Marathon PGM Corporation

January 07, 2005 08:30 ET

Marathon PGM Corporation Announces 1.50g/t PGM Intercept Over 26 Metres And Appointment Of A New VP Finance


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MARATHON PGM CORPORATION

TSX VENTURE SYMBOL: MAR

JANUARY 7, 2005 - 08:30 ET

Marathon PGM Corporation Announces 1.50g/t PGM
Intercept Over 26 Metres And Appointment Of A New VP
Finance

TORONTO, ONTARIO--(CCNMatthews - Jan. 7, 2005) - Marathon PGM
Corporation (Company) (TSX VENTURE:MAR) is pleased to announce the
results of the final eight holes in the RD Zone (see table below). The
drill hole results compare favorably with previous trench results. The
mineralization in the drilled area appears to be flat lying and in two
zones, one along the contact of the volcanic rocks and a better grade
zone above it. Drill holes M-04-2,3,5 and 6 are all intersections in the
flat lying mineralization and outline a zone approximately 70 m long and
open to the north and south. Mineralization encountered in trench 16
found 50 m to the south extending the zone another 50 m and is open for
another 100 m. To the north, the strike extension is open to high
grade-hole M-04-21, a distance of over 250 m (see attached map). This
area is of high priority for this summer's drill program. The flat lying
nature of the mineralization and the fact that it outcrops makes it easy
to explore. Hole M-04-1 may be too far west to encounter the zone. Holes
M-04-4 and M-04-8 may be picking up the western extension of
mineralization with a steeper dip.



---------------------------------------------------------------------
Est.
Inters- True Total
Hole From To ection width Pd Pt Au PGM Cu
(m) (m) (m) (m) (g/t) (g/t) (g/t) (g/t) (%)
---------------------------------------------------------------------
M-04-01 no important intercept
---------------------------------------------------------------------
Less Less Less
than than than
M-04-02 32.0 40.0 8.0 7.5 0.1 0.1 0.1 0.17
---------------------------------------------------------------------
M-04-03 4.0 42.0 38.0 35.0 0.86 0.25 0.07 1.18 0.10
---------------------------------------------------------------------
includes 4.0 30.0 26.0 25.0 1.09 0.32 0.09 1.50 0.12
---------------------------------------------------------------------
48.0 60.0 12.0 11.5 0.32 0.13 0.05 0.50 0.19
---------------------------------------------------------------------
Less Less Less
than than than
M-04-04 1.2 10.0 8.8 8.4 0.1 0.1 0.1 0.13
---------------------------------------------------------------------
M-04-05 1.8 24.0 22.2 20.0 0.12 0.04 0.06 0.22 0.17
---------------------------------------------------------------------
M-04-06 6.0 18.0 12.0 10.0 0.93 0.32 0.11 1.36 0.22
---------------------------------------------------------------------
M-04-07 1.1 4.0 2.9 2.5 0.39 0.11 0.06 0.56 0.17
---------------------------------------------------------------------
M-04-08 1.5 14.0 12.5 12.0 0.37 0.10 0.06 0.53 0.20
---------------------------------------------------------------------


As previously announced, the Company completed 32 NQ core holes in three
target areas south of the resource zone; Malachite Zone (10 holes), BR
Zone (6 holes), RD Zone (8 holes) and additional drilling in the
southern part of the resource area Southern Resource Area (8 holes) on
the Company's 100% owned Marathon PGM-Cu Property (the "Property")
located near Marathon, Ontario. The Company has previously reported the
results from these other zones. The accompanying map shows location of
the drill holes for the Malachite, BR and RD zones.

All drilling and sampling is being performed under the guidance and
supervision of Phillip C. Walford, Vice President Exploration for the
Company, a Professional Geologist and Qualified Person as defined by
National Instrument 43- 101. All of the samples were sent to Accurassay,
an accredited laboratory in Thunder Bay, Ontario to be assayed. The
Company has posted a map of these drill holes on its Web Site at
http://www.marathonpgm.com.

The Company previously announced the completion of a technical report on
the property in compliance with the provisions of National Instrument
43-101 (the "Technical Report") prepared by Roscoe Postle Associates
Inc. and filed on SEDAR on June 29, 2004. The report showed a Measured
and Indicated Mineral Resource of 24.3 million tonnes at a grade of 1.22
g/t of Palladium, 0.31 g/t of Platinum, 0.10 g/t of Gold and 0.37%
Copper using Palladium cut-off of 0.8 g/t. over approximately 1,800
metres of strike length.

The Company also announces the resignation of Jon Morda, the Company's
V.P. Finance and CFO. Jon has resigned to spend all of his time with
another mining company where he is the VP Finance and CFO. The Company
has appointed Petra Decher, CA, as its new V.P. Finance and CFO, subject
to regulatory approval. Petra was the CFO for Defiance Mining
Corporation prior to joining Marathon.

On Behalf of the Board of Directors,

"Phillip C. Walford"

NOTE: A map is available on CCNMatthews' website at

http://www2.cdn-news.com/database/fax/2000/pgm0107.pdf

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Marathon PGM Corporation
    Phillip C. Walford
    V.P. Exploration & Director
    (416) 931-7216
    or
    Marathon PGM Corporation
    347 Bay Street, Suite 301,
    Toronto, Ontario M5H 2R7
    (905) 823 1332
    (905) 823 1436 (FAX)
    or
    Bay Street Connect
    Gus Garisto
    Investor Relations
    (416) 907-0979
    gus@baystreetconnect.com
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.