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30 April 2009

COMPANY ANNOUNCEMENTS OFFICE AUSTRALIAN STOCK EXCHANGE

ASX CODE MTN

UPDATE FOR SHAREHOLDERS

Marathon Resources today released a presentation for shareholders on its Mt Gee uranium project (EL 3258) in South Australia’s northern Flinders Ranges.

The presentation is an update of previously released information combined with the results of a recent gravity survey and sediment sampling undertaken at the Company’s Mt Gee site during the December 2008 Quarter.

The gravity survey and sediment sampling were undertaken following the announcement of a resource upgrade at the Mt Gee uranium project in September 2008, when the Company stated that it believed there was potential for further mineralisation within EL 3258.

The purpose of the gravity survey and sediment sampling was to add to the evidence base of the uranium resource.

Marathon is pleased to announce that these additional results confirm there is potential for further mineralisation in the region of EL3258, and has also indicated the potential for new areas of mineralisation in the tenement.

Further drilling programs will be required at a later date to further validate the results of the recent testing, and before any of the current results can be considered for any level of JORC compliance.

The presentation is also available for download on the company’s website www.marathonresources.com.au

STATEMENT BY MINISTER HOLLOWAY

Marathon acknowledges Minister Holloway’s Ministerial Statement in the South Australian Parliament on 28 April 2009, following the acceptance by the Department of Primary Industries and Resources South Australia (PIRSA) of the rectification work at Mt Gee. The Minister’s statement reads:

“Mr President, I ask leave to make a statement in relation to Mount Gee in the Northern Flinders Ranges.

“Mr President, Primary Industries and Resources S.A. and the Environmental Protection Authority have recently finalised their assessment of rectification work following breaches of the licence conditions pertaining to Exploration Licence 3258, held by Bonanza Gold and operated by Marathon Resources.

“I seek leave to table the Closure Report (Independent Verification of Rectification Works EL3258). This Closure Report is now available online from the PIRSA website. PIRSA in consultation with EPA are now satisfied rectification works have been completed in accordance with the approved Rectification Plan and Formal Notification. All general waste recovered from Hodgkinson, Mt Gee West and Mt Gee East sites have been removed from the exploration lease and radiation screening has indicated that all general waste was non-radioactive.

“Radiation surveys conducted prior to excavation and post retification works confirmed that radiation levels have not changed.

“All mineral samples, including the mildly radioactive samples, were safely removed from bags and drums and re-buried under two metres of clean and compacted soil within the same or similar geological and soil formations.

“Mr President, Marathon’s activities on this exploration lease brought to light some deficiencies in compliance and enforcement provisions of the Mining Act 1971 that need to be strengthened.

“In the coming months I will be giving notice of proposed amendments to the Mining Act. As indicated to this Council previously, the Government will not contemplate any further ground disturbing activity by Marathon Resources on EL3258 at least until that legislation is in place.

“The Northern Flinders Ranges has high scenic, environmental and eco-tourism values but equally high prospectivity for copper, gold, uranium and other metals. The area is also now recognised for having high prospectivity for development of geothermal energy.

“The challenge for Marathon Resources, in fact for all explorers in this region, is to show how the mineral and energy resources can be extracted from this region in a manner that preserves these environmental and scenic values.”

NEXT STEPS FOR MARATHON

Marathon said it was currently progressing a range of issues regarding its Mt Gee uranium project including water and energy studies, an Environmental Impact Statement, negotiating Native Title agreements, and a Pre-feasibility Study.

The Company said it was fully committed to adopting world's leading practice for the Mt Gee project, and was confident it would meet the Minister's challenge to ‘ensure mineral and energy resources can be extracted from this region in a manner that preserves these environmental and scenic values’.

Information in this presentation relating to:

1. Exploration Results has been compiled by Mr Brenton Newell, a part-time employee of Marathon Resources Ltd and a Member of the Australian Institute of Geoscientists.

2. The Mt Gee Mineral Resource Estimate was based on information compiled on behalf of Marathon by Tony Marshall B.Sc (Hons) Uni.Melb., a Member of the AusIMM. Tony Marshall is Principal Geologist with SMGC and a full-time employee of that company.

Messrs Newell and Marshall respectively have sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which each is undertaking, to each qualify as a Competent Person as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Messrs Newell and Marshall respectively consent to the inclusion in this release of the statements based on the information in the form and context appearing.

MEDIA CONTACTS:

Belinda Hill Manager Corporate Affairs Marathon Resources (08) 8348 3500

Sean Whittington Field Public Relations (08) 8234 9555

Notes to Editor

Marathon is a minerals exploration company focused on the development of Mt Gee, one of Australia's largest undeveloped uranium deposits.

The Mt Gee project is located within the Paralana Mineral System of South Australia, a uranium-rich state which is home to the world's largest uranium deposit at Olympic Dam.

Marathon's portfolio also includes highly prospective copper-gold-uranium properties in the Gawler Craton of South Australia.

