Stillwater Mining Company (SMC) is the
largest primary producer of platinum group metals (PGM) in North America. SMC prides itself on its ability to
work with communities and regulatory agencies, focusing on the construction and operation of facilities to ensure
that they are managed proactively to protect important resources. On November 30, 2010 Stillwater Mining
Company completed the acquisition of Marathon PGM Corporations Platinum Group assets and then established a
Canadian company called Stillwater Canada Inc.. The newly formed Stillwater Canada Inc (SCI) will carry the
Marathon PGM-Cu Project towards production. The Marathon PGM-Cu Project has robust economics - an 11.5 year reserve
mine life, strong metallurgical recoveries and superior expansion potential.
Marathon PGM-Cu Project (Project) is located about 10 km north of the town of
Marathon, Ontario, Canada. The town of Marathon is adjacent to the Trans-Canada Highway on the northeast shore of
Lake Superior, approximately 300 km east of the city of Thunder Bay. The Project benefits from excellent location
and access to well developed transportation infrastructure.
The Marathon deposit is located on the eastern margin of the Port Coldwell Complex, a Proterozoic layered basic
intrusion. The palladium, platinum and copper mineralization occurs in the Two Duck Lake Gabbro. The known zones of
significant mineralization have a total north-south strike length of about 3 km and dip 30° to 40° to the west. The
mineralization has a true thickness ranging from 4m to 100m.
Anaconda Canada explored the Project during
the 1960’s and drilled over 36,000 metres in exploration and definition of copper mineralization. In 1985
Fleck Resources focused on the re-assaying of Anaconda’s drill core for PGM’s and completed another 3,615
metres of drilling. Geomaque Exploration (now Rio Narcea Gold Mines, Ltd.) had an option to purchase this
Project in 2001. Geomaque spent over $1 million on the Project. Geomaque completed a preliminary assessment
on the Project in April 2001.
Successive drilling campaigns have progressively expanded the Marathon resource on a year over
year basis, continually expanding the resource in a systematic approach to exploration. In January 2010, an
optimized in-pit resource estimate was released, which is part of the optimized definitive feasibility study
(“DFS”) for the Project.