TORONTO, March 19 /CNW/ - Marathon PGM Corporation ("Marathon" or "the
Company") announced today its audited financial results for the year ended
December 31, 2007.
- Completing a successful drilling program of 38,399 meters of infill,
exploration, geotechnical, and condemnation drilling on the Marathon
PGM-Cu property, with a 19% increased in measured and indicated
resources compared to the January 2007 resource.
- Progressing the definitive feasibility study on the Marathon PGM-Cu
property, including extensive metallurgical work to confirm
- Expanding Marathon's portfolio of resource properties to include:
- the Bamoos-Claw Lake-Four Dam Property just north of the Marathon
PGM-Cu Project, being explored under the terms of an OJVA with
Benton Resources Corp.;
- the Bird River Property optioned from Gossan Resources Ltd. in
- the Ore Fault and Lotus properties optioned from Bird River
Mines Inc. in October 2007;
- the Steel Mountain Complex property acquired through an option
agreement and subsequent staking in the third quarter of 2007; and
- the Tim's Brook property optioned from North Range Resources Ltd.
in February 2008.
- Initiating a takeover bid for the outstanding securities of Discovery
PGM Exploration Ltd., owner of the Geordie Lake deposit located 14 km
west of the Marathon PGM-Cu property.
At December 31, 2007, Marathon had working capital of $12.3 million,
compared to $12.8 million at December 31, 2006, as operations and project
spending amounting to $9.9 million were offset by $6.1 million in net proceeds
from a private placement of flow-through shares which closed on November 15,
2007 and $3.1 million in proceeds from the exercise of outstanding warrants
Marathon's net loss before tax for the year ended December 31, 2007 was
$2.8 million, compared to $2.2 million in 2006. The Company wrote off
exploration costs amounting to $524,000 in connection with the Bird River, Ore
Fault and Steel Mountain exploration projects in line with its policy of
writing off exploration costs on projects without established mineral
resources and incurred higher general and administrative expenses which were
offset by a significant decrease in stock-based compensation. Development
costs incurred in cash on the Company's Marathon PGM-Cu property totaled
$7.4 million in 2007, compared to $4.5 million in 2006, in line with increased
scope of drilling and investigative work on the deposit and activity to date
on the definitive feasibility study, which is expected to be completed in the
third quarter of 2008.
This summary of financial highlights should be read in conjunction with
Marathon' audited financial statements for the year ended December 31, 2007
and the related Management's Discussion and Analysis, both of which are
available on www.sedar.com. The Company's Web site may be found at
Marathon is in the process of completing a definitive feasibility study
on the Marathon PGM-Cu deposit. Marathon also has development and exploration
stage properties in southeastern Manitoba and western Newfoundland and
Labrador. Marathon's management plans to build on this focus through the
advancement of its properties, focusing on resource development and by
examining other strategic PGM and base metal opportunities within Canada.
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
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
On Behalf of Marathon PGM Corp.
"Phillip C. Walford"
Phillip C. Walford, P.Geo.
President, Chief Executive Officer
For further information:
For further information: David Leng, P.Geo.: firstname.lastname@example.org, Tel:
(905) 537-5377, Fax: (416) 861-1925