Marathon Finalizes Option Agreement for Ore Fault and Plans Drill Campaign for Resource Development



    TORONTO, Nov. 1 /CNW Telbec/ - Marathon PGM Corporation (MAR -- TSX)
("Marathon" or the "Company") today announced that it has finalized a
definitive option and joint venture agreement with Bird River Mines Inc.
(BRMI-CNQ) ("Bird River Mines") to explore and earn an interest in the Ore
Fault and Lotus Claims ("Ore Fault", or "OF") owned by Bird River Mines. The
agreement is subject to approval by Bird River Mines' shareholders at its
annual meeting to be held in December. The OF is located in the Bird River
Sill area of southeast Manitoba, adjacent to Gossan Resources' property, which
is under option to Marathon.
    "We plan to spend over $1 million on a drilling campaign starting in
January in order to upgrade the existing resource to NI43-101 compliance and
discover additional mineralization. Our goal of finding new economic resources
between the Ore Fault, Page and Coppermine Zones has a very high likelihood of
success, based on work completed to date," commented Phillip Walford,
Marathon's President and CEO.
    Marathon's goal of developing NI43-101 compliant resources at the Bird
River Property is based on the potential demonstrated from past production and
the presence of multiple untested geophysical anomalies. Both the Page and
Coppermine Zones have PGM and base metal mineralization, based on Marathon's
prospecting to date on the Bird River property. Drilling in January 2008 will
focus on targets identified through prospecting, geophysical surveying and
drilling by previous operators.

    Bird River Property - Ore Fault

    The Ore Fault Zone's North Anomaly occurs from surface to a minimum depth
of 250 m, has a minimum strike length of 150 m and was drilled in two prior
exploration programs totalling 44 holes. The Ore Fault Zone does not have an
NI43-101 compliant resource at present. PGM are present in the Ore Fault Zone,
but evaluation of the PGM mineralization by previous operators was incomplete
as it the PGM were not systematically assayed for in most of the drilling. The
Ore Fault Zone coincides with strong magnetic and electromagnetic geophysical
anomalies. A second similar geophysical response, the South Anomaly, outlined
approximately 1 km to the south, is considered to be a priority target as
Marathon can find no record of it having been drilled.
    The southeastern end of the Ore Fault is located less than 100 meters
from Mustang Minerals' Anderson Cup discovery, which recently returned initial
drill results of 0.81% copper over 17.5 meters and 0.55% copper over
30.7 meters (see MUM release of September 25, 2007). There is no record of any
exploration activity on the eastern Ore Fault.

    
    Table 1:
    Significant Drill Hole Results from Ore Fault Zone(1), (2) and (3)
    -------------------------------------------------------------------------
    Hole      From       To   Thickness        Cu      Ni       Zn        Ag
                (m)      (m)         (m)       (%)     (%)      (%)     (g/t)
    -------------------------------------------------------------------------
    DDH4      18.9     40.0        18.5      0.89    0.46     1.06      23.3
    -------------------------------------------------------------------------
    DDH16      2.5     13.6        11.1      0.54     2.0      2.1     151.0
    -------------------------------------------------------------------------
    DDH21    143.3    179.6        36.3      0.29    0.63    n/d(3)    n/d(3)
    -------------------------------------------------------------------------

    (1) Assay results from: NI43-101 Technical Report on the Ore Fault
        Property, Prepared for Bird River Mines Inc., by Horst W. Petak,
        Ph.D., P.Eng., P.Geo. (available on sedar.com)
    (2) This work was completed prior to NI 43-101 being implemented.
        Marathon has not yet verified the historical values, and is not
        treating any of the values as part of a current mineral
        reserve/resource estimate and should not be unduly relied upon.
    (3) The "n/d" indicates not detected.

    Bird River Property - Page Zone

    Prospecting by Marathon in the summer of 2007 outlined mineralization over
an 800 m strike length at the Coppermine Zone and extended mineralization
approximately 130 m east of the Page East Zone (please see MAR release of
August 29, 2007). Marathon will drill at the Page Zone during the first
quarter of 2008 to build an NI43-101 compliant resource. A number of
historical drill holes over a strike length of a kilometer show mineralization
open along strike and to a depth of over 200 meters. A drilling program is
being designed in order to confirm historical holes and to allow drill density
sufficient to build an NI43-101 compliant resource.


    Table 2: Some Significant Historical Drillhole Results from Page Zone
    -------------------------------------------------------------------------
                                                                       Total
                                                                         PGM
    Hole                    Inter-                                       and
               From     To    val    Ni    Cu    Co    Pd    Pt    Au     Au
                 (m)    (m)    (m)   (%)   (%)   (%) (g/t) (g/t) (g/t)  (g/t)
    -------------------------------------------------------------------------
    BR-05-01  42.90  51.10   8.20  0.48  0.15  0.03  0.46  0.12  0.02   0.60
    -------------------------------------------------------------------------
    BR-05-02  43.68  61.40  17.72  0.96  0.45  0.04  0.65  0.24  0.03   0.92
    -------------------------------------------------------------------------
    BR-06-09  42.90  58.90  16.00  0.66  0.42  0.03  0.42  0.14   n/a   0.56
    -------------------------------------------------------------------------
    BR-06-10  77.90  86.60   8.70  0.92  0.45  0.05  0.89  0.26   n/a   1.15
    -------------------------------------------------------------------------
    HUDBAY 3  71.48  76.21   4.73  1.43  1.38  0.06  1.49   inc   n/a   1.49
    -------------------------------------------------------------------------
    
    Notes to Table 1 - Assaying from HUDBAY hole 3 was sporadic, resulting in
    "inc" indicating assaying was incomplete. Designation of "n/a" indicates
    element not assayed for.

    (To see a map of the Bird River Property, go to
    http://www.marathonpgm.com/newsmaps/2007-36.jpg)

    All exploration work is being performed under the guidance and
supervision of Phillip C. Walford, President and Chief Executive Officer of
the Company, a professional geologist and Qualified Person as defined by
National Instrument 43-101. Mr. Walford has approved the contents of this
press release.

    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
project financing. In October 2007, Marathon entered into an agreement with
Bird River Mines Inc on the Ore Fault and Lotus Properties, located on the
eastern margin of Marathon's Bird River property.
    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
forward-looking statements.

    On Behalf of Marathon PGM:
    "Phillip C. Walford"
    Phillip C. Walford, P.Geo.
    President, Chief Executive Officer
    gen@marathonpgm.com
    Tel: +1.416.987.0711




For further information:

For further information: please contact: David Leng, P.Geo:
dleng@marathonpgm.com, (905) 537-5377, Fax: (416) 861-1925; For media
inquiries, please contact: Vanessa Napoli, vnapoli@renmarkfinancial.com, (514)
939-3989

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