Marathon PGM Corporation

March 22, 2005 16:37 ET

Marathon Announces Financial Results for 2004




MARCH 22, 2005 - 16:37 ET

Marathon Announces Financial Results for 2004

TORONTO, ONTARIO--(CCNMatthews - March 22, 2005) - Marathon PGM (TSX
VENTURE:MAR) ("Marathon" or the "Company") announced today the audited
financial results for the year ended December 31, 2004.


- Marathon completed its Initial Public Offering (the "IPO") in July
2004, raising gross proceeds of $2.3 million;

- Commenced trading on the TSX Venture exchange under the symbol MAR;

- Completed a 32 NQ core holes for approximately 4,000 metres;


Marathon's financial condition improved during 2004 due to the proceeds
of an IPO completed in July 2004. As at December 31, 2004, the Company
had cash and term deposits of $939,443 and working capital of
approximately $947,136. This is compared with cash of approximately
$334,134 and working capital of approximately $304,375 at December 31,

The Company incurred a net loss of $308,000 (or $0.07 per share) for the
year ended December 31, 2004 compared with a net loss of $26,504 (or
$0.01 per share) for the period ended December 31, 2003. The Company
commenced business on September 12, 2003.

Expenditures on the Company's 100% owned Marathon PGM project totaled

In conjunction with its IPO, Marathon issued 2,025,800 Flow-Through
Common Share Units and 1,572,600 Common Share Units, raising gross
proceeds of $2,103,070 with cash share issue costs totaling $435,532.
The Company renounced the exploration expenditures in connection with
the flow through units in August 2004. During 2004, the Company incurred
exploration expenditures totaling $790,652 with the remaining balance of
$562,118 to be incurred in 2005.

Subsequent Events

Subsequent to the Company's year end, 860,727 warrants and 318,500
options were exercised into 1,305,571 common shares which resulted in
total proceeds of $698,839 for the Company. In addition, on March 4,
2005, the Company announced that it had entered into an agreement with
Northern Securities Inc. (Northern) pursuant to which Northern had
agreed to purchase by way of a private placement on a bought deal basis
$2,000,000 in Units and Flow-Through Shares, subject to the purchase of
a maximum of $1,000,000 in Flow-Through Shares.

This summary of financial highlights should be read in conjunction with
Marathon's audited 2004 financial statements and the related Management
Discussion and Analysis, both of which are available on SEDAR at

About Marathon PGM-Cu Project

Marathon has 100% interest in the Marathon PGM-Cu Project located about
10 km north of the town of Marathon, Ontario. As previously announced
the Company has completed 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

On Behalf of the Board of Directors,
Phillip C. Walford
President, CEO & Director


Contact Information

    Marathon PGM Corporation
    Phillip C. Walford
    President, CEO & Director
    Marathon PGM Corporation
    347 Bay Street, Suite 301,
    Toronto, Ontario M5H 2R7
    (905) 823-1332
    (905) 823-1436 (FAX)
    Bay Street Connect
    Gus Garisto
    Investor Relations
    (416) 907-0979
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.