Marathon Files Geordie Lake NI 43-101 Technical Report

TORONTO, June 18 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("Marathon") reports it has received the NI 43-101 F1 technical report of the 100% owned Geordie Lake PGM-Cu Project ("Geordie Lake") located 14 km northwest of Marathon, Ontario. The report is on SEDAR and the Company's web page at www.marathonpgm.com

Highlights:

    
    -   M+I contained metals - Pd up 40.3%, Pt up 39.1%, Au up 8.5%, Cu up
        34.7%, Ag up 57.8%
    -   M+I contained metals - 731,200 oz PGM+Au, 263.7 million lbs Cu and
        3.06 million oz Ag
    -   M+I resource tonnage increased by 24.7% (up 6.43 million tonnes)
    -   PGM-Cu mineralization identified in drilling over a 1.5 km strike
        length and remains open
    -   rock sampling has identified anomalous Cu and PGM values on strike,
        2 km to the north
    

"Exploration of the Geordie Lake deposit will continue on strike to the north beyond the limits of the current resource. The on-strike surface expression of mineralization has not been drill tested thus far, so this summer's mapping will provide us with new geological information," said Dave Good, VP of Exploration.

The Geordie Lake Deposit is being explored as a potential source of long term mill feed for the proposed Marathon open pit mine which could potentially extend the projected operational life. Marathon is starting to collect baseline environmental data for the Geordie Lake Deposit.

2010 Resource Estimate

The new resource estimate is substantially larger than the previous estimate of July, 2008. The Geordie Lake resource has the potential to extend the projected open pit mine life of the Marathon PGM-Cu facilities well beyond the current forecast of 11.5 years. The combined measured and indicated ("M+I") resource for the Marathon and the Geordie Lake deposits now exceeds approximately 146 million tonnes and contains 4.87 million ounces of PGM and gold, 8.88 million ounces of silver and 881.70 million pounds of copper.

    
    Geordie Lake Total Resource (above $13.00/tonne Cut-Off)
    --------------------------------------------------------
    -------------------------------------------------------------------------
                                               Pd    Pt    Au            Ag
                     Pd   Pt   Au   Cu   Ag   000   000   000     Cu    000
               Mt   g/t  g/t  g/t   %   g/t    oz    oz    oz    M lb    oz
    -------------------------------------------------------------------------
    Meas-
     ured    13.10 0.61 0.04 0.05 0.38 2.66 256.40 16.30 20.89 108.91  1120.3
    -------------------------------------------------------------------------
    Indic-
     ated    19.32 0.62 0.04 0.05 0.36 3.12 384.66 23.21 28.82 154.76  1937.6
    -------------------------------------------------------------------------
    M+I      32.42 0.61 0.04 0.05 0.37 2.93    641 39.51 49.70 263.67 3,057.8
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Inferred  7.96 0.59 0.03 0.04 0.36 2.87 150.61  8.61 10.36  62.42   735.3
    -------------------------------------------------------------------------

    (1) Mineral resources which are not mineral reserves do not have
        demonstrated economic viability. The estimate of mineral resources
        may be materially affected by environmental, permitting, legal,
        title, taxation, sociopolitical, marketing, or other relevant issues.
    (2) The quantity and grade of reported inferred resources in this
        estimation are conceptual in nature and there has been insufficient
        exploration to define these inferred resources as an indicated or
        measured mineral resource and it is uncertain if further exploration
        will result in upgrading them to an indicated or measured mineral
        resource category.
    

The technical report was completed by independent geological consultant Python Mining Consultants of Hamilton, Ontario ("Python") and Qualified Persons, Martin Drennan, P.Eng and Michael Fell P.Geo. David Good, Ph.D., P.Geo., VP of Exploration is Marathon's Qualified Person in compliance with National Instrument 43-101 with respect to this release. Dr. Good has reviewed the contents for accuracy and has approved this press release on behalf of Marathon.

About Marathon PGM Corporation:

Marathon is actively developing resources in the immediate vicinity of the Marathon Deposit to expand the life of the planned large tonnage, open pit mining operation. The Marathon Deposit is one of the largest PGM-Cu reserves in Canada and is expected to grow with the development of additional nearby resources. Marathon's optimized P+P reserve of approximately 91.45 million tonnes grading 0.832 g/t Pd, 0.237 g/t Pt, 0.085 g/t Au, 0.247% Cu and 1.44 g/t Ag, contains approximately 2.44 million ounces of Pd, 696,000 ounces of Pt, 251,000 ounces of Au, 497 million lbs of Cu and 4.23 million ounces of Ag. 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 opportunities.

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, 2009.

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 results otherwise.

%SEDAR: 00020574E

For further information: David Leng, P.Geo., Direct: +1.416.849.3432, Mobile: [phone], [email protected]