Marathon reports final holes of 2007 campaign and hits thickest ever interval of PGM-Cu mineralization - 126 m of 0.97 g/t PGM and gold and 0.35% copper



    TORONTO, Oct. 24 /CNW Telbec/ - Marathon PGM Corporation (MAR -- TSX)
("Marathon" or the "Company") is pleased to announce the final drill results
from the 2007 exploration campaign at the Company's 100% owned Marathon PGM-Cu
Project, located 10 km northwest of Marathon, Ontario.
    "These final holes satisfy one of the primary goals from the outset of
this campaign - to define thick intersections of mineralization outside of the
current resource. The other goal was to find more high grade material. Both
goals have been achieved in this campaign and they are expected to have a
significant impact on the new resource calculation" said Phillip Walford,
Marathon's President and CEO.
    These holes were drilled to expand the thicker zones of mineralization on
the western margin of the existing resource and were highly successful in
finding new zones of thick mineralization and expanding the size of previously
known zones. The fence of holes formed by M-07-403, 405, 406, 410 and 417
intersected intervals of mineralization up to 120 m thick to the west. The
mineralized interval of 122 m thickness in hole M-07-417 is the thickest ever
discovered to date on the property.
    A number of Marathon's drillholes outside of the existing resource
intersected substantial mineralization above the current thickness and grade
cut-offs. Marathon believes that incorporation of the 180 holes from the
40,000 metre drilling campaign of 2007 into the existing resource database
will increase the resource beyond what has been reported to date.

    
    Table 1: Significant Drill Hole Results
    -------------------------------------------------------------------------
    Hole       Zone     From   To  True      Pd     Pt      Au  Total     Cu
                          (m)  (m) Thick-  (g/t)  (g/t)   (g/t)   PGM     (%)
                                   ness                           and
                                     (m)                           Au
                                                                 (g/t)
    -------------------------------------------------------------------------
    M-07-403   Main      252  340    82    0.73   0.21    0.08   1.01   0.25
    -------------------------------------------------------------------------
    includes             322  336    12    1.19   0.32    0.15   1.65   0.51
    -------------------------------------------------------------------------
    M-07-405   Main      239  359   115    0.53   0.16    0.08   0.77   0.32
    -------------------------------------------------------------------------
    includes             297  359    60    0.71   0.20    0.10   1.01   0.48
    -------------------------------------------------------------------------
    M-07-413   Main      125  143    18    0.68   0.31    0.05   1.04   0.20
    -------------------------------------------------------------------------
               Main      189  215    26    1.04   0.33    0.20   1.56   0.58
    -------------------------------------------------------------------------
    includes             203  215    12    1.53   0.44    0.27   2.24   1.04
    -------------------------------------------------------------------------
    M-07-417   Main      192  318   122    0.62   0.27    0.08   0.97   0.35
    -------------------------------------------------------------------------
    

    (A table containing complete intercepts from these drill holes is
presented online at http://www.marathonpgm.com/newsmaps/2007-33-results.jpg. A
drill hole location map can be viewed online at
http://www.marathonpgm.com/newsmaps/2007-33.jpg).

    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.
    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 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: David Leng, P.Geo: dleng@marathonpgm.com, (416)
849-3432, Fax: (416) 861-1925; For media inquiries, please contact: Vanessa
Napoli, vnapoli@renmarkfinancial.com, (514) 939-3989

Organization Profile

MARATHON PGM CORPORATION

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890