The Company has gold and copper-gold projects in other parts of South Australia and western Victoria, including first class copper-gold and base metal (silver-lead-zinc) projects in the Adelaide Geosyncline in South Australia and a prospective copper-gold project in the Moyston Fault Zone in Victoria.

Marathon also has a joint venture with listed uranium explorer UraniumSA Ltd (ASX: USA), in which the Company holds a 7% stake; and with Strzelecki Metals Ltd (ASX: STZ) in the Warburton Project in Western Australia.

Marathon listed on the Australian Securities Exchange on 15 March 2005, under the stock code of MTN.

www.marathonresources.com.au

MARATHON RESOURCES Presentation

2009

Disclaimer

This presentation has been prepared by Marathon Resources Limited (Marathon) as a presentation of general information about Marathon's activities current at the date of the presentation. It is prepared in good faith based on Marathon's own information and on data obtained from sources believed to be reliable.

It is provided in summary format and does not purport to be complete. Marathon therefore gives no warranties as to the accuracy, reliability or completeness of the information (except to the extent liability under statute cannot be excluded). The presentation is general in nature and is not intended as financial advice or an investment recommendation. Persons should obtain their own specific investment advice in respect of their particular needs, objectives and financial circumstances.

The presentation is proprietary to Marathon and is not to be used for any other purpose without Marathon's prior written consent.

Information in this presentation relating to:

Exploration Results has been compiled by Mr Brenton Newell, a part-time employee of Marathon Resources Ltd and a Member of the Australian Institute of Geoscientists.

The Mt Gee Mineral Resource Estimate was based on information compiled on behalf of Marathon by Tony Marshall B.Sc (Hons) Uni.Melb., a Member of the AusIMM. Tony Marshall is Principal Geologist with SMGC and a full-time employee of that company.

The Importance of Mt Gee

Currently 5[th ] largest undeveloped uranium deposit in Australia with mineralisation open on strike and down dip
Located in uranium-mining friendly state of South Australia
Nuclear renaissance supports long term demand for uranium despite global financial crisis

Corporate Overview

Directors

Peter Williams – Chairman

Shad Linley – Non Executive Director Chen Zeng – Non Executive Director Chris Schacht – Non Executive Director

Capital Structure Listed Shares: 75,977,977 Options: 4,115,700 Total Diluted: 80,093,677

Major Shareholders

1. Talbot Group Holdings

2. CITIC Australia

3. National Nominees Pty Ltd 4. ANZ Nominees Pty Ltd 5. Citicorp Nominees Pty Ltd

19.8 % 16.6 % 9.9 % 5.0 % 2.5 %

Listed on ASX: MTN Cash at 31 March 09: AUD$4.7m

Key Personnel - Project/Uranium Experience

Geology

Brenton Newell – Geologist . 33 years of exploration experience including exploring for uranium, diamonds, base metals, gold and phosphate. Previous experience in the Mt Gee area with CRAE.
Paul Lewis – Geologist . Previous experience with CRA based in Adelaide involved in base metal exploration programs in the Kanmantoo Trough and copper/gold/iron/uranium programs in the Glendambo - Tarcoola and with the Murray and Polda basins coal programs and diamond programs throughout the state.
Dr. Phung Nguyen - Geologist . 21 years experience exploring/assessing gold, nickel and uranium deposits in Western Australia, Queensland, Northern Territory, Philippines and Mongolia

Logistics

Dr. Dan Tyson - Environment, Community and Strategy . Formerly a director of an Adelaide-based advisory firm specialising in Indigenous economic and social development with a focus on negotiation of production agreements between mining companies and Native Title claimant (and holder) groups.
Amy Tucker - Water and Energy Strategy . Previous experience with BHP Billiton Olympic Dam Expansion Primary Water Supply Scheme Pre-Feasibility Study and the Sydney Desalination Plant.
Belinda Hill - Corporate Affairs . Formerly Corporate Communications Manager for British Nuclear Fuels, London.
Chris Schacht – Non Executive Director. Formal Federal Minister and strong supporter of uranium mining.

Metallurgy

Mark Duffy – Advisor . 18 years in the mining industry in various leadership and management roles across engineering, operational and research disciplines and over a diverse commodity base including copper, lead, gold, nickel, silver, uranium and zinc including as a Manager – Processing for the Ranger uranium operation.

Project Development

Ian McRae - General Manager . 30 plus years on mining experience including underground mine management in copper/gold, coal and open cut mine management in copper, iron ore, coal. Management roles at Peko Mines, Robe River Iron Associates, Coppabella and Eaglefield coal mines.
Dr Shad Linley - Non Executive Director. 30 plus years experience throughout Australasia in project development, construction and operations. Executive Director of Fluor’s involvement in Stage I of the Olympic Dam Project

Location of Mt Gee Project EL3258

Surrounding Pastoral Leases

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N
20 km
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Key deposits

