Business
Marathon Announces 2009 Q3 Financial Results
Marathon Announces 2009 Q3 Financial Results
About this update from Silver Valley Metals Corp
[{"type":"text","content":"\n\n\n\nNov. 11, 2009 (Canada NewsWire Group) -- TORONTO, Nov. 11 /CNW/ -- Marathon PGM Corporation (\"Marathon\" or the \"Company\") announced today its financial results for the nine month period ended September 30, 2009.At September 30, 2009, Marathon had cash and short-term investments of $11.2 million, compared to $16.3 million at December 31, 2008, with operations and project spending in the period amounting to $2.0 million and $3.6 million respectively. Exploration and development plans for 2009, particularly for the Marathon PGM-Cu project, have been contained while still moving toward the acquisition of mining permits and the updated feasibility study due before year end. Marathon's cash resources are adequate to fund its general and administrative expenses, exploration, and permitting activities.As a result of acquiring the Geordie Lake property in 2008 and the Bamoos property in May 2009, Marathon now owns a land package encompassing close to 8,000 hectares with total measured and indicated resources of 4.7 million ounces of PGM's and gold, 8.9 million ounces of silver and 895 million pounds of copper, making up the vast majority of the known mineral resources on the Coldwell PGM-copper complex in northern Ontario. The bulk of these resources are not subject to any royalties.Operational HighlightsMarathon area properties- Completing successful mini pilot-plant metallurgical testwork, whichdemonstrated improved recoveries of PGM and gold from the levels usedin the 2008 feasibility study, and commencing a revision of theDecember 2008 feasibility study, with completion due before the endof the year.- Completing a revised mineral reserve estimate which extended expectedmine life from 10 to 12 years while increasing proven and probablereserves of PGM and gold by 24% and reducing the expected strip ratiofrom 3.54:1 to 2.61:1.- Finalizing an agreement with Benton Resources to acquire a 100%interest in the Bamoos property.- Completing a review of historical drilling and surface data andrefinements of the geological model associated with the Geordie LakeDeposit, which outlined a near-surface zone of higher-grademineralization extending over 1,200 meters.Bird River Joint Venture, southeastern Manitoba- Completing a winter drilling program which extended higher-gradenickel-copper and copper- zinc-silver mineralization identified...