Marathon District Summer Work Program Underway

    TORONTO, July 29 /CNW/ - (MAR:TSX): Marathon PGM Corporation ("Marathon")
announced the details of its work program for the Marathon district. Drilling
currently underway will upgrade resource classifications, while trenching and
channel sampling will confirm recently discovered zones of surface
mineralization. The type of work being carried out is cost effective and has
worked exceedingly well. Marathon is well financed to carry out this
exploration and development work, some of which will be integrated into the
ongoing optimization of the Definitive Feasibility Study ("DFS").

    Highlights:
    -   drilling currently underway will upgrade resource classifications
    -   trenching, channel sampling and mapping will expand an area of
        surface mineralization discovered in 2008, located 1,400 m north of
        the open pit limits

    Exploration - North of Open Pit
    During the 2008 field season, Marathon resampled drillholes which were
completed by Anaconda Copper during the late 1960s to confirm historical Cu
numbers and establish PGM values, which were not assayed in the 1960s. Two
Anaconda drillholes with anomalous Cu and PGM values led Marathon to conduct
detailed prospecting and rock sampling, which resulted in the discovery of a
new mineralized zone. Twenty-four rock samples were taken by Marathon, 12 of
which returned (greater than)0.25 % Cu and values of up to 0.52 % Cu and 4.29
g/t PGM+Au.
    Marathon discovered this zone of mineralization, which is over 170 m in
strike length and located 1,400 m north of the open pit limits, in autumn
2008. This mineralized zone is situated within the Two Duck Lake gabbro, which
hosts the Marathon deposit. A work program consisting of trenching, channel
sampling and mapping will provide further geological information into the
mineralization. Positive results from trenching and channel sampling may
justify a drill campaign to further determine extent of the mineralization
down dip.
    The potential to develop a high-grade starter pit in this vicinity is
high, given that the northern end of the Marathon deposit is higher in both
PGM and Cu grades.

    Drilling Results from Anaconda Copper (1967)
    -------------------------------------------------------------------------
    Hole           From     To     Thickness     Total PGM and gold    Cu
                    (m)     (m)       (m)              (g/t)           (%)
    -------------------------------------------------------------------------
    AN118           22      34        12               3.70           0.35
    -------------------------------------------------------------------------
    including       24      30         6               5.95           0.49
    -------------------------------------------------------------------------

    Exploration - Potential 2 km Extension to Geordie Lake Mineralizing
System Discovered?
    In early June, Marathon's prospecting team discovered rock samples at the
Coubran Lake claims that appear to be related to the mineralizing event that
generated the Geordie Lake Deposit, located on strike 2 km to the south.
Demonstrating that these samples are related to the Geordie Lake mineralizing
system would open up an area 2 km in strike length that is entirely
unexplored. This is significant for the Geordie Lake deposit, as the deposit
is open on strike to the north and down dip to the west.

    Development Drilling - Marathon Deposit
    Marathon is currently drilling inferred resource blocks that are within
the current reserve pit to upgrade the resource classification from inferred
to measured or indicated. Approximately 1 million tonnes of the higher-grade
inferred resource are being targeted in this drilling campaign.
    In addition, Marathon has identified a mineralized area located within
the current reserve pit covering approximately 200 m by 40 m, which is bounded
by holes drilled by Anaconda in the 1960s and which has no drilling within its
surface limits. This block is currently classified as waste and can be
converted to indicated or measured with a few drill holes.

    Potential Impact on Resources and Reserves
    Drilling planned for the Marathon deposit is intended to convert blocks
of resource to higher classifications (inferred to measured to indicated).
Eliminating blocks of inferred resource is critical for the Marathon reserve
as inferred material is classified as waste during translation to reserves.
    Samples consisted of A-size drill core (re-split by diamond saw on site)
prepared and analyzed by Accurassay (Thunder Bay) an accredited laboratory in
Thunder Bay, Ontario, using fire assay and other standard techniques.
Marathon's quality assurance-quality control (QA-QC) program consists of
insertion of standards of known PGM and Cu content and duplicates every 30
samples. After sampling, the remaining core is retained on site for future
verification and reference purposes.
    David Good, P.Geo., VP Exploration, is Marathon's Qualified Person in
compliance with National Instrument 43-101 with respect to this release. Dr.
Good has reviewed the contents for accuracy and has approved this press
release on behalf of Marathon.

    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, 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