Marathon Hits 47 g/t (1.38 oz/ton) Gold Across 2.5 m (8.2 feet) at Leprechaun
Gold Deposit

TORONTO, June 15 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("Marathon") reports the first two holes of the spring drilling campaign hit multiple intersections of near surface gold mineralization at the Leprechaun Gold Deposit, Central Newfoundland ("Leprechaun Deposit"). Assays are still pending on the other 6 holes drilled to date. The Valentine Lake Gold Project is being explored under an option and joint venture agreement between Marathon and Mountain Lake Resources Inc (TSX.v: MOA).

Highlights:

    
    -   best interval contains 2.5 m (true width) at 47.19 g/t (1.38 oz/ton)
        gold in VL-10-170
    -   initial indications suggest that in-fill drill holes will improve the
        resource and bring hanging wall mineralization into the pit-shell
    -   campaign comprises 8,000 m of drilling combined with an IP survey
        along the 2 km structure
    -   historical drilling on strike to the northeast suggests that the
        Leprechaun deposit may extend for 2 km with only 700 m drilled in any
        detail to date
    -   other gold occurrences throughout the 30 km long Valentine Lake
        property are being investigated by Marathon
    

"The continuity of mineralization is proving up quite well. The area we are drilling is near surface and outside the old resource. This is a very good start to the program of expanding the resource," said Phillip Walford, President and CEO.

    
    -------------------------------------------------------------------------
                                       Core   True
    Best Main              From   To   Width  Width  Gold    Gold     Cut to
    Zone Results  Section   (m)  (m)    (m)    (m)   (g/t)  (oz/t)    58 g/t
    -------------------------------------------------------------------------
    VL10-170       10,312   9.5   12    2.5    2.5  47.19    1.38      35.02
    -------------------------------------------------------------------------
        "          10,312    26   31      5    4.8   3.18    0.09        -
    -------------------------------------------------------------------------
    VL10-171       10,312    10   13      3    1.5   1.21    0.04        -
    -------------------------------------------------------------------------
        "          10,312    38   50     12    7.0   1.41    0.04        -
    -------------------------------------------------------------------------
    (*) 1 of the reported assay values was cut to the historical cut value
    of 58 g/t Au
    

Leprechaun Deposit Spring Drilling

Marathon has completed 8 drill holes totaling 608 m of NQ core thus far. Quartz-tourmaline-pyrite veins which are known to carry gold at the Leprechaun deposit have been intersected in all holes to date. Visible gold has been noted locally from the drilling completed so far. Many intersections are near surface where no gold was indicated before and will add to the resource.

Leprechaun Deposit

To date, the Leprechaun Deposit is the first defined gold resource within the highly prospective Valentine Lake Gold Project ("Valentine Lake"). The Leprechaun Deposit has an NI 43-101 compliant inferred mineral resource of 1,314,780 tonnes grading 10.50 g/t gold using a 5 g/t gold minimum cut-off and a 3 metre minimum width for a total estimated mineral resource of 443,000 ounces of gold. Cutting individual assays to 58 g/t gold, the average grade is 8.51 g/t gold, for a total estimated mineral resource of 359,000 ounces of gold at the cut grade. The Leprechaun Deposit is open at depth and along strike. The resource estimate for the Leprechaun Deposit presented in the NI 43-101 Technical Report dated January 12, 2005, was performed by Larry Pilgrim, P. Geo. a Qualified Person (see: NI 43-101 Valentine Lake Technical Report).

Marathon is exploring Valentine Lake under an option and joint venture agreement between Marathon and Mountain Lake Resources Inc (TSX.v:MOA"). Please see Marathon's OJVA press release of December 23, 2009 by clicking http://www.marathonpgm.com/news/2009/231209.pdf

All of the samples were sent to Eastern Analytical Laboratory Ltd., in Springdale, Newfoundland. Samples were assayed using lead collection fire assay with AA (atomic absorption) finish. Results from fire assay are used for drill hole planning only. Duplicate assays were made on all assays above 30 g/t. Assay results for the planned updated resource estimate will be determined by a metallic screening process to be conducted at a later date.

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]