Marathon Completes Purchase of Bamoos Land Package
Wed Jun 10, 9:00 AM
ca.news.finance.yahoo.com
TORONTO, June 10 /CNW/ - Marathon PGM Corporation ("Marathon" or "the Company", MAR-TSX) is pleased to announce that it has completed the purchase of the Bamoos Land Package from Benton Resources ("Benton"). Marathon purchased 100% ownership of a land package consisting of one mining lease and one claim block covering a total of 329 hectares, adjoining the northern border of the Marathon PGM-Cu Project (the "Project") located 10 km north of Marathon, Ontario. All terms of the purchase agreement have been met and land title has been transferred over to Marathon. Please see Marathon's press release of 25-Mar-09 for the terms of the purchase agreement.
Highlights
- purchase preserves Marathon's mineral reserves and eases development
of mining the Main Zone and satellite zones of the Benton land
package
- purchase allows the Benton lands to be included in the ongoing
federal and provincial permitting process for the future Marathon
Project, as well as the potential revision of the definitive
feasibility study
"Purchase of the Bamoos property is a strategic move and will benefit the Marathon Project. Being involved with Benton was a mutually beneficial experience and we hope there are other opportunities in the future," commented Phillip Walford, Marathon's President and CEO.
Stephen Stares, Benton's President and CEO, stated, "we are delighted to see the Bamoos transaction come to a close and we look forward to seeing the project move forward. Marathon has an exceptional team and we're excited to be involved with our equity position and the 2% Net Smelter Royalty."
Purchase of the Bamoos Property demonstrates Marathon's continued commitment to increase shareholder value. The purchase further maintains Marathon's reserve and eases future resource development.
Qualified Persons
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.
Clinton Barr, P.Geo., V.P. Exploration, is Benton's Qualified Person in compliance with National Instrument 43-101 with respect to this release. Mr. Barr has reviewed the contents for accuracy and has approved this press release on behalf of Benton.
About Marathon PGM Corporation:
Marathon completed a definitive feasibility study on the Marathon PGM-Cu Project in December of 2008. Marathon also has development and exploration stage properties in southeastern Manitoba and western Newfoundland, respectively. Marathon's management plans to build on its experience through the advancement of its properties and by examining other strategic opportunities.
About Benton Resources:
Benton Resources Corp. is a mineral exploration company listed on the TSX Venture Exchange under the symbol BTC. Benton's aggressive and experienced management team is focused on base and precious group metal exploration. Benton's diverse property portfolio includes Canadian projects, which are highly prospective for gold, uranium, platinum, palladium, nickel and copper. Benton currently has approximately $14 million in working capital and has joint ventured several of their projects to major and junior mining companies. Benton also holds a 34.3% interest in Coro Mining Corp., a company focused on Latin American copper and gold projects in Chile and Argentina.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to Marathon, certain information contained herein constitutes "forward-looking statements". Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "considers", "intends", "targets", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". We provide forward-looking statements for the purpose of conveying information about our current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. 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, 2008.
Other than as specifically required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results otherwise.
On Behalf of Marathon PGM: On Behalf of Benton Resources Corp:
"Phillip C. Walford" "Stephen Stares"
Phillip C. Walford, P.Geo. Stephen Stares
President, Chief Executive Officer President, Chief Executive Officer
Tel: +1.416.987.0711 Tel: +1.807.475.7474
gen@marathonpgm.com sstares@bentonresources.ca
Contacts
David Leng
P.Geo.
Tel: (416) 849-3432
Fax: (416) 861-1925
dleng@marathonpgm.com
Clint Barr
P.Geo.
Tel: (807) 475-7474
Fax: (807) 475-7200
cbarr@bentonresources.ca |
