TORONTO, June 11 /CNW/ - Marathon PGM Corporation ("Marathon" or "the
Company", MAR-TSX) is pleased to report the results of rougher and cleaner
flotation testwork completed at the Xstrata Process Support Centre ("XPS") on
samples from the Marathon PGM-Cu Project. The objective of this testwork was
to confirm the results from an extensive program undertaken in 2007 and 2008
for Marathon's Definitive Feasibility Study ("DFS") by SGS Lakefield Mineral
Services. This confirmatory testwork was directed by Richard Gowans P.Eng.,
the independent qualified person (QP). Mr. Gowans is a Vice President and
Senior Metallurgist with Micon International Limited ("Micon").
The confirmatory testwork was undertaken using one composite sample
consisting of coarse assay rejects selected by Marathon. The selection
criterion was to provide a sample that represented the average mineralization
and grade from the Main Zone Pit area.
The average grade of this sample was 0.295% Cu, 0.729g/t Pd, 0.187g/t Pt
and 0.083g/t Au, which is slightly lower for Pd, Pt and Au than the average
Measured and Indicated Mineral Resource grade.
The average results obtained after three replicate bench-scale batch
rougher flotation tests, when using the final flotation test conditions showed
a total Cu recovery of 92% with a rougher concentrated grade of 2.7% Cu and a
mass recovery of 10.3%. Average rougher recoveries for Pt, Pd and Au were 84%,
83% and 86%, respectively.
The primary cleaner tests conducted by XPS obtained primary Cu
concentrate grades of approximately 29%. Final open circuit cleaner
concentrate grades, when combining the primary and secondary rougher
concentrates, exceeded 20% Cu. These results are in-line with the results from
the extensive program of work completed by SGS. Details of the metallurgical
recoveries estimated by SGS following the 2007/08 metallurgical test program
were included in a Marathon press release dated 25-Feb-08.
XPS concluded that, "The confirmatory testwork undertaken by XPS produced
copper, PGE and Au recoveries in the same range as those obtained in previous
work undertaken at SGS Lakefield. The copper and PGM recoveries obtained at
XPS and SGS were high when considering the low head grades of the Marathon
ore, indicating that this ore has excellent flotation properties."
Marathon plans to further enhance the Marathon PGM-Cu Project metallurgy
by operating a mini pilot plant at XPS later this year.
Definitive Feasibility Study
The DFS for the Marathon PGM-Cu Project that was started in February
2007, is scheduled for completion during the 3rd quarter of 2008. The DFS
comprises open pit mining and processing on-site at a rate of 22,000 tonnes of
ore per day to produce a Cu-PGM-Au concentrate.
The DFS team comprises Micon, Golder Associates ("Golder") and MetChem
Canada Inc. ("MetChem") 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.
MetChem is responsible for the process and infrastructure design, engineering
and costing, 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.
In parallel to completing the final portions of the Feasibility Study,
design work is being finalized in some areas of the processing facility in
order to initiate procurement of specific long-lead items. Marathon has been
engaged for several months on the Environmental Assessment, including joint
meetings with the Provincial and Federal Agencies. Marathon has had success in
harmonizing work between both levels of regulators.
Mr. Richard Gowans, P.Eng, V.P. and Senior Metallurgist is Micon's
Independent Qualified Person in compliance with National Instrument 43-101
with respect to this release. Mr. Gowans has reviewed the contents for
accuracy and has approved this press release on behalf of Micon.
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. 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, email@example.com