Marathon PGM Corporation - Excellent Geordie Lake Drill Results

TORONTO, March 22 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("MAR" or "the Company") reports that recent drilling has intersected thick intervals of PGM-Cu mineralization at Geordie Lake. The 100% owned Geordie Lake PGM-Cu Deposit ("Geordie Lake") is located 10 km northwest of the town of Marathon, Ontario. Phase 1 drilling to improve grade and resource classification is now complete and an updated resource calculation is expected in Q2.

Highlights:

    
    -   hole G-10-16 intersected 56 m of 0.47 % Cu, 0.97 g/t PGM and Au and
        4.2 g/t Ag
    -   fifteen of the sixteen Main Zone intersections released to date
        exceed the average grade of the current resource
    -   Main Zone mineralization above 0.5 % Cu cut-off now up to 36 m thick
        and 800 m along strike (longitudinal section)
    -   Hanging Wall and Main Zones of mineralization remain open along
        strike and down dip
    

"The in-fill and step-out drilling in Phase 1 has successfully extended the Main Zone with better than expected grades and thicknesses. These positive results will be reflected in the updated resource calculation," said David Good, VP of Exploration.

    
    Results from Geordie Lake Drilling
    ----------------------------------

    -------------------------------------------------------------------------
                                                            Total
                           True                            PGM and
    Hole       From   To   Width  Zone  Pd     Pt     Au     Au    Ag    Cu
                (m)   (m)   (m)        (g/t)  (g/t)  (g/t)  (g/t) (g/t)  (%)
    -------------------------------------------------------------------------
    G10-13    128.0  136.0   8.0   HW   0.26   0.01   0.02   0.29   5.0  0.18
    -------------------------------------------------------------------------
              172.0  190.0  18.0   MZ   0.83   0.07   0.06   0.96   2.7  0.41
    -------------------------------------------------------------------------
    includes  178.0  186.0   8.0   MZ   1.36   0.12   0.09   1.57   5.0  0.69
    -------------------------------------------------------------------------
    G10-14     14.0   26.0  12.0   HW   0.35   0.02   0.03   0.40   1.5  0.20
    -------------------------------------------------------------------------
               48.0   58.0  10.0   MZ   0.98   0.07   0.07   1.12   1.8  0.29
    -------------------------------------------------------------------------
    G10-15     22.0   32.0  10.0   HW   0.28   0.02   0.03   0.33   1.2  0.16
    -------------------------------------------------------------------------
               56.0   64.0   8.0   MZ   1.08   0.07   0.08   1.22   2.2  0.43
    -------------------------------------------------------------------------
    G10-16    168.0  224.0  56.0   MZ   0.85   0.05   0.06   0.97   4.2  0.47
    -------------------------------------------------------------------------
    includes  188.0  224.0  36.0   MZ   1.09   0.07   0.08   1.23   4.8  0.58
    -------------------------------------------------------------------------
    HW - hanging wall zone, MZ - main zone
    

Mineralization, Geology, Drilling and Resource Estimate

The Geordie Lake Gabbro hosts two thick and continuous PGM-Cu sulphide mineralized zones that strike north-south and dip at ~45 degrees to the west. The Main Zone is up to 56 m thick whereas the Hanging Wall zone is generally less than 20 m thick and of lower grade. An 8 to 36 m thick subzone containing 0.5 to 1.5 % Cu is located at the base of the Main Zone and is continuous along strike for over 800 m. This subzone is open down dip and along strike as shown in the Geordie Lake longitudinal section.

The current Geordie Lake resource is based on 34 drill holes and will be updated in Q2 with results from the latest 21 drill holes (drill location map). The recent drill program targeted the thicker zones of PGM-Cu enriched basal mineralization with the expectation of improving the grade, tonnage and classification of the Geordie Lake resource. Assays for holes G10-17 to G10-21 are pending.

Mineralization has been identified in 55 drill holes over a strike length of 1.5 km and is open in both directions along strike and down dip. Expansion potential to the north is exceptional as recent rock sampling carried out by Marathon returned anomalous copper and PGM values, but no drilling has been completed in the area.

The current Geordie Lake 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. Marathon is pursuing the Geordie Lake resource as a possible satellite deposit to the larger Marathon PGM-Cu deposit located 14 kilometers to the east, where the Company has completed a feasibility study recommending a processing rate of 22,000 tpd. The Geordie Lake Deposit could add significantly to the operating life of the Marathon PGM-Cu project.

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, Ph.D., 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, dleng@marathonpgm.com

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MARATHON PGM CORPORATION

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