Regional Radiometrics - Uranium

Exploration History of Mt Gee

Company	Year	Activity
Early Exploration	1908-1911	Gordon Greenwood (Smiler) and Douglas Mawson discovered Uranium at Mt Painter
United Mt Painter Radium and Australian Radium Corporation	1923-1927	Small scale Uranium-Radium mining, with several thousands tones of ore removed from No.6 and No.7 workings
South Australia Mines Department (now PIRSA)	1944-1950	Uranium exploration including 31 underground drill holes at East Painter
Exoil (Transoil and Oilmin Group)	1968-1971	Drilled 625 open percussion and diamond drill holes. Defined a resource of 3.8 Mt @ 0.1% U3 O8 in hematitic and granitic breccias and completed a feasibility study.
South Australia Mines Department (now PIRSA)	1976-1979	Uranium exploration using diamond drilling (3 holes)
CRA Exploration	1991-1993	Drilled 68 diamond and RC drilling looking for Olympic Dam style deposit
Goldstream Mining NL	1999-2000	Drilled 7 RC holes in Mt Gee West
Bonanza Gold Pty	2002	Drilled a deep diamond hole looking for epithermal gold

All Drilling in Exploration License 3258

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N
2.5 km
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Ore Resource Table

• Since 2005, Marathon Resources have drilled 45 diamond holes and 75 RC holes

Year	Category	Tonnes (Mt)	Grade U3O8 (ppm)	Tonnes U3O8 kt
2007	Indicated	3.1	717	2.2
	Inferred	39.7	622	24.7
	Total	42.8	629	26.9
2008	Indicated	4	706	2.8
	Inferred	47	607	28.5
	Total	51	615	31.3

Ore Block Model – Looking Northwest

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Mt Gee
Mt Gee East
Mt Gee West
200m U3O8 (ppm)
200m
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Mt Gee Cross Section 6655200N

Preliminary Metallurgical Work ANSTO

Uranium minerals dominated by uraninite (80%) with coffinite 20%
Uranium extraction 80% - 85% over all conditions tested
Extraction is insensitive to grind size below 130 micron
Settling rates require more detailed assessment
Leaching of ore for uranium extraction could be by “agitated tank leach” or “heap leach”

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Hematite
50 μ
Uraninite
Quartz
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K feldspar
Coffinite
50 μ
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Mt Gee Resource Extension Potential

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Potential ore block
6655500 N
Potential ore
block
Potential
ore block
N
6654500 N
630m
540m
Potential ore block
340500 E 341500 E
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Australian Uranium Deposits & Prospective Mines Mt Gee current

300,000,000

Contained 250,000,000 U3O8 lb 200,000,000*

150,000,000

100,000,000

50,000,000

reserves, measured resources, indicated resources and inferred resources combined

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Regional Geology
N
2.5 km
Palaeozoic Granite Mt Gee Unit
Proterozoic Granite Hematite Breccia
Radium Creek Metamorphics Radium Creek Breccia
18
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Radiometrics (CRA 1992) Uranium And Thorium

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N
N
2.5 km 2.5 km
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More mobile Uranium concentrates in

Immobile Thorium highlight lithologies

Mt Gee Detailed Gravity 2008 (First Vertical Derivative) In Regional Gravity

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HODGKINSON
ARMCHAIR
RADIUM RIDGE
N
MT GEE EAST PAINTER
2.5 km
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Mt Gee area is located within a regional gravity low. This indicates a deep seated granite intrusive, which possibly is the source of hydrothermal mineralising fluids Individual anomalies generated by the detailed survey identify mineralised targets.

Stream Sediment Geochemistry-U ppb

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N
2.5 km
105
60
30
0
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Stream sediment analysis showing new anomalies

Airborne Magnetics (CRA 1992) First Vertical Derivative

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Magnetic data shows a
significant structure
DD91GE12 (16m@1159ppm) HODGKINSON extending from Armchair
ARMCHAIR to Radium Creek with
PD91GE05 (19m@849ppm)
A
(750m SW of ARMCHAIR) B high grade uranium
A’ intersections along the
B’ structure requiring
RADIUM RIDGE
further drilling
EAST PAINTER
MT GEE N
2.5 km
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Armchair Cross section AA’

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NORTHWEST (A) SOUTHEAST (A’)
600RL
7m@945ppm
20m@456ppm 4m@640ppm
5.5m@1006ppm
22m@572ppm
400RL
15m@461ppm
200m
PROPOSED HOLE
DD91GE28 DD91GE23PROPOSED HOLE
DD91GE06
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Armchair Cross section BB’

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NORTH-WEST SOUTH-EAST
400RL
?
19m@849ppm 16m@1159ppm
?
300RL
?
3m@717ppm
100m ?
Granite Mt Gee Unit Mineralization
PROPOSED HOLE
PROPOSED HOLEPD91GE05DD92GE12
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Hodgkinson Section 347950E

Next Steps

ACTION

1. Mt Gee Water & Energy Study

2. Mt Gee Drilling Program* (including Armchair and Hodgkinson)

3. Permitting Stage 1 – Conceptual Development Plan

4. Adnyamathanha Native Title Act - Mining Agreement/ILUA

5. Permitting Stage 2 – EIS & Mining Licence applications

6. Pre-Feasibility Study - Update

7. Feasibility Study