Marathon PGM Corporation

Published : February 03rd, 2009

Marathon Files Technical Report on Feasibility Study and Resumes Drilling at Bird River

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Keywords :   Copper | Debt | Lead | Silver |

Marathon Files Technical Report on Feasibility Study and Resumes Drilling at Bird River

     TORONTO, Feb. 3 /CNW/ - Marathon PGM Corporation ("Marathon" or "the
Company", MAR-TSX) is pleased to announce it has received the NI 43-101 F1
technical report of the Definitive Feasibility Study of its 100% owned
Marathon PGM-Cu Project (the "Project") located 10 km north of Marathon,
Ontario. The technical report of the DFS is on SEDAR and on the Company's web
page at http://www.marathonpgm.com/reports.htm.
     President and CEO Phillip Walford noted, "In four years, we have
developed an economically attractive deposit. Even now, the Marathon district
has years of unexplored potential."

     Excerpt of report highlights:
     -------------------------------------------------------------------------
                                                            Base Case (3 year
                                                             trailing average)
     -------------------------------------------------------------------------
     Undiscounted cash flow (pre-tax)                         CAD$510 million
     -------------------------------------------------------------------------
     Undiscounted cash flow (after tax)                       CAD$369 million
     -------------------------------------------------------------------------
     Proven and probable reserves
     -------------------------------------------------------------------------
       Copper                                                  465,310,000 lb
     -------------------------------------------------------------------------
       PGM+Au                                                    2,745,000 oz
     -------------------------------------------------------------------------
       Silver                                                    4,026,000 oz
     -------------------------------------------------------------------------
     Average annual metal production
     -------------------------------------------------------------------------
       Copper                                                  42 million lbs
     -------------------------------------------------------------------------
       PGM+Au                                                      201,000 oz
     -------------------------------------------------------------------------
       Silver                                                      310,000 oz
     -------------------------------------------------------------------------
     (for complete details, please see December 19th, 2008 press release).

     Marathon District Exploration

     The current total of in situ metals defined by Marathon is 5.06 m oz
PGM+Au, 10 m oz Ag and 993.6 m lbs Cu. As a percentage of the total in situ
resource, Marathon's reserves account for only 54.2%, 46.8% and 40.2% of the
total contained PGM+Au, Ag and Cu, respectively. This illustrates the
demonstrated potential to add reserves and extend the projected minelife.
     The two largest areas for adding resources are located (i) immediately
outside the Marathon designed pit and (ii) at the Geordie Lake Deposit,
located 14km west of Marathon. Large blocks of PGM-Cu mineralization extend
well beyond the current Marathon designed pit. These blocks were not included
in the reserves due to current economic constraints, yet represent future
mining potential later in the project's life when better metal prices return.
In addition, there are several known PGM-Cu mineralized zones on strike from
the Marathon deposit that have not been fully explored.
     The Geordie Lake Deposit is located 14km west of the Marathon Deposit and
is 100% owned by Marathon. It has an existing measured and indicated resource
of 25.99 Mt grading 0.55 g/t Pd, 0.03 g/t Pt, 0.05 g/t Au, 0.35% Cu and 2.35
g/t Ag representing 456,800 oz Pd, 28,400 oz Pt, 45,800 oz Au, 195.7M lb Cu
and 1,938,400 oz Ag (please see MAR release of 08-Jul-08). Mineralization at
Geordie Lake is open down dip and to the north and south, which bodes well for
expanding the resource. The potential for additional PGM-Cu zones is high.

     Bird River Drilling

     Marathon has started its winter drilling campaign at the Bird River
Project in southeast Manitoba. Geophysical targets near the Page and Ore Fault
Zones will be drilled in this campaign. These targets are high priority, as
they are adjacent to resources already quantified by Marathon, and the
drilling is designed to increase the current resources. The Bird River Project
is a joint venture with Gossan Resources (TSX.v-GSS). Marathon currently owns
53% of the Project and is able to earn a larger ownership by continuing to
advance the project if Gossan elects not to participate in exploration
programs. The Bird River Project is very large, covering a strike length of
22km of the Bird River Sill. Numerous known showings of Ni-Cu-PGM
mineralization are present throughout the Bird River Sill. Marathon's drilling
to date has only tested 3km of the east end of the Bird River Project.
     David Good, VP of Exploration noted, "We have compiled a great deal of
information and been successful in proving up two resources in just one year."

     Qualified Persons

     The Marathon DFS was prepared by Micon under the supervision of Richard
Gowans, P.Eng., the independent QP. Mr. Gowans is President and Principal
Metallurgist with Micon. Mr. Phillip Walford, President and CEO of Marathon,
is the Company's designated QP for the purpose of the DFS. Mr. Gowans and Mr.
Walford have reviewed and approved the contents of this press release.

     Financing and Cash Resources

     As at December 31, 2008, Marathon had $16.2 million in its treasury. The
Company is examining a variety of different methods of developing the Marathon
Deposit, including joint ventures, royalty arrangements, and various project
equity and debt instruments.
     The Company has engaged TD Newcrest to act as financial advisor in
determining the best approach to developing the Marathon PGM-Copper Project.

     Cautionary Notes Concerning Estimates of Mineral Resources

     This news release uses the terms measured, indicated and inferred
resources as a relative measure of the level of confidence in the resource
estimates that occur separate from the quoted mineral reserves. Readers are
cautioned that Marathon's mineral resources associated with the Geordie Lake
Deposit are not economic mineral reserves and that the economic viability of
resources that are not mineral reserves has not been demonstrated. In
addition, inferred resources are considered too geologically speculative to
have any economic considerations applied to them. It cannot be assumed that
all or any part of an inferred mineral resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of inferred mineral resources
may not form the basis of feasibility or pre-feasibility studies or economic
studies except for Preliminary Assessment as defined under NI 43-101. Readers
are cautioned not to assume that that further work on mineral resources will
lead to mineral reserves that can be mined economically.

     About Marathon PGM Corporation:

     Marathon has completed a definitive feasibility study on the Marathon
PGM-Cu deposit and also has development and exploration stage properties in
southeastern Manitoba and western Newfoundland and Labrador. The Company is
actively looking for additional projects of merit.

     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, 2007. 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
     Tel: +1.416.987.0711
     gen@marathonpgm.com

     %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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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
7/28/2015Marret Resource Corp. Releases Q2 2015 Financial Statements
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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