Marathon signs Memorandum of Understanding with the Ojibways of Pic River First Nation
Toronto, Ontario, October 2nd, 2007 - Marathon PGM Corporation (MAR -- TSX) ("Marathon" or the "Company") is pleased to announce that it has signed a Memorandum of Understanding ("MOU") with the Ojibways of the Pic River First Nation ("PRFN"), also known as the Begetibong Aneshnabe that sets out the way the parties will work together in the construction of a platinum-palladium and copper mine north of the Town of Marathon.
The relationship between PRFN and Marathon was first established in 2004. The MOU will serve as a basis to further consultation towards the establishment of an Impact and Benefits agreement between PRFN and Marathon. The MOU mutually recognizes the respective rights of each party on the mineral claims and leases held by Marathon. The agreement also sets out the basis for Marathon and PRFN working together to reach an Impact and Benefits agreement that will be based on principles of mutual respect, good faith and meaningful consultation. This is an important step forward in the development of the project and in fostering a positive and respectful relationship between the Company and Pic River First Nation.
Phillip Walford, President and CEO, stated "We have been fortunate in establishing a good working relationship with Former Chief Dan Couchie and the Pic River First Nation Council. A considerable amount of work has been put into the creation of the MOU by PRFN and the Company and we look forward to continuing this relationship as the project progresses. The opportunities for Marathon, PRFN and surrounding communities may be substantial in the years to come."
Former Chief Dan Couchie stated, "Pic River First Nation Council is pleased to have reached this agreement with Marathon PGM. This MOU is indicative of the excellent working relationship and cooperation that has developed between us over the past 2 years."
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 and Cu-Ni 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.
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.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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Marathon PGM Corporation
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EXPLORATION STAGE |
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. |