MARATHON PGM CORPORATION FILES NOTICE OF MEETING AND PROXY CIRCULAR

TORONTO, Oct. 19 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("Marathon") is pleased to announce that it has filed, with securities regulators in Canada, its Notice of Meeting and Proxy Circular ("Circular") in respect of the upcoming special meeting (the "Meeting") of holders of common shares of Marathon (the "Marathon Shareholders"). The Circular has been filed on the SEDAR website at www.sedar.com and will be available for viewing on the Marathon website at www.marathonpgm.com. Marathon Shareholders of record on October 12, 2010 will receive a paper copy of the Circular by mail.

At the Meeting, Marathon Shareholders will be asked to consider the proposed plan of arrangement (the "Arrangement") among Marathon, Stillwater Mining Company (NYSE: SWC), and Marathon Gold Corporation ("Marathon Gold"). The Meeting will be held on November 15, 2010 at 9:30 a.m. (Toronto time) at the Toronto Board of Trade, First Canadian Place, Toronto, Ontario.   All Marathon Shareholders are encouraged to vote in person or by proxy. Details on how to vote are contained in the Circular.

Completion of the proposed Arrangement is conditional on approval by Marathon Shareholders and satisfaction of other customary conditions, including regulatory, stock exchange and court approvals. It is expected that the Arrangement will be completed by the end of November 2010. The Toronto Stock Exchange (the "TSX") has conditionally approved the listing of the common shares of Marathon Gold (the "Marathon Gold Shares") and the Class A shares and Class B shares of Marathon to be issued in connection with the Arrangement. Listing of the Marathon Gold Shares is subject to Marathon Gold fulfilling all of the requirements of the TSX.

Marathon has retained Kingsdale Shareholder Services Inc. ("Kingsdale") to act as proxy solicitation agent and to respond to inquiries from Marathon Shareholders. Kingsdale may be contacted toll-free at 1-866-581-1489 or by email at [email protected].

Marathon also reports that it has received the NI 43-101 F1 technical report on the Valentine Lake Gold Project ("Valentine Lake"), which includes the Leprechaun Gold Deposit, located approximately 57 km south of Buchans, in central Newfoundland. The report is on SEDAR and the Company's web page at www.marathonpgm.com.  

About Marathon PGM Corporation:

In September 2010, Stillwater Mining Company and Marathon PGM announced an acquisition agreement with Stillwater acquiring Marathon's platinum group assets and Marathon spinning out its gold assets to its subsidiary Marathon Gold Corporation.  After the spin out, the Valentine Lake Gold Project will be the main focus of resource development while the Finger Pond and Baie Verte Projects will be exploration properties of Marathon Gold.

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]