Marathon Announces First Geordie Lake Drilling Results, 14.0 m of 0.52% Cu
and 0.92 g/t PGM and Au

TORONTO, Feb. 9 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("MAR" or "the Company") is pleased to report initial drilling into the Geordie Lake PGM-Cu ("Geordie Lake") deposit encountered thick intervals of PGM-Cu mineralization. These results confirm that mineralization outlined in deeper historical drilling extends up dip to near surface.

Mineralization of the Geordie Lake deposit is similar to the nearby Marathon deposit located 14 km to the east. Geordie Lake mineralization is typified by thick intervals of gabbro-hosted PGM-Cu mineralization that dip at 40 to 45 degrees, which is amenable for open pit mining. The high Cu grades at Geordie Lake add significant value to the resource.

Highlights:

    
    -   hole G-10-03 intersected 28 m of 0.46 % Cu and 0.68 g/t PGM and Au
    -   the first three holes have encountered better than historic average
        grades of Cu
    -   the focus of the 2010 program is on a high grade Cu zone interpreted
        from previous drilling
    -   significantly, these first three holes are outside of this target
        zone
    

"The initial results from the Geordie Lake drilling are highly encouraging. The Geordie Lake resource estimate is presently based on only 34 holes. We will drill a total of 21 holes (3000 m) in this program and our goal is to expand the resource by defining a potential area of better grades and thicknesses," said Phillip Walford, President and CEO. "With the updated definitive feasibility study completed on our flagship Marathon property, we are now focused on determining the potential of the Geordie Lake Deposit."

    
    Results from Geordie Lake Drilling
    -------------------------------------------------------------------------
                           True                         Total
             From    To    Width   Pd     Pt      Au   PGM and    Ag    Cu
     Hole     (m)    (m)    (m)   (g/t)  (g/t)  (g/t)  Au (g/t) (g/t)   (%)
    -------------------------------------------------------------------------
    G10-01     8.0   36.0   28.0   0.57   0.03   0.05    0.64    1.8    0.41
    -------------------------------------------------------------------------
    G10-02    44.0   54.0   10.0   0.68   0.05   0.06    0.78    1.7    0.38
    -------------------------------------------------------------------------
    G10-02    64.0   78.0   14.0   0.68   0.03   0.21    0.92    2.6    0.52
    -------------------------------------------------------------------------
    G10-03    30.0   58.0   28.0   0.61   0.03   0.05    0.68    1.9    0.46
    -------------------------------------------------------------------------
    including 50.0   58.0    8.0   0.61   0.02   0.06    0.68    2.5    0.67
    -------------------------------------------------------------------------
    

Geordie Lake: Resource Estimate and 2010 Drilling

Drilling at Geordie Lake is designed to improve classification, grade and tonnage of the resource estimate which was last updated in July 2008. With the completion of this drilling campaign, Marathon plans to update the current Geordie Lake in-pit resource estimate.

The Geordie Lake deposit measured and indicated mineral resource is 25.99 million tonnes grading 0.35 % Cu, 0.55 g/t Pd, 0.03 g/t Pt, 0.05 g/t Au, and 2.35 g/t Ag, and containing 195.7 million lbs of Cu, 456,800 ounces of Pd, 28,400 ounces of Pt, 45,800 ounces of Au, and 1.94 million ounces of Ag. The resource estimate of the Geordie Lake Property was performed by independent geological consultants and Qualified Persons, G.H. Giroux, P.Eng of Giroux Consultants of Vancouver, British Columbia ("Giroux") and Alan Stanley, P.Geo, and presented in the NI 43-101 Geordie Lake Technical Report press release dated July 8, 2008.

All of the samples were sent to Accurassay, an accredited laboratory in Thunder Bay, Ontario, to be assayed using fire assay and other standard techniques.

David Good, P.Geo., VP of 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 exploring resource development potential in the immediate vicinity of the Marathon deposit to expand mine life of the planned large tonnage, open pit mining operation. The Marathon deposit is one of the largest PGM-Cu reserves in Canada and is expected to grow with development of additional nearby resources. Marathon's optimized P+P reserve of 91.45 million tonnes grading 0.832 g/t Pd, 0.237 g/t Pt, 0.085 g/t Au, 0.247% Cu and 1.44 g/t Ag, contains 2.44 million ounces of Pd, 696,000 ounces of Pt, 251,000 ounces of Au, 497 million lbs of Cu and 4.23 million ounces of Ag. 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.

%SEDAR: 00020574E

SOURCE MARATHON PGM CORPORATION

For further information: For further information: David Leng, P.Geo:. Tel: (416) 849-3432, Fax: (416) 861-1925, dleng@marathonpgm.com

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MARATHON PGM CORPORATION

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