Marathon Project DFS Being Optimized
TORONTO,
July 6 /CNW/ - (MAR:TSX): Marathon PGM Corporation ("Marathon") today
announced that it has started the optimization of the reserves/resources, mineplan and capital costs of the earlier Marathon
Project's Definitive Feasibility Study ("DFS") completed in 2008.
Marathon elected to optimize the DFS in order to take advantage of improved
metallurgical recoveries, shorter lead times and significant cost savings. The
revised DFS will be supervised and compiled by Micon
International with support from Met-Chem Canada Inc.
Highlights:
- improved recoveries have increased the recoverable metal from the
current reserve by 12.1% for Pt, 4.5% for Pd and 9.8% for Au (please
see MAR press release of June 1, 2009)
- all major capital and operating costs are being reviewed and revised
where necessary
- optimization will provide a new reserve statement, a new mineplan and
new operating and capital costs estimates
- costs and delivery lead times of some DFS components have
significantly decreased in the last 12 months
- the optimized DFS is expected to be completed in Q4
- cost estimates are considered to be of an accuracy of +/- 10-15%
Phillip Walford
President and CEO stated "Since the earlier DFS was completed, certain
costs have come down and we have improved the metallurgical recoveries. These
factors should have a positive impact on the Marathon Project's value and we
are fortunate to have the time to revisit this."
Potential Impact on Resources/Reserves
The current reserve pit for
the Marathon Project is solely based on an economic cut-off. Improved
recoveries and decreased costs (equipment, fuel, etc) should expand the pit
beyond its current boundaries. Marathon's drilling has identified large,
continuous blocks of PGM-Cu mineralization, which are open down dip and extend
well beyond the current pit plan limits. Blocks of resource that are assigned
higher NSR values per tonne should effectively expand
the pit further down dip and along strike.
Qualified Persons
The optimized Marathon DFS
is being prepared by Micon under the supervision of
Richard Gowans, P.Eng., the independent QP. Mr. Gowans
is President and Principal Metallurgist with Micon.
Mr. Phillip Walford, P.Geo., Marathon's President
and CEO, is the Company's designated QP for the purpose of the DFS. Mr. Gowans and Mr. Walford have
reviewed and approved the contents of this press release.
About Marathon PGM
Corporation:
Marathon completed a
definitive feasibility study on the Marathon PGM-Cu deposit 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
For further information: David Leng,
P.Geo.,
Tel: (416) 849-3432, Fax: (416) 861-1925, dleng@marathonpgm.com