Marathon Samples 7.09 g/t PGM and gold, 0.69% Cu, 1.88% Ni, 2.11% Pb and 2.12% Zn at Steel Mountain Property



    TORONTO, Sept. 21 /CNW Telbec/ - Marathon PGM Corporation (MAR -- TSX)
("Marathon" or the "Company") is pleased to announce the initial results from
the 2007 exploration campaign on the recently staked Steel Mountain property,
located in western Newfoundland. Marathon has received the highest ever
recorded assay values for the Steel Mountain Complex and confirmed historical
values of PGM and polymetallic mineralization in two known showings. Marathon
has also identified a number of new targets that warrant future exploration
and plans to continue prospecting and geological mapping through the rest of
the year, with an airborne geophysical survey under consideration for the
spring of 2008.

    Prospecting Confirms Historical Values and Finds New Targets

    Marathon compiled historical data and initiated prospecting of the Lower
Sheep Brook ("LSB") and Upper Sheep Brook ("USB") areas during the summer of
2007. LSB mineralization consists of two narrow (up to 20cm) tapered lenses of
massive sulphide exposed over a trenched area 5 m by 8 m in size. Grab samples
collected in 2007 from the LSB showing returned assays of up to 2.72g/t Pt,
4.3g/t Pd, 17.7% Cu, 0.15% Co, 1.88% Ni, 2.88% Pb and 2.58% Zn.

    
               http://files.newswire.ca/357/steel_mountain.doc

    The USB showing, located 3.5 km northeast of the LSB showing, consists of
a 40 cm wide massive sulphide zone exposed over 2.5 m within anorthosite. The
2007 grab samples collected from the USB showing returned assays of up to
0.47g/t Pt, 0.09g/t Pd, 0.66% Cu, 0.04% Ni, 0.1% Pb and 0.07% Zn. The 2007
grab sample assay results verify historic assay results and, as in the case of
the LSB showing, significantly improve upon historic Pt and Pd values.

    Grab Sample Results from the LSB and USB showings
    -------------------------------------------------------------------------
                                     Total
                                       PGM
    Area Sample    Pd    Pt     Au  and Au     Cu     Co    Ni    Pb     Zn
                 (g/t)( g/t)  (g/t)   (g/t)    (%)    (%)   (%)   (%)    (%)
    -------------------------------------------------------------------------
    LSB  270017  0.05  0.10   0.06    0.21  17.72   0.03  0.21  0.19   0.15
    -------------------------------------------------------------------------
    LSB  270167  4.34  1.65   0.02    6.01   0.79   0.08  1.27  2.88   2.58
    -------------------------------------------------------------------------
    LSB  270168  0.59  0.86   0.02    1.47   0.22   0.06  1.65  2.31   2.19
    -------------------------------------------------------------------------
    LSB  270169  2.31  1.67  (less    3.98   0.51   0.11  1.48  0.73   0.87
                              than)
                              0.01
    -------------------------------------------------------------------------
    LSB  270170  4.35  2.72   0.02    7.09   0.69   0.09  1.88  2.11   2.12
    -------------------------------------------------------------------------
    LSB  270171  1.02  1.90  (less    2.92   0.31   0.10  0.89  0.19   0.02
                              than)
                              0.01
    -------------------------------------------------------------------------
    LSB  270172  0.92  1.86  (less    2.79   0.49   0.15  0.78  0.23   0.07
                              than)
                              0.01
    -------------------------------------------------------------------------
    LSB  270173  0.17  0.57  (less    0.75   0.08   0.14  0.11  0.09   0.03
                              than)
                              0.01
    -------------------------------------------------------------------------
    LSB  270174  1.00  1.01  (less    2.01   0.39   0.09  0.61  0.20   0.09
                              than)
                              0.01
    -------------------------------------------------------------------------
    LSB  270175  0.06  0.13  (less    0.20   0.08   0.01  0.04  0.02  0.003
                              than)
                              0.01
    -------------------------------------------------------------------------
    LSB  270176  0.35  0.70  (less    1.05   1.25   0.09  0.28  0.50   0.31
                              than)
                              0.01
    -------------------------------------------------------------------------
    RS   270177  0.07  0.13   0.02    0.22   0.19   0.01  0.03  0.05   0.08
    -------------------------------------------------------------------------
    RS   270178  0.05  0.47   0.03    0.55   0.19   0.03  0.03  0.10   0.12
    -------------------------------------------------------------------------
    RS   270179  0.09  0.26   0.06    0.41   0.66   0.02  0.04  0.10   0.07
    -------------------------------------------------------------------------
    

    The platinum/palladium ratio of these samples is approximately to be 1:2,
which is economically favourable.
    The area has not been previously explored systematically, as thick cover
and rocky terrain has made prospecting difficult. Marathon has conducted
systematic soil sampling over two, 1 km2 areas in the vicinity of the USB and
LSB showings, which returned anomalous values. The soil survey was designed
with spacings of 100 m by 25 m to allow for accurate delineation of targets.
The survey outlined 5 anomalous zones in the vicinity of the USB and LSB,
which will become a focus of on-going exploration.
    Phillip Walford, President and CEO, stated "These results are the highest
ever recorded for the Steel Mountain property. Small, high-grade lenses are
often the first step in finding larger bodies with economic potential."
    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 preformed 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-Polymetallic
property in western Newfoundland 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, located 25 km southwest of the town of
Stephenville, western Newfoundland. The Steel Mountain property is underlain
by the early to mid-Proterozoic aged Steel Mountain Complex. The complex,
consisting of variably deformed and altered anorthositic to gabbroic rocks,
lies in fault contact with the Long Range Fault. The Long Range Fault runs
through Newfoundland and is known to have gold mineralization associated with
the Fault and with splays off of the Fault. Sporadic past prospecting has
yielded historical grab sample assays of up to 1.48g/t Pt, 1.08g/t Pd,
1.17% Ni, 0.62% Cu and 0.11% Co for the Lower Sheep Brook showing and
1.78g/t Pt, 1.19g/t Pd, 1.10% Ni, 0.29% Co and 1.23% Zn for the Upper Sheep
Brook showing. Magnetite pods and Au-bearing quartz veins hosted by the Steel
Mountain anorthosite adjacent to Marathon's property has yielded over 500,000
tonnes of magnetite and up to 162.7g/t Au in grab samples and 3.04g/t Au over
40cm in drill core. Future exploration plans include continued prospecting,
stream and lake sediment sampling, and mapping in the fall of 2007 followed by
an airborne geophysical survey over the entire property in the spring of 2008.

    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, (905)
537-5377, Fax: (416) 861-1925; For media inquiries: Vanessa Napoli, (514)
939-3989, vnapoli@renmarkfinancial.com

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