Marathon Files Technical Report on Feasibility Study and Resumes Drilling at Bird River



    TORONTO, Feb. 3 /CNW/ - Marathon PGM Corporation ("Marathon" or "the
Company", MAR-TSX) is pleased to announce it has received the NI 43-101 F1
technical report of the Definitive Feasibility Study of its 100% owned
Marathon PGM-Cu Project (the "Project") located 10 km north of Marathon,
Ontario. The technical report of the DFS is on SEDAR and on the Company's web
page at http://www.marathonpgm.com/reports.htm.
    President and CEO Phillip Walford noted, "In four years, we have
developed an economically attractive deposit. Even now, the Marathon district
has years of unexplored potential."

    
    Excerpt of report highlights:
    -------------------------------------------------------------------------
                                                           Base Case (3 year
                                                            trailing average)
    -------------------------------------------------------------------------
    Undiscounted cash flow (pre-tax)                         CAD$510 million
    -------------------------------------------------------------------------
    Undiscounted cash flow (after tax)                       CAD$369 million
    -------------------------------------------------------------------------
    Proven and probable reserves
    -------------------------------------------------------------------------
      Copper                                                  465,310,000 lb
    -------------------------------------------------------------------------
      PGM+Au                                                    2,745,000 oz
    -------------------------------------------------------------------------
      Silver                                                    4,026,000 oz
    -------------------------------------------------------------------------
    Average annual metal production
    -------------------------------------------------------------------------
      Copper                                                  42 million lbs
    -------------------------------------------------------------------------
      PGM+Au                                                      201,000 oz
    -------------------------------------------------------------------------
      Silver                                                      310,000 oz
    -------------------------------------------------------------------------
    (for complete details, please see December 19th, 2008 press release).
    

    Marathon District Exploration

    The current total of in situ metals defined by Marathon is 5.06 m oz
PGM+Au, 10 m oz Ag and 993.6 m lbs Cu. As a percentage of the total in situ
resource, Marathon's reserves account for only 54.2%, 46.8% and 40.2% of the
total contained PGM+Au, Ag and Cu, respectively. This illustrates the
demonstrated potential to add reserves and extend the projected minelife.
    The two largest areas for adding resources are located (i) immediately
outside the Marathon designed pit and (ii) at the Geordie Lake Deposit,
located 14km west of Marathon. Large blocks of PGM-Cu mineralization extend
well beyond the current Marathon designed pit. These blocks were not included
in the reserves due to current economic constraints, yet represent future
mining potential later in the project's life when better metal prices return.
In addition, there are several known PGM-Cu mineralized zones on strike from
the Marathon deposit that have not been fully explored.
    The Geordie Lake Deposit is located 14km west of the Marathon Deposit and
is 100% owned by Marathon. It has an existing measured and indicated resource
of 25.99 Mt grading 0.55 g/t Pd, 0.03 g/t Pt, 0.05 g/t Au, 0.35% Cu and 2.35
g/t Ag representing 456,800 oz Pd, 28,400 oz Pt, 45,800 oz Au, 195.7M lb Cu
and 1,938,400 oz Ag (please see MAR release of 08-Jul-08). Mineralization at
Geordie Lake is open down dip and to the north and south, which bodes well for
expanding the resource. The potential for additional PGM-Cu zones is high.

    Bird River Drilling

    Marathon has started its winter drilling campaign at the Bird River
Project in southeast Manitoba. Geophysical targets near the Page and Ore Fault
Zones will be drilled in this campaign. These targets are high priority, as
they are adjacent to resources already quantified by Marathon, and the
drilling is designed to increase the current resources. The Bird River Project
is a joint venture with Gossan Resources (TSX.v-GSS). Marathon currently owns
53% of the Project and is able to earn a larger ownership by continuing to
advance the project if Gossan elects not to participate in exploration
programs. The Bird River Project is very large, covering a strike length of
22km of the Bird River Sill. Numerous known showings of Ni-Cu-PGM
mineralization are present throughout the Bird River Sill. Marathon's drilling
to date has only tested 3km of the east end of the Bird River Project.
    David Good, VP of Exploration noted, "We have compiled a great deal of
information and been successful in proving up two resources in just one year."

    Qualified Persons

    The Marathon DFS was prepared by Micon under the supervision of Richard
Gowans, P.Eng., the independent QP. Mr. Gowans is President and Principal
Metallurgist with Micon. Mr. Phillip Walford, President and CEO of Marathon,
is the Company's designated QP for the purpose of the DFS. Mr. Gowans and Mr.
Walford have reviewed and approved the contents of this press release.

    Financing and Cash Resources

    As at December 31, 2008, Marathon had $16.2 million in its treasury. The
Company is examining a variety of different methods of developing the Marathon
Deposit, including joint ventures, royalty arrangements, and various project
equity and debt instruments.
    The Company has engaged TD Newcrest to act as financial advisor in
determining the best approach to developing the Marathon PGM-Copper Project.

    Cautionary Notes Concerning Estimates of Mineral Resources

    This news release uses the terms measured, indicated and inferred
resources as a relative measure of the level of confidence in the resource
estimates that occur separate from the quoted mineral reserves. Readers are
cautioned that Marathon's mineral resources associated with the Geordie Lake
Deposit are not economic mineral reserves and that the economic viability of
resources that are not mineral reserves has not been demonstrated. In
addition, inferred resources are considered too geologically speculative to
have any economic considerations applied to them. It cannot be assumed that
all or any part of an inferred mineral resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of inferred mineral resources
may not form the basis of feasibility or pre-feasibility studies or economic
studies except for Preliminary Assessment as defined under NI 43-101. Readers
are cautioned not to assume that that further work on mineral resources will
lead to mineral reserves that can be mined economically.

    About Marathon PGM Corporation:

    Marathon has completed a definitive feasibility study on the Marathon
PGM-Cu deposit and also has development and exploration stage properties in
southeastern Manitoba and western Newfoundland and Labrador. The Company is
actively looking for additional projects of merit.

    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
forward-looking statements.

    
    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:

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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