Marathon PGM Corporation

Published : January 25th, 2007

Measured and Indicated In-Pit Resource Grows 39%

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Marathon Measured and Indicated In-Pit Resource Grows 39%


Toronto, Ontario - January 25, 2007 - Marathon PGM Corporation (TSX-V: MAR) (the "Company") is excited to announce an updated in-pit resource estimate for the Marathon PGM-Cu Project (Project). The Company's 2006 drill program was designed to increase the measured and indicated resources and total resources. This program led to an increase in measured and indicated resources of 39%, containing over 2.75 million ounces of PGM and gold and � billion pounds of copper.  This in-pit resource will be used as the basis for an update to the June 2006 Preliminary Economic Assessment ("PEA") and in the upcoming bankable feasibility study on track to commence in the first quarter of 2007.  This larger resource has the potential to extend the mine life well beyond the current PEA forecast of 9.2 years.

Resource Tables

P&E 2007 Resource,  All Zones within Pit Shell                        

Contained Metals

Category

Tonnes

millions

palladium

(Pd) g/t

Platinum

(Pt) g/t

Gold

(Au) g/t

Copper

(Cu) %

Pd Oz

(000)

Pt Oz

(000)

Au Oz

(000)

Cu Lbs

Millions

Measured

37.5

0.99

0.26

0.10

0.35

1,194

313

121

289

Indicated

30.8

0.80

0.24

0.09

0.30

  792

 238

  89

204

Meas + Indic

68.3

0.91

0.25

0.09

0.32

1,986

551

210

493

 

 

 

 

 

 

 

 

 

 

Inferred

1.9

1.02

0.33

0.13

0.23

62

20

8

10



(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability.  The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

(2) The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.


The Company drilled 108 holes for 21,800 metres in 2006 (excluding the holes drilled in the Dunlo! p Zone).  These drilling results were added to the prior drilling on the property for a total of 83,104 metres of drilling. In March 2006 an NI 43-101 resource estimate was completed by independent mining consultant and Qualified Person, Eugene Puritch, P.Eng., of  P&E Mining Consultants Inc. of Brampton, Ontario ("P&E") based on the prior drilling. 

P&E estimated this new in-pit resource including the 2006 drilling using an average external NSR cut-off of C$12.00 per tonne (based on processing $7.30/t, G/A $0.49/t, and mining costs of $4.21/t). Concentrate shipping of $0.28/t and smelter treatment charges of $2.08/t (based on per tonne milled) are included in the NSR value. Metal prices used in P&E's estimate were Cu $US 1.93/lb, Au $US525/oz, Pt $1,019/oz and Pd $261/oz. The US/CDN exchange rate was $0.854. The metal prices and exchange rate utilized were based on a 24-month trailing average except for copper, which was capped at US$1.93/lb.  Concentrate recoveries were Cu 92%, Au 60%, Pt 76% and Pd 80%, in line with metallurgical recoveries reported in February 2005 by SGS Lakefield..

The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.

Tonnages were calculated using a bulk density of 3.03 tonnes per cubic meter as determined by ALS Chemex from samples taken by Eugene Puritch. Model grade blocks were sized at 6.0 m wide by 12.5 m long by 6.0 m high. Inverse distance squared (ID2) interpolation was used to determine grade block values.

This mineral resource contains a high-grade lens located in the Malachite Zone. This lens now contains over 547,000 tonnes of indicated resources and 207,000 tonnes of inferred resources.  The Company's first priority in 2007 is to drill this lens to extend the mineralization and upgrade the inferred resource to measured or indicated. In line with this objective, the first new hole in this lens was completed on January 22, 2007.  The following table is for this high-grade zone only which is included within the total project resource table above.

Resource Table for the High-Grade Zone Only

P&E 2007 Resource,  All Zones within Pit Shell                        

Contained Metals

Category

Tonnes

millions

palladium

(Pd) g/t

Platinum

(Pt) g/t

Gold

(Au) g/t

Copper

(Cu) %

Pd Oz

(000)

Pt Oz

(000)

Au Oz

(000)

Cu Lbs

Millions

Indicated

0.5

2.78

0.88

0.29

0.13

  49

 15

  5

1.6

 

 

 

 

 

 

 

 

 

 

Inferred

0.2

     3.46

     1.08

0.43

0.16

23

7

3

0.7



(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability.  The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues..

(2) The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.


The 2006 drilling program led to an increase in measured and indicated resources of 39%. P&E! believe that excellent potential exists to convert the remaining inferred resource to the measured and indicated category with a moderate amount of strategically planned infill drilling to be undertaken in early 2007. A program of more than 35,000 m of Diamond drilling has been contracted for 2007 and is currently under way. This program will focus on step-out drilling, upgrading of remaining inferred resources, metallurgical test sampling and exploration as part of the upcoming bankable feasibility study. 

The majority of the resource increase is a direct result of drilling in the central and southern Main Zone, where the zone has been traced to depth and along plunge to the southwest. This mineralization is still open and will be explored by deep penetrating geophysics and follow-up drilling. The second area of importance for the addition of precious metals is the high-grade Malachite Zone. This zone of PGM-enriched magma is being explored along plunge by deep penetrating geophysics, and step-out drilling is currently underway.

"We are delighted by the potential of this deposit.  The new resource will have a significant impact on the project. The high grade zone has the potential to increase initial precious metal production and the increased tonnage has the potential to extend project life. These results are the result of the excellent work of the project crew. We are all excited about what the expanded 2007 exploration and development program will bring",   said Phillip Walford, President and CEO of the Company.
 
About the Marathon PGM - Cu Project

The Company has a 100% interest in the Marathon PGM - Cu Project, located about 10km north of Marathon, Ontario in the Hemlo gold district. An exploration and development program of 35,000 m of drilling is now underway at the project and a feasibility study will commence in the first quarter of the year. The 2007 program is focused on expansion of the resource for use in the ore reserve estimate, metallurgical sampling and testwork, geotechnical studies and further evaluation and delineation of the new zones discovered in 2006.

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, 2005. Circumstances or management's estimate! s 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.

The TSX Venture 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
President, Chief Executive Officer
info@marathonpgm.com  
416-987-0711

For more information, please contact:

Renmark Financial Communications Inc.
Jason Roy: jroy@renmarkfinancial.com
Tina Cameron: tcameron@renmarkfinancial..com
Media - Vanessa Napoli: vnapoli@renmarkfinancial.com
Tel: (514) 939-3989  
Fax: (514) 939-3717 
www.renmarkfinancial.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...
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8/8/2007 appoints Raymond Mason as VP of Operations
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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
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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...
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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, ...
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5/1/2013(Marathon)Marathon Intersects Multiple High-Grade Intervals while Unde...
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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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