TORONTO, Aug. 12 /CNW/ - Marathon PGM Corporation ("Marathon" or "the
Company", MAR-TSX) is pleased to provide an update on the Definitive
Feasibility Study ("DFS") for the Marathon PGM-Cu project.
- milling rate of 22,000 tpd and projected production rate of over
200,000 oz PGM and Au and 40M lbs Cu would make Marathon one of the
top 3 PGM producers in North America and top 10 in the world
- current minelife is in excess of 14 years
- the DFS is on track for completion in September 2008
- proven and probable mineral reserves will be announced in September
- discussions with Federal and Provincial Agencies have been taking
place since Q4 of 2007
- a preliminary project description has been submitted and a number of
departments have provided helpful comments
"Considering the sheer size of the Marathon Project, it has nonetheless
progressed very efficiently. Our milestones have continually been met on time.
There is no doubt that we are benefiting from having the Marathon Project in
an ideal location for infrastructure and power," said Phillip Walford,
President and CEO.
Marathon DFS Team
Involved on the Marathon DFS are Micon International ("Micon"), Golder
Associates ("Golder"), MetChem Canada Inc. ("Met-Chem") and P&E Mining
Consultants ("P&E"). Micon is responsible for the overall management of the
DFS as well as the metallurgical design and concentrate marketing. Golder is
responsible for the environmental studies, tailings dam design and overall
geo-technical aspects of the Study. Met-Chem is responsible for the process
and infrastructure design, engineering and estimating, and P&E is responsible
for the Mineral Resources, Mineral Reserves and all the mining related aspect
of the DFS. Ray Mason, VP of Operations, is overseeing the DFS process on
behalf of Marathon PGM. Dave Good, P.Geo., VP of Exploration is overseeing
resource drilling and geology.
"I feel that our success to date is in large part due to the
collaborative efforts of all players behind the Marathon DFS," said Ray Mason,
VP of Operations.
Definitive Feasibility Study
The DFS for the Marathon PGM-Cu Project is on track for completion in
September 2008. P&E Engineering are currently finalizing a revised pit design
based on new reserves and updated CAPEX. Golder is currently finalizing
reports, as all fieldwork is completed. Met-Chem has completed the conceptual
design for the DFS. Revised CAPEX figures have been based on recent budgetary
quotes received from qualified suppliers.
An updated NI 43-101 compliant resource estimate for the Marathon Project
will be completed in August. This updated resource estimate will incorporate
drilling on both the Marathon property and Benton JV properties completed in
2008. A total of 11,134 metres from the Marathon property and 8,403 metres
from the Benton JV property will be incorporated into the new resource.
Reserves for the Marathon project will be delivered in September as an
integral part of the DFS.
First Nations Communities
Marathon has signed two memorandums of understanding ("MOU") with both
the Pic River ("PRFN") and Pic Mobert ("PMFN") First Nations. The MOU guides
how both Marathon and the First Nations will cooperate during the development
phase of the Marathon PGM-Cu Project. The MOU will serve as a basis to guide
consultation towards the establishment of Impact and Benefits Agreements
("IBA") between Marathon, PRFN and PMFN.
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.
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
On Behalf of Marathon PGM:
"Phillip C. Walford"
Phillip C. Walford, P.Geo.
President, Chief Executive Officer
For further information:
For further information: David Leng, P.Geo: Tel: (416) 849-3432, Fax:
(416) 861-1925, firstname.lastname@example.org