New propertyMarathon PGM Corporation Adds to Land Holdings
Friday April 22, 9:25 am ET
TORONTO, ONTARIO--(CCNMatthews - April 22, 2005) - Marathon PGM Corporation (TSX VENTURE:MAR - News; Marathon) announced today that it has added 1,056 hectares to its current 2,230 hectares on the Company's 100% owned Marathon PGM-Cu Property (the "Property") located near Marathon, Ontario. The Property consisted of two Crown leases and six additional unpatented mining claim blocks. The Company purchased seven additional unpatented mining claim blocks from two prospectors residing in the town of Marathon.
The claims were purchased for $60,000 plus a 2% defined net smelter returns to the vendors for ore or minerals extracted from these claims. The net smelter royalty can be reduced to 1% by making a payment of $1 millions. These claims form a contiguous strip approximately 6 kilometres long and 1.5 kilometres wide connecting to the south east end of the company's current land position. They add approximately 5 kilometres of addition land along the favourable contact of the intrusive gabbros of the Coldwell Complex with the older volcanic rocks. This brings the total length of the contact on Company property to 8 kilometers. One copper occurrence is known on the new claims. In addition, the claims provide additional land for infrastructure, places the access road on Company land and brings the claims down to Highway 17.
The new claim blocks bring the total land position to 3,286 hectares.