Marathon Drilling Hits High Grade W-Horizon 25 Metres Below Pit-Shell, 6.73 g/t PGM and Au and 0.02% Cu over 8 m



    TORONTO, Feb. 29 /CNW/ - Marathon PGM Corporation ("Marathon" or "the
Company") is pleased to announce that drilling has intersected the high grade
W horizon outside of the resource pitshell at the Marathon PGM-Cu Project,
located 10 km northwest of Marathon, Ontario.

    Highlights:
    
    -  drillhole M-08-419 intersected 6.73 g/t PGM and Au, including 3.0 g/t
       Pt, over 8 meters and extends strike length of the high grade W
       horizon by 50 m
    -  drillhole M-08-423 intersected 20 m of 2.01 g/t PGM+Au and 0.21% Cu,
       including an 8 m interval of 3.58 g/t PGM+Au and 0.42% Cu
    -  these results help to fill a drilling gap in the current resource and
       will improve the resource size and reduce the amount of waste mining
    

    David Good, VP of Exploration noted, "Filling in drilling gaps will help
boost the resource size. In addition, these results demonstrate the continuity
of high grade lenses within the W-Horizon. Putting this drilling into context
- a large resource is becoming larger through drilling."
    "Platinum and palladium are being added to the deposit at a time of
rapidly increasing prices for these metals. The Marathon PGM Project just
keeps getting bigger and better," commented Phillip Walford, Marathon's
President and CEO.

    Current Drilling
    ----------------

    Marathon is currently drilling in an area where low density of drilling
resulted in a minimum of modeled resource material. As this area is within the
current designed pit shell, much of the contained rock was considered waste.
Results from the first six of a total of 15 planned holes are very promising.
The three holes drilled within the pit shell (M-08-418, M-08-422 and M-08-423)
all contain mineralization that either was not previously contained in the
resource or is thicker and of higher grade than modelled.
    Drillhole M-08-423 intersected 20 m at 2.01 g/t PGM+Au and 0.21% Cu,
including an 8 m interval of 3.58 g/t PGM+Au and 0.42% Cu. Two new holes
drilled immediately south of M-08-423 indicates that mineralization is
increasing in thickness to the south and down dip. Assays are currently
pending for these two holes.
    M-08-418 is an important drillhole as it extends the high grade W horizon
approximately 50 m along strike, down dip, and is within the current pit
shell. Lower grades encountered within drillhole 422 are interpreted as new
mineralization. These new mineralized intervals are expected to increase the
resource and decrease the strip ratio as they occur within the designed pit
shell.
    Drillhole 419 hosts the best intersection, grading 6.73 g/t PGM and Au
and 0.02% Cu over 8m. The higher Pt:Pd ratio of 0.85 in hole 419 is consistent
with results seen last year for the W horizon. This represents the discovery
of a new high grade shoot within the W-Horizon. This intersection lies 25 m
below of the pit shell, was not included in the modelled resource, and extends
the W-horizon by approximately 50 m along strike and down dip. Mineralization
in M-08-420 is located 100 m outside of the pit shell and has definite
potential to increase the resource.

    
    Table 1: Results from Marathon Drilling
    ---------------------------------------

    -------------------------------------------------------------------------
                              True                            Total PGM
                From    To  Thickness  Pd      Pt        Au      and      Cu
    Hole        (m)     (m)    (m)    (g/t)   (g/t)     (g/t)  Au (g/t)  (%)
    -------------------------------------------------------------------------
    M-08-418    100     102     2     2.49     0.78     0.01    3.28    0.01
    -------------------------------------------------------------------------
    M-08-419    130     138     8     3.53     3.00     0.19    6.73    0.02
    -------------------------------------------------------------------------
    M-08-419    170     180    10     0.22     0.13     0.06    0.41    0.18
    -------------------------------------------------------------------------
    M-08-420    220     230    10     0.41     0.14     0.05    0.60    0.28
    -------------------------------------------------------------------------
    M-08-420    240     246     6     0.33     0.14     0.05    0.52    0.26
    -------------------------------------------------------------------------
    M-08-422     92      96     4     0.56     0.31     0.10    0.96    0.11
    -------------------------------------------------------------------------
    M-08-422    104     108     4     0.14     0.08     0.08    0.31    0.11
    -------------------------------------------------------------------------
    M-08-423    190     210    20     1.47     0.42     0.13    2.02    0.22
    -------------------------------------------------------------------------
    including   200     208     8     2.64     0.74     0.20    3.58    0.42
    -------------------------------------------------------------------------
    M-08-423    238     256    18     0.21     0.12     0.07    0.39    0.13
    -------------------------------------------------------------------------
    

    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., Ph.D., Marathon's 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 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, 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
forward-looking statements.

    On Behalf of Marathon PGM:
    "Phillip C. Walford"

    %SEDAR: 00020574E




For further information:

For further information: Phillip C. Walford, P.Geo., President, Chief
Executive Officer, Tel: (416) 987-0711, gen@marathonpgm.com; 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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