Marathon PGM Announces Financial Results for Q2 2006

August 22, 2006 Toronto, Ontario - Marathon PGM Corporation (TSX-V: MAR)
(the ?Company?) is pleased to announce results for its second quarter of
2006. The Company?s financial statements and Management Discussion and
Analysis can be found on SEDAR at www.sedar.com.

Operational Highlights:
. Release of 43-101 compliant resource estimate on the Company?s 100% owned
Marathon PGM-Cu Project
. Expansion and consolidation of the Company?s land holdings with the
purchase of the Dunlop property, bringing the project to a total of 4,585
hectares
. Commencement of 20,000 meter 2006 drilling program
. Completion of preliminary economic assessment
Financial Highlights:
The Company?s financial condition remained strong in the second quarter of
2006 with $6,145,436 in cash and term deposits and working capital of
$5,805,535 as at June 30, 2006. This compares with cash and term deposits
of $2,735,540 and working capital of $2,830,957 at December 31, 2005. The
stronger cash position is due to a private placement of $5,000,000 which
closed on May 11, 2006 and the exercise of options and warrants for cash
proceeds of $831,151 during the first half of 2006 offset by exploration
expenditures of $1,860,891 on the Company?s 100% owned Marathon PGM-Cu
project.
Marathon?s net loss for the quarter ended June 30, 2006 was $322,318 (or
$0.02 per share) and for the six months ended June 30, 2006 the loss was
$914,263 (or $0.06 per share), compared to a loss of $572,531 ($0.06 per
share) in the three months ended June 30, 2005 and a loss of $622,604 ($0.05
per share) in the six months ended June 30, 2005. The increased losses were
driven by higher administrative costs related to salaries, investor
relations and stock based compensation expense.
This summary of financial highlights should be read in conjunction with
Marathon's unaudited interim financial statements for three months and six
months ended June 30, 2006 and the related Management's Discussion and
Analysis, both of which are available on www.sedar.com.

About the Marathon PGM - Cu Project:
The Company has a 100% interest in the Marathon PGM -Cu Project, located
about 10km north of Marathon, Ontario. As announced previously, the Company
has completed a Preliminary Economic Assessment in compliance with the
provisions of National Instrument 43-101, showing a total measured and
indicated resource of 49.3 million tonnes grading 0.91 g/t palladium, 0.24
g/t platinum, 0.09 g/t gold, and 0.31% copper, representing contained metals
consisting of 2 million ounces pf PGM?s and gold and 341 million pounds of
copper that is potentially mineable. This report was completed by P&E Mining
Consultants Inc. and was filed on Sedar on June 30, 2006.

The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.

On behalf of the board of Directors,
?Phillip C. Walford?
Phillip C. Walford
President, Chief Executive Officer and Director
info@marathonpgm.com
416-987-0711

For more information, please contact:
Jason Roy: jroy@renmarkfinancial.com
Tina Cameron: tcameron@renmarkfinancial.com
Media: Eva Jura: ejura@renmarkfinancial.com
Tel: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com