Marathon PGM Corporation

Published : October 11th, 2007

and Bird River Mines Inc., Announce an Option Agreement for the Ore Fault P

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Marathon PGM Corporation and Bird River Mines Inc., Announce an
Option Agreement for the Ore Fault Property - Bird River Sill, SE Manitoba

Toronto, Ontario, October 11th, 2007 - Marathon PGM Corporation (MAR -- TSX) ("Marathon" or the "Company") today announced that it has signed a binding letter of intent with Bird River Mines Inc. (BRMI-CNQ) ("Bird River Mines") for a joint venture to actively explore and earn an interest in the Ore Fault and Lotus Claims ("Ore Fault Property", or "OFP") owned by Bird River Mines. The OFP property is located in the Bird River Sill area of southeast Manitoba, adjacent to Gossan Resources' Bird River Sill property, which is under option to Marathon.

"Our initial exploration activities at Bird River have yielded encouraging results" commented Marathon's President and CEO Phillip Walford, "and this option agreement will allow us to work with Bird River Mines in developing additional resources east of the Page Zone. The Ore Fault Property covers prospective ground between the Gossan property to the west and Mustang property to the south and east.  A drill program planned for the Gossan Bird River Sill in early January is being expanded to include the Ore Fault Property".

Under the terms of the joint venture agreement, subject to Bird River Mines shareholder approval and regulatory approvals, Marathon will have the option to earn a 70% interest in the properties by making cash payments of $250,000 to Bird River and carrying out, as operator, $600,000 in expenditures to advance the properties by August 1, 2008.

Once Marathon's interest in the properties reaches 70%, Marathon may require Bird River Mines to sell to Marathon, Bird River Mines' remaining 30% interest in the properties; and Bird River Mines may require Marathon to purchase the remaining 30% interest in the properties for a purchase price of $1,450,000, payable in cash or common shares of Marathon, at Marathon's option, subject to regulatory approval.  Bird River Mines shall retain a 1.0% net smelter return royalty (the "NSR") in all minerals and metals extracted from the properties.  Marathon shall have a first right of refusal on any sale by Bird River Mines of the NSR.

Marathon will also make a firm commitment to $400,000 in exploration expenditures and to pay a cumulative aggregate of $200,000 in cash by May 1, 2008.  The first cash payment of $20,000 is due on signing of the definitive joint venture and option agreement and $80,000 is to be paid upon obtaining shareholder approval.  If all required approvals are not obtained by Bird River Mines on or before December 31, 2007, Bird River Mines shall issue 400,000 of its common shares to Marathon, subject to regulatory approval.

Ore Fault and Lotus Claims
The Ore Fault Zone North Anomaly occurs from surface to a minimum depth of 250 m, has a minimum strike length of 150 m and was drilled in two prior exploration programs totalling 44 holes.  The Ore Fault Zone does not have a NI 43-101 compliant resource at present.  The best drill intersection was 11.1m of 2.0% Ni, 0.54% Cu, 2.18% Zn and 151g/t silver. Platinum group metals are present in the Ore Fault Zone, but evaluation of the PGM mineralization is incomplete. The Ore Fault Zone coincides with strong magnetic and EM geophysical anomalies. A second similar geophysical response (South Anomaly) was outlined approximately 1 km to the south and is considered to be a priority target, as Marathon has no record of it having been drilled.

A further area of interest has been identified by Mustang Minerals ("Mustang") on its ground close to the southeast property boundary of the Ore Fault claims. Two holes spaced 60 m apart drilled by Mustang hit 17.5 m of 0.81% copper and 30.7 m of 0.55% copper (see MUM release of 25-Sep-07). There is no record of any exploration activity on the eastern Ore Fault Property claims.

(To see a map of the Bird River Property, go to

Table 1: Significant Drill Hole Results(1), (2) and (3)








































(1) Assay results from: NI43-101 Technical Report on the Ore Fault Property, Prepared for Bird River Mines Inc., by Horst W. Petak, Ph.D., P.Eng., P.Geo. (available on

(2) This work was completed prior to NI 43-101 being implemented. Marathon has not yet verified the historical values, and is not treating any of the values as part of a current mineral reserve/resource estimate and should not be unduly relied upon.

(3) The "n/d" indicates not detected.

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.

As part of its growth strategy, in April 2007, Marathon entered into an option agreement with Gossan Resources on the Bird River Sill PGM and Cu-Ni property, located in southeastern Manitoba.  Prospecting and data compilation of the Bird River property is focused over several key areas, including the Coppermine, Page East, Page West and Galaxy Zones.  Marathon can earn-in up to a total 70% interest by completing a bankable feasibility study and arranging project financing.  In October 2007, Marathon entered into an agreement with Bird River Mines Inc on the Ore Fault and Lotus Properties, located on the eastern margin of Marathon's Bird River property. 

In August 2007, Marathon acquired the Steel Mountain PGM and Cu-Ni property in western Newfoundland and Labrador and has commenced the initial phase of exploration on this 227.5 km2 property.  The Company holds a 100% interest in the Steel Mountain property.

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 could 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.

On Behalf of Marathon PGM:

"Phillip C. Walford"

Phillip C. Walford, P.Geo.

President, Chief Executive Officer   
Tel: +1.416.987.0711

For more information, please contact:

David Leng, P.Geo:
Tel:  +1.905.537.5377                           

Fax: +1.416.861.1925            


TEL: +1.514.939.3989

Marathon PGM Corporation

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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, BIRD RIVER - ZN & CU ZONE, BIRD RIVER - NI ZONE, MARATHON 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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5/12/2015IIROC Trade Resumption - MAR
5/12/2015Marret Resource Corp. announces shareholder proposal
5/12/2015IIROC Trading Halt - MAR
5/6/2015Marret Resource Corp. Releases Q1 2015 Financial Statements
4/20/2015Marret Resource Corp. provides update
3/31/2015Marret Resource Corp. Releases 2014 Year End Financial State...
12/1/2014IIROC Trade Resumption - MAR
12/1/2014Marret Resource Corp. suspends dividend; Provides update
8/20/2014Marret Resource Corp. Announces Monthly Dividend
8/20/2014Marret Resource Corp. Announces Monthly Dividend
12/11/2013Completes Financing with Rambler and Announces Exploration P...
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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