Marathon PGM Extends New Zone of Mineralization at Leprechaun Gold Deposit

9.43 g/t Gold Across 9 m (core length) (0.28 oz/ton across 29.5 feet core length)

TORONTO, Aug. 4 /CNW/ - Marathon PGM Corporation (MAR-TSX) ("Marathon") announced that results from drilling have added 125 m strike length of gold mineralization up dip from the Leprechaun Gold Deposit, in Central Newfoundland.

    
    Highlights:

    -   best drill interval contains 9.43 g/t gold across 9 m (core length)
        (0.28 oz/ton gold across 29.5 feet (core length)) in VL-10-193, which
        represents an extension to the lens of high grade mineralization on
        strike to the northeast
    -   multiple stacked lenses of shallow gold mineralization in both sub-
        horizontal and sub-vertical vein sets
    -   intersections confirm increasing size of the new zone of
        mineralization both along strike and at depth
    -   Leprechaun Gold Deposit has now been drilled over a strike length of
        750 m and is growing
    -   new resource estimate for Leprechaun Gold Deposit to be completed in
        Q4
    -   barge based drilling is currently underway on Leprechaun Pond to fill
        in areas that could not be drilled from surface
    -   click here for map
        http://www.marathonpgm.com/images/valentinemapaugust2010.jpg
    

"The field crew is doing a great job exploring the 2 km of structure that hosts the Leprechaun Gold Deposit," said David Good, VP of Exploration of Marathon PGM. "The near surface gold mineralization intersected by these drill holes is very promising and there are strong indications of more of these high grade zones along strike in historic widely spaced drilling."

    
    -------------------------------------------------------------------------
    Best Results   Section   From   To  Core Width  True Width   Gold   Gold
                              (m)   (m)     (m)        (m)       (g/t) (oz/t)
    -------------------------------------------------------------------------
    VL-10-188       10,400     27   33       6          4.4      2.43   0.07
    -------------------------------------------------------------------------
    VL-10-189       10,400     61   78      17           14      2.78   0.08
    -------------------------------------------------------------------------
    includes                   71   75       4          3.3      9.06   0.27
    -------------------------------------------------------------------------
    VL-10-192       10,475     26   32       6            6      1.75   0.05
    -------------------------------------------------------------------------
        "                      41   44       3            3     15.29   0.45
    -------------------------------------------------------------------------
    VL-10-193       10,475    4.3    7     2.7            2     12.44   0.28
    -------------------------------------------------------------------------
        "                      42   51       9          7.8      9.43   0.28
    -------------------------------------------------------------------------
    includes                   49   51       2         1.73     30.97   0.91
    -------------------------------------------------------------------------
    VL-10-194       10,400   11.8   23    11.2           11      1.52   0.04
    -------------------------------------------------------------------------
    includes                   19   23       4            4      2.75   0.08
    -------------------------------------------------------------------------
    VL-10-202       10,425     75   88      13            9      1.84   0.06
    -------------------------------------------------------------------------
    includes                   76   80       4         2.75      4.27   0.13
    -------------------------------------------------------------------------
        "                     112  114       2          1.3      5.56   0.16
    -------------------------------------------------------------------------
        (1) Hole VL-10-187 and-191 intersected no significant values
    

All holes were drilled normal to the strike of mineralization, with shallower holes typically having a -45 degree dip and deeper holes having a -75 to -85 degree dip. Holes VL-10-188, -189 and -194 on section 10,400 were drilled to test the down dip extension of mineralization and confirm continuity. Holes VL-10-192 and -193 on section 10,475E had visible gold noted during core logging. Down dip continuity of mineralization was confirmed by these holes. Hole VL-10-202 on section 10,425 was drilled 30 m down dip from hole VL10-190 which intersected 33.54 g/t (uncut) gold across 4 m (0.98 oz/ton (uncut) gold across 13.1 feet).

Marathon is the operator, 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, P.Geo., Vice President 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]