TORONTO, June 10 /CNW/ - Marathon PGM Corporation ("Marathon" or "the
Company", MAR-TSX) is pleased to announce that it has completed the purchase
of the Bamoos Land Package from Benton Resources ("Benton"). Marathon
purchased 100% ownership of a land package consisting of one mining lease and
one claim block covering a total of 329 hectares, adjoining the northern
border of the Marathon PGM-Cu Project (the "Project") located 10 km north of
Marathon, Ontario. All terms of the purchase agreement have been met and land
title has been transferred over to Marathon. Please see Marathon's press
release of 25-Mar-09 for the terms of the purchase agreement.
- purchase preserves Marathon's mineral reserves and eases development
of mining the Main Zone and satellite zones of the Benton land
- purchase allows the Benton lands to be included in the ongoing
federal and provincial permitting process for the future Marathon
Project, as well as the potential revision of the definitive
"Purchase of the Bamoos property is a strategic move and will benefit the
Marathon Project. Being involved with Benton was a mutually beneficial
experience and we hope there are other opportunities in the future," commented
Phillip Walford, Marathon's President and CEO.
Stephen Stares, Benton's President and CEO, stated, "we are delighted to
see the Bamoos transaction come to a close and we look forward to seeing the
project move forward. Marathon has an exceptional team and we're excited to be
involved with our equity position and the 2% Net Smelter Royalty."
Purchase of the Bamoos Property demonstrates Marathon's continued
commitment to increase shareholder value. The purchase further maintains
Marathon's reserve and eases future resource development.
Phillip Walford, P.Geo., President and CEO, is Marathon's Qualified
Person in compliance with National Instrument 43-101 with respect to this
release. Mr. Walford has reviewed the contents for accuracy and has approved
this press release on behalf of Marathon.
Clinton Barr, P.Geo., V.P. Exploration, is Benton's Qualified Person in
compliance with National Instrument 43-101 with respect to this release. Mr.
Barr has reviewed the contents for accuracy and has approved this press
release on behalf of Benton.
About Marathon PGM Corporation:
Marathon completed a definitive feasibility study on the Marathon PGM-Cu
Project in December of 2008. 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
About Benton Resources:
Benton Resources Corp. is a mineral exploration company listed on the TSX
Venture Exchange under the symbol BTC. Benton's aggressive and experienced
management team is focused on base and precious group metal exploration.
Benton's diverse property portfolio includes Canadian projects, which are
highly prospective for gold, uranium, platinum, palladium, nickel and copper.
Benton currently has approximately $14 million in working capital and has
joint ventured several of their projects to major and junior mining companies.
Benton also holds a 34.3% interest in Coro Mining Corp., a company focused on
Latin American copper and gold projects in Chile and Argentina.
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
On Behalf of Marathon PGM: On Behalf of Benton Resources Corp:
"Phillip C. Walford" "Stephen Stares"
Phillip C. Walford, P.Geo. Stephen Stares
President, Chief Executive Officer President, Chief Executive Officer
Tel: +1.416.987.0711 Tel: +1.807.475.7474
For further information:
For further information: David Leng, P.Geo., Tel: (416) 849-3432, Fax:
(416) 861-1925, firstname.lastname@example.org; Clint Barr, P.Geo., Tel: (807)
475-7474, Fax: (807) 475-7200, email@example.com