Marathon PGM Corporation Closes Private Placement, Updates Timing of
Transaction with Stillwater Mining Company

TORONTO, Sept. 16 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("Marathon PGM") announces that it has closed its previously announced financing whereby Stillwater Mining Company (NYSE: SWC) ("Stillwater") has purchased 974,026 common shares of Marathon PGM, on a private placement basis, at a price of Cdn$3.08 per share for total proceeds of Cdn$3 million. Stillwater now holds approximately 3% of the outstanding common shares of Marathon PGM. The proceeds will provide additional liquidity to Marathon PGM to fund its ongoing operations and for general working capital purposes prior to closing the previously announced arrangement among Marathon PGM, Marathon Gold Corporation and Stillwater.

Marathon PGM also announces that it has called a special meeting of shareholders, to be held on November 15, 2010 in Toronto, to consider and if thought fit to approve, the arrangement under which Marathon PGM shareholders will receive 0.112 common shares of Stillwater, C$1.775 cash and 0.5 common shares of Marathon Gold Corporation for each Marathon PGM share held.

A notice of the special meeting and accompanying management information circular and other materials are expected to be mailed on or about October 19, 2010 to holders of record on October 12, 2010. The transaction is expected to close by the end of November 2010.

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.

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