Marathon signs Memorandum of Understanding with the Pic Mobert First Nation

by NationTalk on March 31, 20081592 Views

TORONTO, March 31 – Marathon PGM Corporation (MAR:TSX, “Marathon” or the “Company”) is pleased to announce that it has signed a Memorandum of Understanding (“MOU”) with the Pic Mobert First Nation (“PMFN”), that sets out the way both parties will cooperate in the development phase of Marathon’s copper and pgm mine north of the Town of Marathon, Ontario. Marathon’s relationship with the PMFN was established in 2007. The MOU will serve as a basis to guide consultation towards the establishment of an Impact and Benefits Agreement (“IBA”) between PMFN and Marathon. The MOU mutually recognizes the respective rights of both Marathon and the PMFN on the mineral claims and leases held by Marathon. The MOU also sets out the basis for Marathon and PMFN working together to reach an IBA that will be based on principles of mutual respect, good faith and meaningful consultation. This is an important step forward in the development of the Marathon PGM-Cu Project and in fostering a positive and respectful relationship between Marathon and the Pic Mobert First Nation.

Phillip Walford, President and CEO stated, “We are fortunate to have established good relationships with the local First Nations. Chief Desmoulin and the Pic Mobert First Nation Council are a good example of these positive relationships. A significant amount of work has been done by the Economic Development Officer Linda Gilbert and the negotiating team in the creation of this MOU. This is a representation of the positive and progressive approach that the Pic Mobert First Nation has taken towards working with industry. We all look forward to strengthening this relationship as the Marathon Project advances. A number of future opportunities should lie ahead for Marathon, the Pic Mobert First Nation and surrounding communities for years to come.”

Chief Jeff Desmoulin stated, “Band Council of Pic Mobert First Nation is pleased to have signed this MOU with Marathon. It represents the positive working relationship that has developed between us.”

Phillip Walford, P.Geo., President and CEO is Marathon’s Qualified Person in compliance with National Instrument 43-101 with respect to this release. Mr. Walford has reviewed the contents for accuracy and has approved this press release on behalf of Marathon.

About Marathon PGM Corporation

Marathon is in the process of completing a definitive feasibility study on the Marathon PGM-Cu deposit. Marathon also has development and exploration stage properties in southeastern Manitoba and western Newfoundland and Labrador. Marathon’s management plans to build on this focus through the advancement of its properties, focusing on resource development and by examining other strategic PGM and base metal opportunities within Canada.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Except for statements of historical fact relating to the Company, certain information contained herein constitutes “forward-looking statements”. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. 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, 2006. Circumstances or management’s estimates or opinions could change, and management disclaims any obligation to revise or update forward-looking statements, whether for new information, future events or otherwise. The reader is cautioned not to place undue reliance on forward-looking statements.

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

On Behalf of Pic Mobert First Nation:
Chief/Chef Desmoulin
Pic Mobert First Nation
Tel: +1.807.822.2134 ext 227

%SEDAR: 00020574E

For further information: David Leng, P.Geo, Tel: (416) 849-3432, Fax: (416) 861-1925, dleng@marathonpgm.com; Linda Gilbert, Economic Development Officer, Tel: (807) 822-2134 ext 234