Marathon PGM Corporation - Geordie Lake Drilling Showing Strong Grades

TORONTO, Feb. 25 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("MAR" or "the Company") reports that high-grade intervals of PGM-Cu mineralization were encountered at the Geordie Lake PGM-Cu Deposit ("Geordie Lake"), located 10 km northwest of the town of Marathon, Ontario. These intersections confirm along strike and up dip continuity of high-grade mineralization from historical drilling.

Highlights:

    
    -   hole G-10-06 intersected 8 m of 0.83 % Cu, 1.29 g/t PGM and Au and
        5.2 g/t Ag
    -   the first seven holes have intersected higher than historic average
        grades of Cu and Ag
    -   campaign of 21 holes (3,000m) is expected to be complete in first
        week of March
    

"The value of Geordie Lake improves with each successive intersection of higher grade mineralization. When the updated resource estimate for Geordie Lake is completed, we expect to see a marked increase in the metal grades," said Phillip Walford, President and CEO.

Results from Geordie Lake Drilling

    
    -------------------------------------------------------------------------
                                                          Total
                              True                       PGM and
    Hole       From     To    Width   Pd     Pt     Au     Au     Ag     Cu
                (m)     (m)    (m)   (g/t)  (g/t)  (g/t)  (g/t)  (g/t)   (%)
    -------------------------------------------------------------------------
    G10-04     98.0   104.0    6.0   0.96   0.05   0.03   1.03    4.0   0.54
    -------------------------------------------------------------------------
    G10-04    126.0   134.0    8.0   0.58   0.04   0.05   0.67    2.7   0.39
    -------------------------------------------------------------------------
    G10-04    140.0   156.0   16.0   0.89   0.05   0.06   1.00    4.2   0.58
    -------------------------------------------------------------------------
    includes  148.0   156.0    8.0   1.14   0.06   0.08   1.29    5.2   0.83
    -------------------------------------------------------------------------
    G10-05      5.4     9.0    3.7   0.40   0.02   0.04   0.45    3.7   0.29
    -------------------------------------------------------------------------
    G10-05     15.0    19.0    4.0   0.44   0.01   0.03   0.48    2.5   0.21
    -------------------------------------------------------------------------
    G10-05     43.0    77.0   34.0   0.39   0.02   0.04   0.45    1.9   0.33
    -------------------------------------------------------------------------
    includes   43.0    51.0    8.0   0.74   0.04   0.06   0.84    1.9   0.51
    -------------------------------------------------------------------------
    G10-06     50.0    68.0   18.0   0.75   0.04   0.06   0.85    3.8   0.47
    -------------------------------------------------------------------------
    includes   60.0    66.0    6.0   0.67   0.04   0.05   0.76    5.4   0.83
    -------------------------------------------------------------------------
    G10-07    100.0   114.0   14.0   0.74   0.07   0.05   0.86    1.8   0.48
    -------------------------------------------------------------------------
    

Geordie Lake: Geology, Drilling and Resource Estimate

PGM-Cu mineralization is hosted within the Geordie Lake Gabbro in zones up to 40 m thick that dip at 45 degrees to the west. Mineralization is identified in each of 37 historic drill holes over a north-south strike length of 1.5 km and is open down dip and to the north. Prospecting by Marathon in mid 2009 outlined anomalous copper values in rock samples to the north over a 2 km strike length.

The purpose of drilling Geordie Lake is to improve the classification, grade and tonnage of the resource estimate which was last updated in July 2008. With the completion of this drilling campaign, Marathon plans to update the current Geordie Lake in-pit resource estimate. Drilling is focused on higher grades blocks of the Geordie Lake resource. While drilling is within the current resource pit shell, there are areas outside the resource that require drilling and additional exploration.

The Geordie Lake measured and indicated mineral resource is 25.99 million tonnes grading 0.35 % Cu, 0.55 g/t Pd, 0.03 g/t Pt, 0.05 g/t Au, and 2.35 g/t Ag, and containing 195.7 million lbs of Cu, 456,800 ounces of Pd, 28,400 ounces of Pt, 45,800 ounces of Au, and 1.94 million ounces of Ag. The resource estimate of the Geordie Lake Property was performed by independent geological consultants and Qualified Persons, G.H. Giroux, P.Eng of Giroux Consultants of Vancouver, British Columbia ("Giroux") and Alan Stanley, P.Geo, and presented in the NI 43-101 Geordie Lake Technical Report press release dated July 8, 2008.

All of the samples were sent to Accurassay, an accredited laboratory in Thunder Bay, Ontario, to be assayed using fire assay and other standard techniques.

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 exploring resource development potential in the immediate vicinity of the Marathon deposit to expand mine 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 development of additional nearby resources. Marathon's optimized P+P reserve of 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 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, 2008.

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:. Tel: [phone], Fax: [phone], [email protected]