mtn joint venture

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Level 5, 70 Pirie St 10 George St
Adelaide SA 5000 Stepney SA 5069
ACN 116 249 060 ACN 107 531 822
Friday, 20 April 2007
MARATHON EXTENDS SEARCH TO WESTERN AUSTRALIA
PRIMARY TO COMMENCE JOINT VENTURE OPERATIONS
EXCELLENT URANIUM AND POLYMETALIC EXPLORATION POTENTIAL
· Marathon Resources Limited (“Marathon”, ASX code “MTN”) and Primary Resources
Limited (“Primary”, ASX code “PRZ”) are pleased to announce a joint venture agreement
that will allow Marathon to earn up to 70% by spending $3.25 million within five years in
Primary’s Warburton project located in Western Australia.
· Under the terms of the agreement, Marathon has committed to work with Primary on the
joint venture and will also cement the relationship by taking a placement of 2.3 million
Primary shares at 20 cents.
· The joint venture will extend Marathon’s uranium and polymetallic exploration activities to
Western Australia.
The Warburton project covers seven exploration tenements located near the South Australian border
which are prospective for uranium, both IOCG (U-Cu-Au) and palaeochannel type. There is also
significant potential for nickel and Platinum Group Elements (PGE), as well as diamonds, in the area.
Marathon will direct overall the exploration strategy while Primary will be the joint venture operations
manager.
The agreement also provides for a pre-emptive right for Marathon to enter into an arrangement with
Primary over its Egerton tenements, located to the west of the Warburton project (Figure 1).
Fig 1: Map of Warburton and Egerton Tenements (with known targets)

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Marathon’s Executive Director Dr Vic Bogacz described the joint venture as an exciting
opportunity for Marathon to extend its interest into areas with the potential for identification of a
major uranium or polymetallic system. “Although limited drilling was carried out by Primary last
year, this ground is essentially unexplored,” said Dr Bogacz, adding that Marathon’s experience
over the past two years would be invaluable in exploring the area with maximum efficiency.
The Warburton tenements, covering 1,048 sq km, are located in an area of strong gravity and
magnetic anomalism and where the regional geology is indicative of extensive tectonic activity
(Figures 2-4). The tenements contain prospective granites and a range of ultramafic to mafic rocks
of Proterozoic age. Additionally, sediments interpreted as Permian palaeochannel sequences
potentially hosting uranium mineralisation (eg., roll-front deposit) in redox zones are developed
within the tenements (Figure 4).
Significant uranium radiometric anomalies identified by Primary, are present on a regional and
local scale confirm the project area as an excellent uranium exploration ground and conceptual
studies have identified several promising targets (Figure 3). Dr Bogacz said that “initially areas
with the anomalous radiometrics identified by Primary, would be investigated by the joint venture,
following the exploration approach applied in the North Flinders Ranges which identified the
Paralana Mineral System”.
Fig 2: Location and regional gravity map of Warburton and Egerton Projects with tenement outlines
Favourable geological settings for U exploration, with added potential for Ni, PGE and other
commodities, including Cu mineralisation (present in tectonic breccia zones) are highly
encouraging. An example of high potential for the metalliferous mineralisation is provided by the
exploration of the nearby Nebo-Babel prospect by BHP Billiton (Figure 2), where intersections of
26 m @ 2.5% Ni, 1.8% Cu, 0.4 g/t Pt+Pd (Nebo) and 149 m @ 0.3% Ni, 0.4% Cu, 0.3 g/t Pt+Pd
(Babel) were reported.
Fig 3: Aeromagnetic image over part of Warburton ground with radiometric contours