Marathon PGM Corporation

Published : July 27th, 2010

Cu Project Advances: Permitting, Financing and Metallurgy

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Keywords :   Canada | Copper | Recovery | Storage |

Marathon PGM-Cu Project Advances: Permitting, Financing and Metallurgy

TORONTO, July 27 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("Marathon") announced an update regarding permitting, financing and metallurgical advances.

Highlights:

    -   the Marathon PGM-Cu Project and Canadian Environmental Assessment
        Agency ("CEAA") have recently received letters expressing continued
        support from the local towns and First Nations
    -   Marathon responded to public and government feedback and amended the
        Project Description ("PD") which was submitted to the CEAA on July
        20th
    -   the Environmental Impact Study ("EIS") is to be submitted in Q4
    -   Marathon has improved metallurgical recoveries of lower grade
        mineralization

"The Marathon PGM-Cu Project remains our number one focus and we're on track with permitting and addressing financing options. The Public Information sessions we are holding are providing us with valuable feedback," said Phillip Walford, President and CEO. "We now have 3 smelters that are seriously interested in our concentrate."

Marathon PGM-Cu Project Permitting

Marathon has a dedicated and experienced team working on the environmental assessment and multiple permit application processes. The team is comprised of EcoMetrix from Toronto, True Grit Consulting from Thunder Bay and a number of firms that focus on specific issues. The team proposed two different options for storage of the Marathon PGM-Cu Project's process solids (pulverized rock remaining after production of the PGM-Cu concentrate). The process solids storage areas included in the PD were described as the North Option which utilized an existing natural containment area (Bamoos Lake) and the South Option which required a number of containment structures to be built in an area that contains a number of small ponds.

Following extensive consultation with local citizens and government, Marathon decided to withdraw the North Option (Bamoos Lake) from further consideration as a potential process solids storage area. As a result, Marathon took time from the Federal Environment Assessment process to amend the PD and conduct preliminary engineering studies. Positive feedback was received from Non-Governmental Organizations and the public-at-large regarding this decision. The time taken to review options is not expected by Marathon or CEAA to impact the overall projected timeline to complete the EA significantly.

Marathon subsequently added a third option to the PD to replace the North Option. The addendum is complete and was submitted to the government on July 20th. The updated PD will be available on the CEAA website. These steps demonstrate Marathon's commitment to working with stakeholders and to reduce the environmental impact of the Marathon PGM-Cu Project.

Numerous meetings have been held in the past three months with Federal CEAA, Department of Fisheries and Oceans and Provincial Ministry of the Environment: Environmental Assessment and Approvals Branch. Discussions focused on coordinating and harmonizing the Provincial and Federal Environmental Assessment processes to develop a streamlined, efficient and timely framework to advance the assessment to completion.

Marathon PGM-Cu Project Financing

Management is actively pursuing the project financing by considering a variety of options. Amongst the options given consideration are off-take, royalty arrangements and finding a joint venture partner.

Marathon PGM-Cu Project Metallurgy

As part of the metallurgical program, Xstrata Process Support conducted a series of locked cycle flotation tests on core with varying copper and PGM grades. The purpose of this program of test work was to review the flotation response of material with a range of copper and PGM feed grades and to try and quantify the effect of feed grade on recovery. The results from these tests demonstrated that good recoveries can be achieved over a wide range of feed grades, even material with copper grades as low as 0.124% copper and PGM grades of less than 1.0 g/t.

A series of seven composites with varying copper and PGM grades were tested for metallurgical recoveries to produce grade/recovery curves. All the samples had good metallurgical recoveries. The recoveries corresponded grades as predicted from previous testing.

    -------------------------------------------------------------------------
    Composite 1            Cu (%)   Pt (g/t)   Pd (g/t)   Au (g/t)   Ag (g/t)
    -------------------------------------------------------------------------
    Feed Grade             0.124      0.153      0.409      0.041        0.6
    -------------------------------------------------------------------------
    Recovery (%)           83.70      66.55      81.89      59.49      65.24
    -------------------------------------------------------------------------

Phillip Walford, P.Geo., President and CEO is Marathon's Qualified Person in compliance with National Instrument 43-101 with respect to this release. Mr. Walford has reviewed the contents for accuracy and has approved this press release on behalf of Marathon.

-------------------------------------------------------------------------

About Marathon PGM Corporation:

Marathon is actively developing resources in the immediate vicinity of the Marathon Deposit to expand the life of the planned large tonnage, open pit mining operation. The Marathon Deposit is one of the largest PGM-Cu reserves in Canada and is expected to grow with the development of additional nearby resources. Marathon's optimized P+P reserve of approximately 91.45 million tonnes grading 0.832 g/t Pd, 0.237 g/t Pt, 0.085 g/t Au, 0.247% Cu and 1.44 g/t Ag, contains approximately 2.44 million ounces of Pd, 696,000 ounces of Pt, 251,000 ounces of Au, 497 million lbs of Cu and 4.23 million ounces of Ag. Marathon also has development and exploration stage properties in southeastern Manitoba and western Newfoundland respectively. Marathon's Management plans to build on its experience through the advancement of its properties and by examining other strategic opportunities.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Except for statements of historical fact relating to Marathon, certain information contained herein constitutes "forward-looking statements". Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "considers", "intends", "targets", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". We provide forward-looking statements for the purpose of conveying information about our current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. 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, 2009.

Other than as specifically required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results otherwise.

%SEDAR: 00020574E

For further information: David Leng, P.Geo:., Direct: +1.416.849.3432, Mobile: +1.905.537.5377, dleng@marathonpgm.com

.
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Marathon PGM Corporation

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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, 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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7/17/2015Marret Asset Management Inc. - Issuance of Early Warning Rep...
7/7/2015Marret Resource Corp. Announces Record Date and Distribution
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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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