Marathon Converting Waste to Ore

TORONTO, Aug. 26 /CNW/ - Marathon PGM Corporation ("Marathon" or "the Company", MAR-TSX) today announced the initial phase of results from the 2009 campaign at the Marathon PGM-Cu Project. This drilling is aimed at a new mineralized zone, reducing the strip ratio and converting waste (inferred resources) into ore (revenue tonnes) for the upcoming new mine plan and reserves.

    Highlights:
    
    -   hole M-09-473 intersected 40 m grading 0.88 g/t PGM and Au and 0.27 %
        Cu in the new zone located within the pit boundary
    
    -   all holes to be included in the new the mine plan

"This drilling is testing the recently enhanced block model and a newly identified zone with some pretty good results. It is important to note that this material is within the pit shell and so will move tonnes from the waste column to the reserve column," said David Good, VP of Exploration.

Initial Drilling

Holes M-09-470 and M-09-471 were drilled into blocks of inferred resources in the middle of the pit and at the margin of the pit, respectively. Hole M-09-472 was drilled underneath a block of footwall within the pit, and successfully tested the model for mineralization. A newly identified mineralized area located on the eastern margin of the pit was tested by M-09-473 and confirmed continuous downdip mineralization from surface.

This drilling is of high importance because increasing drill density in such areas will add tonnes to the upcoming reserve estimate and play a role in mine plan development.

    Marathon Drilling: Initial Results
    ----------------------------------
    -------------------------------------------------------------------------
                              True                             Total
                              Thick-                            PGM
                From    To     ness     Pd      Pt       Au    and Au    Cu
      Hole       (m)    (m)    (m)     (g/t)   (g/t)    (g/t)   (g/t)    (%)
    -------------------------------------------------------------------------
    M-09-470     110    138     28     0.87    0.22     0.10    1.19    0.23
    -------------------------------------------------------------------------
    M-09-471     122    134     12     0.48    0.13     0.07    0.67    0.25
    -------------------------------------------------------------------------
    M-09-472     109    157     48     0.36    0.13     0.05    0.54    0.20
    -------------------------------------------------------------------------
    includes     127    141     14     0.74    0.21     0.08    1.03    0.39
    -------------------------------------------------------------------------
    M-09-473    6.75     55     40     0.63    0.19     0.07    0.88    0.27
    -------------------------------------------------------------------------
    includes    6.75     23   13.5     0.93    0.23     0.10    1.25    0.36
    -------------------------------------------------------------------------
      and         41     55   11.6     0.74    0.25     0.07    1.06    0.36
    -------------------------------------------------------------------------

Please click on http://www.marathonpgm.com/newsmaps/2009-19.jpg to view a drill map.

Reserve Statement and Mine Plan

Marathon delivered an updated resource statement (see Marathon Press Release dated August 12, 2009) as part of the on-going optimization of the definitive feasibility study ("DFS") expected in Q4. The optimized DFS will include new mineable reserves, an updated mine plan and capital expenditure figures.

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, 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 currently optimizing an earlier definitive feasibility study on the Marathon PGM-Cu deposit, which was completed in December of 2008. 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.

    On Behalf of Marathon PGM:
    "Phillip C. Walford"
    Phillip C. Walford, P.Geo.
    President, Chief Executive Officer
    Tel: +1.416.987.0711
    gen@marathonpgm.com