Marathon Announces 2008 Q2 Financial Results

Financial and Operational Highlights

- Entering into an option and joint venture agreement with Benton Resources Corp. under which Marathon may earn a 60% interest in the Bamoos-Claw Lake-Four Dam ("BCF") property located immediately north of the planned Main Zone pit.

- Closing a unit financing which raised gross proceeds of $20 million in April 2008.

- Completing 2008 drilling programs at the Marathon and BCF properties, with a total of 21,000 meters of infill, exploration and condemnation drilling on the two properties.

- Finalizing metallurgical recoveries for the purpose of the definitive feasibility study.

- Completing 2008 resource definition drilling programs on the Bird River and Ore Fault properties, with resource estimates expected by the end of the year.

- Entering into an option and joint venture agreement with North Range Resources Ltd. under which Marathon may earn up to a 75% interest in the Tim's Brook property, an undeveloped gold and silver prospect surrounded by Marathon's Steel Mountain Complex property.

- Completing lakebed sediment sampling and airborne geophysical surveying at the Steel Mountain and Tim's Brook properties and starting up summer prospecting and surface sampling programs.

- Completing the acquisition of Discovery PGM Exploration Ltd., owner of the Geordie Lake property approximately 14km west of the Marathon deposit.

Financial Highlights

At June 30, 2008, Marathon had working capital of $22.9 million, compared to $12.3 million at December 31, 2007, with operations and project spending in the quarter amounting to $7.2 million offset by net proceeds of $18.9 million received from the public offering of units and the exercise of outstanding options. The Company had sufficient funds at June 30, 2008 to fund its administration, exploration and development program for the remainder of the year. The proceeds of the unit offering which closed on April 17, 2008 will be used to advance the Company's mineral properties, to fund down payments on certain components of the mining infrastructure for the Marathon PGM-Cu property, and for general corporate overheads.

Marathon's net loss for the six months ended June 30, 2008 was $2.7 million, compared to $1.1 million in 2007, due to increased exploration expenditures associated with the Bird River, Ore Fault, Steel Mountain and Tim's Brook properties. Deferred property acquisition, development and exploration costs incurred on the Marathon PGM-Cu, BCF and Geordie Lake properties totaled $5.4 million in the first two quarters of 2008, compared to $4.3 million in 2007, in line with an increased scope of drilling and investigative work on the Marathon PGM-Cu and BCF deposits and increased activity on the definitive feasibility study. -- www.cnxmarketlink.com