TORONTO, Oct. 2 /CNW Telbec/ - Marathon PGM Corporation (MAR -- TSX)
("Marathon" or the "Company") is pleased to announce that it has signed a
Memorandum of Understanding ("MOU") with the Ojibways of the Pic River First
Nation ("PRFN"), also known as the Begetibong Aneshnabe that sets out the way
the parties will work together in the construction of a platinum-palladium and
copper mine north of the Town of Marathon.
The relationship between PRFN and Marathon was first established in 2004.
The MOU will serve as a basis to further consultation towards the
establishment of an Impact and Benefits agreement between PRFN and Marathon.
The MOU mutually recognizes the respective rights of each party on the mineral
claims and leases held by Marathon. The agreement also sets out the basis for
Marathon and PRFN working together to reach an Impact and Benefits agreement
that will be based on principles of mutual respect, good faith and meaningful
consultation. This is an important step forward in the development of the
project and in fostering a positive and respectful relationship between the
Company and Pic River First Nation.
Phillip Walford, President and CEO, stated "We have been fortunate in
establishing a good working relationship with Former Chief Dan Couchie and the
Pic River First Nation Council. A considerable amount of work has been put
into the creation of the MOU by PRFN and the Company and we look forward to
continuing this relationship as the project progresses. The opportunities for
Marathon, PRFN and surrounding communities may be substantial in the years to
Former Chief Dan Couchie stated, "Pic River First Nation Council is
pleased to have reached this agreement with Marathon PGM. This MOU is
indicative of the excellent working relationship and cooperation that has
developed between us over the past 2 years."
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
and Cu-Ni 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.
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
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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, firstname.lastname@example.org, (905)
537-5377, Fax: (416) 861-1925, www.marathonpgm.com; For media inquiries,
please contact: Vanessa Napoli, email@example.com, (514) 939-3989