ONTARIO – MARATHON PGM CORP. of Toronto has updated the resource numbers for its platinum group metals-gold-copper project near the town of Marathon. Resources in all categories are said to contain 3.54 million ounces of PGMs and gold plus 585 million lb of copper. The new numbers include rhodium and silver, which have not been included in past studies of the project. The in-pit resource will form the basis of a definitive feasibility study to be completed in 2008.
Excluding low grade material (below a cutoff of $13.50/t), the measured and indicated resource is 81.4 million tonnes at 0.86 g/t Pd, 0.26 g/t Pt, 0.09 g/t Au, 0.29% Cu, 1.72 g/t Ag and 0.01 g/t Rh. Low grade measured and indicated resources (between $7.79/t and $13.50/t) within the pit outline total 11.8 million tonnes at 0.36 g/t Pd, 0.14 g/t Pt, 0.05 g/t Au, 0.13% Cu, 1.53 g/t Ag and 0.01 g/t Rh.
The higher resource numbers will allow the company to consider expanding the size of the proposed project to 22,000 t/d, rather than the 18,000 t/d proposed in the preliminary economic analysis of April 2007.
Further information is available from David Leng, dleng@MarathonPGM.com.