Marathon PGM Corporation

Published : January 28th, 2008

Entering into Option and JV Agreement with Benton Resources on Bamoos -

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Keywords :   Canada | Copper | Gold | Growth |

Marathon's Growth Continues:  Entering into Option and JV Agreement
with Benton Resources on Bamoos - Claw Lake - Four Dam Property

January 28th, 2008 - Toronto, Ontario: Marathon PGM Corporation (TSX: MAR) ("Marathon" or "the Company") is pleased to announce that it has signed a Letter Agreement to enter into an Option and Joint Venture Agreement ("OJVA") with Benton Resources Corp., ("Benton", BTC:TSX.V) on the Bamoos - Claw Lake - Four Dam Property ("the BCF Property"), adjacent to the Marathon PGM-Cu Property in northwestern Ontario.  The OJVA will be completed and signed as soon as practicable.  Benton owns these properties 100%, subject to a 2% NSR on part of the property and a 1% NSR on the balance.

The BCF Property covers 2,248 hectares and is located on the northern margin of the Marathon PGM-Cu Property.  The addition of the BCF Property, extends the strike length being explored by Marathon to 17 km.  The Letter Agreement was approved between Benton and Marathon on January 24th, 2008.  The OJVA enables Marathon to earn a 60% interest of the BCF Property through work, cash and share based payments to Benton.  The agreement is important for Marathon as the Main Zone extends on to the Bamoos lease by at least 200 m.  It also eliminates the boundary pillar, which would have prevented total extraction of the Main Zone on Marathon's ground.  In addition, there is potential of adding more resources which would extend the time that the planned operation would be producing a high rate of metal.

Agreement Terms on the BCF Property
Under the terms of the OJVA, Marathon has the option to earn a 60% participating interest in the BCF Property by (i) issuing Benton 120,000 common shares on signing of the OJVA, subject to regulatory approval; (ii) work expenditures of  $1.5 million per year during the first four years of the OJVA and an additional $2 million on or before the fifth anniversary and; (iii) making cash payments of  $500,000 per year on or before the anniversary date of the OJVA for the first three years (for a total $1.5 million).  During the earn-in period, all work will be supervised and carried out by Marathon.  After Marathon has issued the 120,000 shares, made the $1.5 million cash payments and spent the $8 million, Marathon will "earn in" to 60% of the JV.

During the earn-in period Marathon may mine up to 200 metres north of its property into the BCF Property.  If Marathon mines any part of the BCF Property prior to the JV, Marathon will receive all revenue and (i) pay all costs, (ii) pay all royalties due from the BCF Property, and (iii) pay an additional 2% NSR royalty to Benton.

After the JV is formed, Marathon will be operator and any ore that is discovered on the BCF property will be mined and processed by Marathon at its facilities.  Under the JV agreement, Marathon will charge the JV for all direct, indirect and overhead costs including a charge to recover its capital costs as well as a 4% management fee.
 
"The opportunity to expand resources and extend minelife will assist Marathon's continued growth.  Acquiring nearby resource opportunities is a calculated and strategic decision.  Working with Benton will provide benefit to all, as we realize the potential for the Marathon area to evolve into a significant PGM and copper mining district," said Phillip Walford, P.Geo., President and CEO of Marathon.

Marathon's Exploration Program
The 2008 campaign at the Marathon deposit started in January, with a budget of 20,000 metres of exploration, definition and condemnation drilling.  The primary goals of the 2008 campaign are improvement of resource categories, resource expansion and subsequent incorporation into the Definitive Feasibility Study.

The Bamoos - Claw Lake - Four Dams Property
Prior drilling by Benton identified mineralization at Claw Lake and Four Dams.  The Top Zone is a recently identified area of mineralization that straddles the Benton-Marathon property boundary.  Marathon will focus on developing a 43-101 compliant resource on the Main Zone extension on the Bamoos property during the 2008 exploration campaign. The Main Zone extension has been explored by Benton through drilling and trenching, as well as by Anaconda Canada who previously worked the property in the 1960's.  Marathon has all the detailed data and drill core from the Anaconda program.  Marathon will commence work on the BCF property in late April.

"I am confident that we can rapidly develop resources on the Bamoos lease, considering the amount of data already available to us.  The data fits our geological model very well, which will make for efficient exploration," said David Good, P.Geo., VP Exploration.

All exploration work is being performed under the guidance and supervision of Phillip C. Walford, P.Geo., President and Chief Executive Officer of the Marathon.  Mr. Walford has approved the contents of this press release.

(To see a map of the Marathon Project, go to http://www.marathonpgm.com/newsmaps/2008-02.jpg)

About Marathon PGM Corporation
Marathon has a 100% interest in the Marathon Project, located about 10 kilometers north of Marathon, Ont. The project is currently undergoing a definitive feasibility study, which Marathon expects to be complete in Q2.  As announced in November 2007, the Company has completed an NI43-101 compliant resource estimate showing a measured resource of 45.9 million tonnes containing 1.79 million ounces of PGM and gold and 314 million pounds of copper, and an indicated resource of 35.5 million tonnes containing 1.39 million ounces of PGM and gold and 211 million pounds of copper.  An additional low-grade resource was also identified in the November 2007 resource estimate completed by P&E Mining Consultants Inc.

As part of its growth strategy, Marathon entered into agreements with Gossan Resources and Bird River Mines Inc., on the Bird River Project, located in southeastern Manitoba.  Prospecting and data compilation completed in 2007 yielded several targets that Marathon started to drill in January 2008.

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

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
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

Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

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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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, ...
Corporate news of Marathon PGM Corporation
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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
6/29/2015Marret Resource Corp. Announces Results of Annual and Specia...
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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