursuant to Compulsory A...
8/19/2008Growth Continues, Ore Fault Property Acquisition Completed
2/4/2008Cabo Awarded Marathon PGM Corporation Contract
1/7/2008 Fault Agreement Approved by Bird River Mines Shareholders, ...
11/1/2007Finalizes Option Agreement for Ore Fault and Plans Drill Cam...
10/11/2007and Bird River Mines Inc., Announce an Option Agreement for ...
10/4/2007 completes 40,000 m drilling campaign and expects new minera...
10/3/2007: CEO Interview
10/2/2007signs Memorandum of Understanding with the Ojibways of Pic R...
9/21/2007 Samples 7.09 g/t PGM and gold,
8/29/2007extends mineralized zone to 800 m at the Coppermine Zone, Bi...
8/24/2007acquires PGM-Ni-Cu property in the Steel Mountain Complex, N...
8/16/2007- CEO Interview
8/13/2007hits 6 m of 7.48 g/t PGM and gold and 0.06% copper in W Hori...
7/12/2007discovers additional mineralization outside perimeter of exi...
6/28/2007drilling discovers mineralization outside of resource open p...
6/25/2007drilling hits mineralization at WD zone 3 km south of Malach...
6/11/2007Promising First Results from Bird River Property for Maratho...
5/11/2007Drilling Continues Expansion of W Zone and Southern Resource
4/18/2007acquires Bird River Ni-Cu+PGM Property through option
1/25/2007Measured and Indicated In-Pit Resource Grows 39%
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