Marathon Resources (MTN)

Shares / Stock Code

MTN

Stock Exchange / Sharemarket

ax

Marathon Resources (MTN) is a mineral explorer primarily searching for uranium, copper and gold. It portfolio comprises an advanced uranium project in the Northern Flinders Ranges of South Australia, highly prospective copper-gold-uranium properties in the Gawler Craton of South Australia, interests in the world class copper-gold and base metal projects in the Adelaide Geosyncline in South Australia as well as a prospective gold project in the Moyston Fault Zone in Western Victoria. Marathon Resources listed on the ASX on 17 March, 2005. The Company is principally focused on the development of Mt Gee uranium deposit, which is situated in the uranium-rich Paralana Mineral System within exploration license (EL) 3258 and it is one of the largest undeveloped uranium deposits in Australia. As of June 30, 2008, MTN completed the drilling of 33 diamond and 63 reverse circulation drill holes at Mt Gee. The indicated and inferred resources at Mt Gee are 51 million tonnes averaging 615 parts per million U3O8, producing 31,400 tonnes of contained U3O8. The company holds interest in the Glendambo Project, which comprises four tenements, EL 3211 Mulga Well, EL 3474 McDowell Hill, EL 3540 Bon Bon and EL 3593 Coondambo, situated in central South Australia. MTN 100% owns EL 3159 Pinda Springs and EL 4052 Blanchetown, in South Australia. Its other assets include interest in a joint venture project, the Warburton Project in Western Australia, and EL 4526 Kalymna in Victoria. Marathon has a joint venture with UraniumSA Ltd, over tenements in central South Australia, with MTN holding a 7% stake. The Company disposed of Mongalata EL 3164 to Phoenix Copper Ltd on January 30, 2008.

Marathon Resources History

The Company was created for undertaking exploration activities in South Australia and western Victoria for economic metalliferous mineralisation, including iron-oxide copper-gold (IOCG), copper and gold. Before being listed on the ASX, the Company held a portfolio of high quality properties in the highly rich Gawler Craton, in the Northern and Central Adelaide Geosyncline (Flinders Ranges) and in the western margin of the Victoria Goldfields, both in its own right and through joint ventures. MTN carried out a 73-hole drilling program in March 2007 at Mt Gee. It completed the drilling of further 27 diamond drill holes at the Mt Gee in late 2007 and early 2008. In April 2007, Marathon entered into a joint venture with Primary Resources Ltd, extending its uranium and polymetallic exploration activities in Western Australia. The tenements included in this venture span over an area of 1,000 square kilometres, and are highly prospective for uranium, nickel and diamonds.