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TORONTO, Oct. 29 /CNW Telbec/ - Marathon PGM Corporation (MAR -- TSX)
("Marathon" or the "Company") is pleased to announce that the agent has
exercised their option to increase the private placement of flow through
shares from $6,000,000 to $6,500,000. The terms of the increase in the private
placement are the same as announced by Marathon on October 25th, 2007.
The offering, led by Octagon Capital Corporation and including Fraser
Mackenzie Limited, was increased to accommodate the strong demand for the
private placement. Marathon is pleased to have the additional funds, as it
will help accelerate planned exploration and development programs. This
offering is anticipated to close November 15th, 2007.
Marathon will use the proceeds for resumption of drilling at the Marathon
PGM-Cu project, planned development of NI43-101 compliant resources at the
Bird River Sill in southeast Manitoba and an expanded exploration program at
the Steel Mountain property in western Newfoundland and Labrador.
"The increase in the offering, is clearly a strong endorsement by
shareholders of Marathon's work in advancing the Marathon project and plans to
develop resources at Bird River Sill," remarked Phill Walford, CEO and
President of Marathon.
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
In August 2007, Marathon acquired the Steel Mountain PGM and Cu-Ni
property in Western Newfoundland and Labrador 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 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
On Behalf of Marathon PGM:
"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, (416)
849-3432, Fax: (416) 861-1925; For media inquiries, please contact: Vanessa
Napoli, email@example.com, (514) 939-3989