Marathon PGM Corporation
TSX VENTURE : MAR

November 16, 2005 16:30 ET

Marathon PGM Announces Financial Results for Q3 2005

TORONTO, ONTARIO--(CCNMatthews - Nov. 16, 2005) - Marathon PGM Corporation (TSX VENTURE:MAR) (the "Company") is pleased to announce results for its third quarter of 2005. The Company's financial statements and Management Discussion and Analysis can be found on SEDAR at www.sedar.com.

Financial Highlights

Marathon's financial position remained strong at the end of September 30, 2005 with $2,946,518 in cash and term deposits and working capital of $2,884,759. This compares with cash and term deposits of $939,443 and working capital of $947,136 at December 31, 2004. The stronger cash position is due to a private placement of $2,000,000 which closed on March 24, 2005, the exercise of options and warrants for cash proceeds of $2,320,775 during the nine months of 2005 offset by exploration expenditures of $1,364,833 on the Company's 100% owned Marathon PGM-Cu project.

Marathon's net loss for the quarter ending September 30, 2005 was $119,732 (or $0.01 per share) and for the nine months ending September 30, 2005, the loss was $742,336 (or $0.06 per share). The loss for the quarter was driven by higher administrative costs of maintaining a corporate office in 2005 compared with 2004, and stock based compensation of $460,790 for the nine months ending September 30, 2005 compared with $45,102 for the same period in 2004.

This summary of financial highlights should be read in conjunction with Marathon's unaudited interim financial statements for three months and nine months ending September 30, 2005 and the related Management's Discussion and Analysis, both of which are available on www.sedar.com.

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.

On Behalf of the Board of Directors,

"Phillip C. Walford"

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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