Marathon PGM Corporation

Published : September 16th, 2009

Drilling Program Hits High Grade Outside Pit Shell

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Keywords :   Copper | Gold | Platinum | Silver |

Marathon PGM Drilling Program Hits High Grade Outside Pit Shell

TORONTO, Sept. 16 /CNW/ - Marathon PGM Corporation ("Marathon" or "the Company", MAR-TSX) today announced the third set of results from the 2009 drilling campaign at the Marathon PGM-Cu Project.

    Highlights:
    
    -   hole M-09-484 intersected 4 m grading 5.96 g/t PGM+Au and 0.21 % Cu
        outside the pit shell and within an expanding high grade lens
    -   hole M-09-481 intersected 52 m grading 0.64 g/t PGM+Au and 0.22 % Cu
        in the new zone located within the pit boundary

"While further drilling is required to bring this zone into reserves, these results not only confirm increased high grade mineralization but support improved economics by converting waste into ore," said Phillip Walford, Marathon PGM Corporation's Chief Executive Officer. "The drilling is part of the optimization program for the Marathon Project which we expect to be completed in Q4. These encouraging results along with higher current metal prices for copper, platinum, gold and silver are positive for the project."

Drilling Focus

Holes M-09-481 to M-09-483 form a fence collared on section 4800 to test west dipping mineralization from the edge of the pit. All holes intersected near surface PGM-Cu mineralization and traced it down dip to the west.

Hole M-09-484 is on section 3975 to test continuity of the high grade W horizon from previously announced hole M-09-434, which intersected 3.95 g/t PGM and Au over 30 m (from 50-80m), including 8.09g/t PGM and Au and 0.09% Cu over 10 m (from 64-74 m) (please see press release dated 10-June-08). M-09-484 successfully intersected W horizon mineralization grading 5.96 g/t PGM+Au and 0.21 % Cu over 4 m, which is approximately 30 m away from the M-08-434 intersection. High grade mineralization on 3975 is situated within a footwall basin, which is to the south and well outside the pit shell.

In summary, the reported holes successfully confirm the down dip extensions of mineralization of the 4800 zone and the extension of high grade W horizon mineralization on section 3975.

Marathon has designed the 2009 drilling campaign to improve drill density and resource classifications. Increasing the proportion of measured and indicated resources directly translates into proven and probable reserves.

    Marathon Drilling: Initial Results
    ----------------------------------
    -------------------------------------------------------------------------
                               True                         Total PGM
               From    To   Thickness    Pd     Pt     Au     and Au     Cu
      Hole      (m)    (m)      (m)    (g/t)  (g/t)  (g/t)     (g/t)     (%)
    -------------------------------------------------------------------------
    M-09-481     25    77       52     0.45   0.14   0.05      0.64     0.22
    -------------------------------------------------------------------------
     includes    25    37       12     0.89   0.23   0.06      1.18     0.41
    -------------------------------------------------------------------------
     and         69    77        8     0.70   0.21   0.12      1.03     0.37
    -------------------------------------------------------------------------
    M-09-482     15    23        8     0.43   0.16   0.03      0.61     0.05
    -------------------------------------------------------------------------
    M-09-482     47    53        6     0.11   0.06   0.05      0.22     0.13
    -------------------------------------------------------------------------
    M-09-482     57    67       10     0.23   0.12   0.05      0.39     0.10
    -------------------------------------------------------------------------
    M-09-483     17    29       12     0.35   0.16   0.05      0.56     0.13
    -------------------------------------------------------------------------
    M-09-483     69    81       12     0.14   0.10   0.14      0.38     0.16
    -------------------------------------------------------------------------
    M-09-483     89    93        4     0.05   0.07   0.38      0.49     0.08
    -------------------------------------------------------------------------
    M-09-484     74    92       18     1.45   0.50   0.13      2.09     0.15
    -------------------------------------------------------------------------
     includes    78    82        4     4.23   1.48   0.25      5.96     0.21
    -------------------------------------------------------------------------

Please click on http://www.marathonpgm.com/newsmaps/2009-22.jpg to view a drill map.

Reserve Statement and Mine Plan

Marathon delivered an updated resource statement (see Marathon Press Release dated August 20, 2009) as part of the on-going optimization of the definitive feasibility study ("DFS") expected in Q4. The optimized DFS will include new mineable reserves, an updated mine plan and capital expenditure figures.

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.

David Good, P.Geo., VP of Exploration is Marathon's Qualified Person in compliance with National Instrument 43-101 with respect to this release. Dr. Good has reviewed the contents for accuracy and has approved this press release on behalf of Marathon.

About Marathon PGM Corporation:

Marathon is currently optimizing an earlier definitive feasibility study on the Marathon PGM-Cu deposit, which is expected to be completed in the fourth quarter of 2009. 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, 2008.

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., Tel: (416) 849-3432, Fax: (416) 861-1925, dleng@marathonpgm.com

. <

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, 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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