Marathon Samples 7.09 g/t PGM and gold, 0.69% Cu, 1.88% Ni, 2.11% Pb and 2.12% Zn at Steel Mountain Property

Toronto, Ontario, September 21st, 2007 - Marathon PGM Corporation (MAR -- TSX) ("Marathon" or the "Company") is pleased to announce the initial results from the 2007 exploration campaign on the recently staked Steel Mountain property, located in western Newfoundland.  Marathon has received the highest ever recorded assay values for the Steel Mountain Complex and confirmed historical values of PGM and polymetallic mineralization in two known showings.  Marathon has also identified a number of new targets that warrant future exploration and plans to continue prospecting and geological mapping through the rest of the year, with an airborne geophysical survey under consideration for the spring of 2008.

Prospecting Confirms Historical Values and Finds New Targets
Marathon compiled historical data and initiated prospecting of the Lower Sheep Brook ("LSB") and Upper Sheep Brook ("USB") areas during the summer of 2007.  LSB mineralization consists of two narrow (up to 20cm) tapered lenses of massive sulphide exposed over a trenched area 5 m by 8 m in size.  Grab samples collected in 2007 from the LSB showing returned assays of up to 2.72g/t Pt, 4.3g/t Pd, 17.7% Cu, 0.15% Co, 1.88% Ni, 2.88% Pb and 2.58% Zn.

The USB showing, located 3.5 km northeast of the LSB showing, consists of a 40 cm wide massive sulphide zone exposed over 2.5 m within anorthosite.  The 2007 grab samples collected from the USB showing returned assays of up to 0.47g/t Pt, 0.09g/t Pd, 0.66% Cu, 0.04% Ni, 0.1% Pb and 0.07% Zn.  The 2007 grab sample assay results verify historic assay results and, as in the case of the LSB showing, significantly improve upon historic Pt and Pd values.

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About Marathon PGM Corporation

The Company has a 100-per-cent interest in the Marathon PGM -- Cu project, located about 10 kilometers north of Marathon, Ont. The project is currently undergoing a definitive feasibility study and a 35,000 m drill campaign. As announced previously, the company has completed a revised preliminary economic assessment in compliance with the provisions of National Instrument 43-101, showing a measured resource of 39.2 million tonnes containing 1.6 million ounces of PGM and gold and 285 million pounds of copper, and an indicated resource of 28.9 million tonnes containing 1.1 million ounces of PGM and gold and 178 million pounds of copper. An additional low-grade resource was also identified in the report completed by P&E Mining Consultants Inc. and filed on SEDAR on April 5, 2007.

As part of its growth strategy, in April 2007, Marathon entered into an option agreement with Gossan Resources on the Bird River Sill PGM and Cu-Ni property, located in southeastern Manitoba.  Prospecting and data compilation of the Bird River property is focused over several key areas, including the Coppermine, Page East, Page West and Galaxy Zones.  Marathon can earn-in up to a total 70% interest by completing a bankable feasibility study and arranging project financing. 

In August 2007, Marathon acquired the Steel Mountain PGM-Polymetallic property in western Newfoundland and has commenced the initial phase of exploration on this 227.5 km2 property.  The Company holds a 100% interest in the Steel Mountain property, located 25 km southwest of the town of Stephenville, western Newfoundland.  The Steel Mountain property is underlain by the early to mid-Proterozoic aged Steel Mountain Complex. The complex, consisting of variably deformed and altered anorthositic to gabbroic rocks, lies in fault contact with the Long Range Fault. The Long Range Fault runs through Newfoundland and is known to have gold mineralization associated with the Fault and with splays off of the Fault.  Sporadic past prospecting has yielded historical grab sample assays of up to 1.48g/t Pt, 1.08g/t Pd, 1.17% Ni, 0.62% Cu and 0.11% Co for the Lower Sheep Brook showing and 1.78g/t Pt, 1.19g/t Pd, 1.10% Ni, 0.29% Co and 1.23% Zn for the Upper She ep Brook showing.  Magnetite pods and Au-bearing quartz veins hosted by the Steel Mountain anorthosite adjacent to Marathon's property has yielded over 500,000 tonnes of magnetite and up to 162.7g/t Au in grab samples and 3.04g/t Au over 40cm in drill core.  Future exploration plans include continued prospecting, stream and lake sediment sampling, and mapping in the fall of 2007 followed by an airborne geophysical survey over the entire property in the spring of 2008.

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 op inions 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.