Ore Fault Drilling Hits 4.5m of 1.32% Ni, 0.14% Cu, and 1.31g/t PGM and Gold, NI 43101 Compliant Resource Expected in Q4



    TORONTO, July 16 /CNW/ - Marathon PGM Corporation ("Marathon" or "the
Company", MAR-TSX) is pleased to report the final results from the resource
development drilling program at the Ore Fault Zone ("OFZ") within the Bird
River Project, southeast Manitoba. Drilling at the OFZ intersected multiple
zones of Nickel-Copper-Platinum Group Metals ("Ni-Cu-PGM") mineralization and
Zinc-Silver-Copper ("Zn-Ag-Cu") mineralization.

    
    Highlights:

    -   35m intersection of Ni-Cu-PGM mineralization grading 0.41% Ni,
        0.10% Cu and 0.57g/t PGM and Au including a 4.5m intersection grading
        1.32% Ni, 0.14% Cu and 1.31g/t PGM and Au
    -   the NI43-101 compliant OFZ resource estimate will be completed in Q4
    

    "We have confirmed at least two continuous zones of mineralization along
150m of strike length to a depth of approximately 250m that are open to the
north and down dip. We are already planning the next phase of drilling to
continue to expand both zones," said David Good, VP of Exploration.

    
    Ore Fault North Zone - Drilling Results
    -------------------------------------------------------------------------
                                                   Total
                                                    PGM
                           True                     and
                From   To  Width   Pd    Pt    Au   Au    Ag    Zn   Cu   Ni
      Hole      (m)   (m)   (m)  (g/t) (g/t) (g/t) (g/t) (g/t) (%)   (%)  (%)
    -------------------------------------------------------------------------
    MF-08-18  103.55  127  23.45  0.33  0.09 0.02  0.44   2.35 0.02 0.15 0.33
    -------------------------------------------------------------------------
    MF-08-18    129   132   3.00  0.10  0.02 0.12  0.24   2.43 1.56 0.09 0.21
    -------------------------------------------------------------------------
    MF-08-19    177   212  35.00  0.44  0.12 0.01  0.57   2.91 0.06 0.10 0.41
    -------------------------------------------------------------------------
    including   177  181.5  4.50  1.17  0.13 0.01  1.31   1.06 0.01 0.14 1.32
    -------------------------------------------------------------------------
    MF-08-19    246   251   5.00  0.02  0.01 0.02  0.05  10.86 0.12 0.28 0.01
    -------------------------------------------------------------------------
    MF-08-19    276   278   2.00  0.29  0.07 0.01  0.38   6.00 0.06 0.23 0.29
    -------------------------------------------------------------------------
    MF-08-19    279   297  18.00  0.04  0.02 0.01  0.07   9.72 0.64 0.24 0.03
    -------------------------------------------------------------------------
    including   279   281   2.00  0.25  0.04 0.07  0.36  13.40 2.52 0.43 0.15
    -------------------------------------------------------------------------
      and       293   297   4.00  0.02  0.01 0.01  0.04  18.10 0.77 0.48 0.02
    -------------------------------------------------------------------------
    MF-08-19    308   309   1.00  0.01  0.01 0.18  0.20  19.50 0.47 0.62 0.01
    -------------------------------------------------------------------------
    MF-08-19    312   313   1.00  0.02  0.02 0.04  0.07  16.00 0.14 0.46 0.01
    -------------------------------------------------------------------------
    MF-08-20    111   116   5.00  0.02  0.02 0.01  0.04   3.58 0.74 0.06 0.01
    -------------------------------------------------------------------------
    MF-08-21   50.2    53   2.80  0.07  0.02 0.02  0.11   5.46 0.44 0.15 0.07
    -------------------------------------------------------------------------
    MF-08-21     59    62   3.00  0.26  0.04 0.02  0.32   5.37 0.92 0.12 0.18
    -------------------------------------------------------------------------
    

    Ore Fault Mineralization and Resource Development Drilling

    The final holes of the campaign intersected multiple horizons of
Ni-Cu-PGM and Zn-Ag-Cu mineralization hosted within sulphide lenses that
typically dip 50 to 70 degrees to the west. Mineralization generally
correlates well between holes, along strike and across section. Individual
holes that provided significant information regarding mineralization are
MF-08-18, -19 and -20 and -21.
    Hole MF-08-19 displayed good down-dip continuity of Ni-Cu-PGM and
Zn-Ag-Cu mineralization from hole MF-08-07, which intersected 19.7m grading
4.6% Zn. Mineralization in MF-08-19 is approximately 70m downdip from
MF-08-07, which demonstrates the extensive thicknesses and widths of
mineralization found to date at the OFZ.
    In summary, the 2008 drilling campaign provided good correlation of
mineralization across sections and corroborates that mineralization remains
open down dip and to the north.
    Marathon's geological interpretation from the OFZ drilling reveals that
there are two mineralized systems. Ni-Cu-PGM sulphide mineralization is hosted
within north-west trending and moderately dipping (~50 to 70 degrees west)
ultramafic units of the Bird River Sill and north trending VMS-type Zn-Ag-Cu
mineralization hosted within near vertical quartz veins and associated
chlorite-garnet schist.
    Marathon is awaiting results of a Crone geophysical down-hole survey,
which was completed on 8 holes at the OFZ. The down-hole survey is a widely
used exploration tool to assist in detection of off-hole mineralization. A
geophysical anomaly to the south of the Ore Fault Zone will be tested in the
next drilling program planned for early 2009.
    Semi-massive to massive sulphide lenses at the OFZ exhibit higher metal
values. Marathon used a tight drill density in order to properly define these
metal rich lenses and provide higher degrees of confidence of the OFZ resource
estimate, which is expected to be completed in the fourth quarter of 2008.
    Marathon has an option to earn 100% of the 446 hectare Ore Fault Property
from Bird River Mines Inc (see MAR release of January 7, 2008). The Ore Fault
Property is part of a larger area called the Bird River Project that consists
of 7,301 ha that Marathon has an option to earn up to 70% of this project from
Gossan Resources (see MAR release of April 17, 2007). The Bird River Project
covers a strike length of 22km and has numerous known showings of Ni-Cu-PGM
mineralization. Marathon's drilling has only tested the easternmost 3km of the
Bird River Project.

    To view a drill map please click on
    http://www.marathonpgm.com/newsmaps/2008-33.jpg

    Samples consist of NQ-size drill core that are split by diamond saw on
site, prepared at ALS Chemex Vancouver, and assayed by fire assay with an
ICP-OES finish (for Pt, Pd and Au) and acid dissolution and ICP-OES finish for
base metals. Marathon's quality assurance-quality control (QA-QC) program
consists of insertion of standards of known PGM content and duplicates every
30 samples. After sampling, the remaining half core is retained on site for
future verification and reference purposes.
    David Good, P.Geo., VP 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 in the process of completing a definitive feasibility study
on the Marathon PGM-Cu deposit, which is on track for completion in September.
Marathon also has development and exploration stage properties in southeastern
Manitoba and western Newfoundland and Labrador. Marathon's management plans to
build on this focus through the advancement of its properties, focusing on
resource development and by examining other strategic PGM and base metal
opportunities within Canada.

    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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