Improving Resources Classifications at Marathon

TORONTO, July 15 /CNW/ - (MAR:TSX): Marathon PGM Corporation ("Marathon") today announced it has started a small drill campaign at the Marathon Project. Drilling is focused on both blocks of the resource with an inferred classification and on mineralized areas with lower drill density. Increased drill density will improve confidence (provide more information) and improve resource classification from inferred to indicated. Marathon is well financed to carry out this exploration and development work, some of which will be integrated into the on going optimization of the Definitive Feasibility Study ("DFS").

    Highlights:
    
    -   plans for a small drill campaign on the Marathon deposit will focus
        on improving current resource classifications
    -   program will consist of approximately 1,000 m
    -   improve resource blocks for incorporation into optimized DFS

Target: Inferred Blocks

Within the resource shell, small blocks of inferred resource are situated along the length of the Marathon deposit. Marathon has carefully planned its past drilling campaigns, which has resulted in the inferred proportion of the total resource being an absolute minimum. Marathon will be drilling off the inferred blocks that are within 100 m of surface and have a specified tonnage and grade. Using such criteria will ensure the success of classification improvement.

Currently, 2.7 mt of a total 97.4 mt of in pit resource is classified as inferred. Converting these blocks into higher classifications will serve two purposes, to increase the resource and decrease the strip ratio (please see Micon NI 43-101 Technical Report dated 02-Feb-09).

One of the first locations to be drilled is a mineralized area situated within the current reserve pit, covering approximately 200 m by 40 m. This area is located east of the main mineralization and has no drilling within its surface limits. Initially identified and mapped by Anaconda in the 1960s, this block is currently classified as waste, which Marathon can convert to indicated or measured with a few drill holes.

A major part of this drilling program will focus on blocks such as this that are within the pitshell and will be mined. Attributing metal content to these blocks through drilling will assist in boosting the resource and improving the bottom line.

Potential Impact on Resources and Reserves

Drilling planned for the Marathon deposit is intended to convert blocks of resource to increasingly higher classifications (inferred to measured to indicated). Eliminating blocks of inferred resource is critical for the Marathon reserve, as any inferred material is consequently classified as waste during translation to reserves.

Qualified Person

Dr. David Good, P.Geo., Marathon's VP of Exploration, is the Company's designated QP for the purpose of the DFS. Dr. Good has reviewed and approved the contents of this press release.

About Marathon PGM Corporation:

Marathon is currently optimizing an earlier definitive feasibility study on the Marathon PGM-Cu deposit, which was completed in December of 2008. 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.

    On Behalf of Marathon PGM:
    "Phillip C. Walford"
    Phillip C. Walford, P.Geo.
    President, CEO
    Tel: +1.416.987.0711
    gen@marathonpgm.com