09:57 AM EST - Marathon PGM Corp. : said the company and Mountain Lake Resources Inc. or MOA entered into an option and joint venture agreement or "OJVA" granting Marathon an option to earn a 50% interest in the Valentine Lake Gold Property located in Central Newfoundland. MOA has an option to buy back all of Richmont's interest for $3 million over the next three years. The company agreed to spend at least $500,000 in exploration and development by May 1, 2010 and escrow $100,000 upon signing the OJVA to fund a payment by MOA to Richmont. Marathon must spend an additional $500,000 on exploration and development by December 31, 2010 and escrow an additional $250,000 by January 4, 2011 for a payment to Richmont. Marathon PGM Corp.
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