Marathon completes 40,000 m drilling campaign and expects
new mineral resource estimate in November 2007
Toronto, Ontario, October 4, 2007 - Marathon PGM Corporation (MAR -- TSX) ("Marathon" or the "Company") is pleased to announce completion of the 40,000 m drilling campaign, and the most recent drill results from the 2007 exploration campaign at the Company's 100% owned Marathon PGM-Cu Project, located 10 km northwest of Marathon, Ontario.
Phillip Walford, President and CEO, stated "Completing the largest drilling campaign on the Marathon property is a true milestone. The results from the 2007 drilling will be added to the upcoming resource estimate, which we expect in November. With over 180 holes to add to the existing database and over 30 holes yet to be released, we are all looking forward to seeing the new resource."
W Horizon Drilling
The best intersections were in holes M-07-376, which contained 8 m of 3.47 g/t PGM and gold and 0.005% copper and hole M-07-378, which intersected 2 m of 6.25 g/t PGM and gold and 0.005% copper. These holes traced the continuity of the W horizon a further 300 m downdip, adding significantly to the potential to expand the resource, since these holes are less than 50 m north of the high-grade mineralization intersected in hole M-07-306 (see MAR release of April 19, 2007).
Main Zone Drilling
Drilling in the Main Zone returned assay values, and provided information regarding the extent of the mineralized envelope and the topography of the footwall. Holes M-07-377, -378, -379, -380, -386 and -387 intersected multiple horizons of mineralization, generally with grades representative of the Main Zone. These holes intersected mineralization outside of the existing resource pit, with t
he potential of extending the resource up to 300 m downdip as demonstrated by hole M-07-378. Holes M-07-384 and -385 intersected lower grades but demonstrate that the mineralized envelope is larger than expected.
Holes M-07-382 and -383 defined an inflection point in the footwall rocks characterized by narrowing mineralization. Hole M-07-381 was a condemnation hole required for mine planning.
(To see a map of drillholes, please go to http://www.marathonpgm.com/newsmaps/2007-30.jpg)
Table 1: Significant Drill Hole Results
Hole |
Zone |
From
(m) |
To
(m) |
Thickness
(m) |
Pd
(g/t) |
Pt
(g/t) |
Au
(g/t) |
Total PGM and Au
(g/t) |
Cu (%) |
M-07-376 |
W |
174 |
182 |
8 |
2.51 |
0.91 |
0.05 |
3.47 |
0.005 |
M-07-376 |
Main |
232 |
262 |
30 |
0.15 |
0.07 |
0.13 |
0.35 |
0.24 |
M-07-377 |
Main |
403 |
407 |
4 |
0.67 |
0.58 |
0.004 |
1.25 |
0.01 |
M-07-378 |
W |
204 |
206 |
2 |
4.38 |
1.82 |
0.05 |
6.25 |
0.005 |
M-07-378 |
Main |
226 |
238 |
12 |
0.71 |
0.42 |
0.11 |
1.24 |
0.14 |
includes |
Main |
232 |
238 |
6 |
1.30 |
0.38 |
0.21 |
1.89 |
0.28 |
M-07-378 |
Main |
246 |
250 |
4 |
0.32 |
0.22 |
0.04 |
0.58 |
0.02 |
M-07-379 |
Main |
155 |
167 |
12 |
0.69 |
0.26 |
0.14 |
1.09 |
0.08 |
includes |
Main |
161 |
167 |
6 |
0.58 |
0.32 |
0.20 |
1.10 |
0.13 |
M-07-379 |
Main |
175 |
191 |
16 |
0.15 |
0.13 |
0.12 |
0.40 |
0.11 |
M-07-379 |
Main |
217 |
225 |
8 |
0.15 |
0.22 |
0.06 |
0.43 |
0.26 |
M-07-380 |
Main |
36 |
40 |
4 |
1.39 |
0.33 |
0.12 |
1.84 |
0.18 |
M-07-380 |
Main |
320 |
328 |
8 |
0.37 |
0.09 |
0.03 |
0.49 |
0.22 |
M-07-382 |
Main |
210 |
214 |
4 |
0.45 |
0.01 |
0.13 |
0.59 |
0.30 |
M-07-383 |
Main |
155 |
159 |
4 |
0.20 |
0.07 |
0.05 |
0.32 |
0.13 |
M-07-384 |
Main |
249 |
255 |
6 |
0.28 |
0.15 |
0.06 |
0.49 |
0.20 |
M-07-384 |
Main |
271 |
317 |
46 |
0.48 |
0.21 |
0.06 |
0.75 |
0.16 |
includes |
Main |
271 |
293 |
22 |
0.68 |
0.23 |
0.06 |
0.97 |
0.23 |
M-07-384 |
Main |
335 |
371 |
36 |
0.46 |
0.14 |
0.07 |
0.67 |
0.46 |
includes |
Main |
363 |
371 |
8 |
0.80 |
0.26 |
0.12 |
1.18 |
1.05 |
M-07-385 |
Main |
83 |
105 |
22 |
0.59 |
0.14 |
0.06 |
0.79 |
0.27 |
M-07-386 |
Main |
160 |
166 |
6 |
0.79 |
0.21 |
0.08 |
1.08 |
0.13 |
M-07-386 |
Main |
190 |
198 |
8 |
0.33 |
0.09 |
0.05 |
0.47 |
0.15 |
M-07-386 |
Main |
210 |
234 |
24 |
0.54 |
0.22 |
0.09 |
0.85 |
0.47 |
All of the samples were sent to Accurassay, an accredited laboratory in Thunder Bay, Ontario, to be assayed using fire assay and other standard techniques. Assay results of 21 holes of the 2007 campaign are currently pending.
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 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. Circumst
ances 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
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
FOR MEDIA INQUIRIES, PLEASE CONTACT:
VANESSA NAPOLI, VNAPOLI@RENMARKFINANCIAL.COM
 TEL: +1.514.939.3989