Marathon PGM Corporation

Published : June 28th, 2007

drilling discovers mineralization outside of resource open pit, 8 m of 7.86 g/t PGM and gol

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Marathon drilling discovers mineralization outside of resource open pit, 8 m of 7.86 g/t PGM and gold and 0.42% copper

June 28, 2007 - Toronto, Ontario: Marathon PGM Corporation (MAR:TSX) ("Marathon" or the "Company") is pleased to announce the latest results from the 2007 drilling campaign at the Marathon PGM-Cu project, located 8 km northwest of Marathon, Ontario.  Drilling is underway in two locations -- the southern end of the Main Zone and the area north of the Malachite Zone.  Drilling intersected wide widths of mineralization in multiple holes, which are located outside of the existing resource pit.  Because of this, the potential to increase the size of the resource is very good. To view map, please click here.

David Good, VP of Exploration, stated "The goal of adding tonnes and ounces to the resource by exploring the Main Zone and W Horizon is proceeding as planned, with very favourable results."

Main Zone Drilling

Results from drilling at the Main Zone continue to be very encouraging, with the best intersection being 1.0 g/t PGM and gold and 0.22% copper over 68 m, including an interval of 2.33 g/t PGM and gold and 0.38% copper over 20 m.  All of the intersections in the Main Zone have the potential to extend the resource to the west and down-dip. 

Drilling in 2007 to date has revealed that the dip of the mineralization flattens at depth to approximately 10 degrees.  This finding is highly favourable situation for open pit mining conditions, as it would reduce the stripping ratio when mining operations near the bottom of the pit. 

W Horizon (High Grade Zone)

Drilling of the W Horizon remains a focus of the 2007 drilling campaign.  Marathon has confirmed continuity of the W horizon, with higher grade mineralization occurring in envelopes that are approximately 100 m wide and 100 to 200 m in length and strike approximately north-northeast, parallel to ridges in the footwall.

Seven drillholes in the vicinity of high grade mineralization discovered with hole M-07-306 (see MAR news release of April 19, 2007) returned positive results.  The best intersection was 7.86 g/t PGM and gold and 0.42% Cu over 8 m in hole M-07-332 located 50 m east of M-07-306.  The W Horizon was traced further to the east for another 100 m and was intersected in holes M-07-334 and M-07-335. In hole M-07-335, mineralization graded 3.27 g/t PGM and gold 0.48% copper over 4 m.

West of hole M-07-306, the W Horizon narrows in hole M-07-325, but strengthens in hole M-07-327 which graded 1.12 g/t PGM and gold and 0.06% copper over 12 m.  The W Horizon extends 50 m south of hole M-07-306 to hole M-07-312, which returned values of 2.25 g/t PGM and gold and 0.35% copper over 4 m as reported in Marathon's press release dated May 11, 2007.  Hole M-07-329 is located northwest of hole M-07-306 and intersected a syenite dyke over the entire length of the hole.  The W Horizon is still open to the north of M-07-306, which will be explored through additional planned drilling.

Hole M-07-335 intercepted 80 m of near surface mineralization grading 0.57 g/t PGM and gold and 0.19% Cu and includes 4 m of 3.27 g/t PGM and gold and 0.48% Cu; and is interpreted to be a combination of W Horizon and Main Zone mineralization.

These holes demonstrate the importance of Marathon's systematic approach to drilling. The high grade lenses of the W Horizon will be precisely defined for the resource/reserve estimation which will occur in the autumn of 2007.

Continued Exploration Focus

Currently, exploration is focused in the south end of the Main Zone and north of the Malachite Zone.  In light of progress and numerous successes to date, the management team of Marathon is pleased with the progress of the exploration program. Marathon has planned 35,000 metres of drilling in 2007 and has to date completed 24,000 metres in 148 holes and has assay results pending from 26 holes.

Results from Main Zone and W Horizon

Hole

Zone

From

(m)

To (m)

True

Thickness

(m)

Pd

(g/t)

Pt

(g/t)

Au

(g/t)

Total PGM and gold

(g/t)

Cu

(%)

 

 

 

 

 

 

 

 

 

 

M-07-326

MAIN

273

289

16

0.60

0.25

0.07

0.92

0.21

M-07-326

MAIN

301

337

36

0.25

0.10

0.05

0.40

0.20

M-07-328

MAIN

276

368

92

0.36

0.13

0.06

0.55

0.22

includes

MAIN

276

282

6

1.19

0.33

0.14

1.66

0.32

includes

MAIN

320

368

48

0.33

0.13

0.06

0.52

0.30

M-07-330

MAIN

42

60

18

0.64

0.23

0.07

0.94

0.10

M-07-330

MAIN

295

363

68

0.69

0.22

0.09

1.00

0.22

includes

MAIN

299

319

20

1.73

0.47

0.14

2.34

0.38

M-07-333

MAIN

46

50

4

1.23

0.25

0.10

1.58

0.17

M-07-333

MAIN

286

370

84

0.41

0.14

0.07

0.62

0.23

M-07-335

MAIN

74

154

80

0.39

0.13

0.05

0.57

0.19

M-07-336

MAIN

171

177

6

0.86

0.54

0.11

1.51

0.09

M-07-336

MAIN

223

227

4

0.46

0.20

0.06

0.72

0.21

M-07-336

MAIN

249

291

42

0.41

0.16

0.07

0.64

0.23

M-07-336

MAIN

259

269

10

0.13

0.27

0.74

1.14

0.39

 

 

 

 

 

 

 

 

 

 

M-07-325

W

208

214

6

0.46

0.13

0.05

0.64

0.41

M-07-327

W

170

182

12

0.75

0.31

0.06

1.12

0.06

M-07-331

W

105

107

2

0.23

0.38

0.98

1.59

0.03

M-07-332

W

115

121

6

0.13

0.53

0.95

1.61

0.01

M-07-332

W

147

155

8

5.62

1.77

0.47

7.86

0.42

includes

W

74

78

4

2.50

0.58

0.19

3.27

0.48

Notes - "MAIN" denotes Main Zone and "W" denotes W horizon

All of the samples were sent to Accurassay, an accredited laboratory in Thunder Bay, Ont., to be assayed using fire assay and other standard techniques. 

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 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 co uld 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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8/16/2007- CEO Interview
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