Marathon signs Memorandum of Understanding with the Pic Mobert First Nation

    TORONTO, March 31 /CNW/ - Marathon PGM Corporation (MAR:TSX, "Marathon"
or the "Company") is pleased to announce that it has signed a Memorandum of
Understanding ("MOU") with the Pic Mobert First Nation ("PMFN"), that sets out
the way both parties will cooperate in the development phase of Marathon's
copper and pgm mine north of the Town of Marathon, Ontario.
    Marathon's relationship with the PMFN was established in 2007. The MOU
will serve as a basis to guide consultation towards the establishment of an
Impact and Benefits Agreement ("IBA") between PMFN and Marathon. The MOU
mutually recognizes the respective rights of both Marathon and the PMFN on the
mineral claims and leases held by Marathon. The MOU also sets out the basis
for Marathon and PMFN working together to reach an IBA 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 Marathon PGM-Cu Project
and in fostering a positive and respectful relationship between Marathon and
the Pic Mobert First Nation.
    Phillip Walford, President and CEO stated, "We are fortunate to have
established good relationships with the local First Nations. Chief Desmoulin
and the Pic Mobert First Nation Council are a good example of these positive
relationships. A significant amount of work has been done by the Economic
Development Officer Linda Gilbert and the negotiating team in the creation of
this MOU. This is a representation of the positive and progressive approach
that the Pic Mobert First Nation has taken towards working with industry. We
all look forward to strengthening this relationship as the Marathon Project
advances. A number of future opportunities should lie ahead for Marathon, the
Pic Mobert First Nation and surrounding communities for years to come."
    Chief Jeff Desmoulin stated, "Band Council of Pic Mobert First Nation is
pleased to have signed this MOU with Marathon. It represents the positive
working relationship that has developed between us."
    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.

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
forward-looking statements.

    On Behalf of Marathon PGM:              On Behalf of Pic Mobert First
    "Phillip C. Walford"                    Nation:
    Phillip C. Walford, P.Geo.              Chief/Chef Desmoulin
    President, Chief Executive Officer      Pic Mobert First Nation
    Tel: +1.416.987.0711                    Tel: +1.807.822.2134 ext 227

    %SEDAR: 00020574E

For further information:

For further information: David Leng, P.Geo, Tel: (416) 849-3432, Fax:
(416) 861-1925,; Linda Gilbert, Economic Development
Officer, Tel: (807) 822-2134 ext 234

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