Generation Mining Limited (TSX:GENM)(OTCQB: GENMF)(“Gen
Mining” or the “Company”) is pleased to announce that,
following consent by the Biigtigong Nishnaabeg (“BN”) Chief and
Council of the Closure Plan for the Marathon Palladium-Copper
Project (the “Closure Plan”), the Company has been issued a letter
from the Ministry of Mines (“MINES”) inviting the Company to submit
the Closure Plan. Upon submission of the Closure Plan, supporting
documentation, and financial assurance the Director of Mine
Rehabilitation has up to 45 days to approve the plan or return it
for further revisions. This represents another significant
milestone in the permitting process for the Marathon
Palladium-Copper Project and reflects the contributions of BN and
other Indigenous groups that were consulted and participated in the
overall development of the plan. The Company expects additional
permits and approvals to be received during the fall of 2023.
Jamie Levy, President and Chief Executive Officer of the Company
said, “We want to thank Chief Michano, the Biigtigong Nishnaabeg
Band Council and the BN leadership team members for their support
and collaboration with our team on developing the Closure Plan.
This is the conclusion of months of working together to define the
social, environmental, and technical elements of the Closure Plan
to achieve the land use envisioned for the property after mining
concludes, including establishing a self-sustaining ecosystem,
re-establishing access through the area for traditional land use
and providing future economic development opportunities. The
Closure Plan reflects the significant amount of work undertaken by
all parties to produce a plan that achieves the objectives of all
stakeholders.
About the Company
Gen Mining’s focus is the development of the Marathon Project, a
large undeveloped palladium-copper deposit in Northwestern Ontario,
Canada. The Company released the results of the Feasibility Study
Update on March 31, 2023.
The Feasibility Study Update estimated a Net Present Value
(using a 6% discount rate) of C$1.16 billion, an Internal Rate of
Return of 25.8%, and a 2.3-year payback. The mine is expected to
produce an average of 166,000 ounces of payable palladium and 41
million pounds of payable copper per year over a 13-year mine life
(“LOM”). Over the LOM, the Marathon Project is anticipated to
produce 2,122,000 ounces of palladium, 517 million lbs of copper,
485,000 ounces of platinum, 158,000 ounces of gold and 3,156,000
ounces of silver in payable metals. For more information, please
review the Feasibility Study Update dated March 31, 2023, filed
under the Company’s profile at SEDAR.com or on the Company’s
website at https://genmining.com/projects/feasibility-study/.
The Marathon Property covers a land package of approximately
22,000 hectares, or 220 square kilometres. Gen Mining owns a 100%
interest in the Marathon Project.
Qualified Person
The news release has been reviewed and approved by Drew Anwyll,
P.Eng., M.Eng., Chief Operating Officer a Qualified Person as
defined by Canadian Securities Administrators National Instrument
43-101 Standards of Disclosure for Mineral Projects.
Forward-Looking Information
This news release contains certain forward-looking information
and forward-looking statements, as defined in applicable securities
laws (collectively referred to herein as "forward-looking
statements"). Forward-looking statements reflect current
expectations or beliefs regarding future events or the Company’s
future performance. All statements other than statements of
historical fact are forward-looking statements. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "continues", "forecasts", "Projects",
"predicts", "intends", "anticipates", "targets" or "believes", or
variations of, or the negatives of, such words and phrases or state
that certain actions, events or results "may", "could", "would",
"should", "might" or "will" be taken, occur or be achieved,
including statements related to the anticipated timing for
government approvals and permitting, and the life of mine, mineral
production estimates, payback period, and financial returns from
the Marathon Project. All forward-looking statements, including
those herein, are qualified by this cautionary statement.
Although the Company believes that the expectations expressed in
such statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual
results or developments may differ materially from those in the
statements. There are certain factors that could cause actual
results to differ materially from those in the forward-looking
information. These include the timing for a construction decision;
the progress of development at the Marathon Project, including
progress of project expenditures and contracting processes, the
Company's plans and expectations with respect to liquidity
management, continued availability of capital and financing, the
future price of palladium and other commodities, permitting
timelines, exchange rates and currency fluctuations, increases in
costs, requirements for additional capital, and the Company's
decisions with respect to capital allocation, and the impact of
COVID-19, inflation, global supply chain disruptions and the war in
Ukraine on the Company, the project schedule for the Marathon
Project, key inputs, staffing and contractors, commodity price
volatility, continued availability of capital and financing,
uncertainties involved in interpreting geological data,
environmental compliance and changes in environmental legislation
and regulation, the Company’s relationships with First Nations
communities, exploration successes, and general economic, market or
business conditions, as well as those risk factors set out in the
Company’s annual information form for the year ended December 31,
2022, and in the continuous disclosure documents filed by the
Company on SEDAR at www.sedar.com. Readers are cautioned that the
foregoing list of factors is not exhaustive of the factors that may
affect forward-looking statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The
forward-looking statements in this news release speak only as of
the date of this news release or as of the date or dates specified
in such statements.
The progress of development at the Marathon Project, including
progress of project expenditures and contracting processes, is
contingent on the continued availability of capital and financing,
permitting timelines, requirements for additional capital, and the
Company's decisions with respect to capital allocation. The Company
has begun submitting the permit applications to start preliminary
construction activities late in the third quarter of 2023 or as
soon as possible thereafter.
Forward-looking statements are based on a number of assumptions
which may prove to be incorrect, including, but not limited to,
assumptions relating to: the availability of financing for the
Company’s operations; operating and capital costs; results of
operations; the mine development and production schedule and
related costs; the supply and demand for, and the level and
volatility of commodity prices; timing of the receipt of regulatory
and governmental approvals for development Projects and other
operations; the accuracy of Mineral Reserve and Mineral Resource
Estimates, production estimates and capital and operating cost
estimates; and general business and economic conditions.
Investors are cautioned that any such statements are not
guarantees of future performance and actual results or developments
may differ materially from those projected in the forward-looking
information. For more information on the Company, investors are
encouraged to review the Company’s public filings on SEDAR at
www.sedar.com. The Company disclaims any intention or obligation to
update or revise any forward- looking information, whether as a
result of new information, future events or otherwise, other than
as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230906761454/en/
For further information please contact: Jamie Levy President and
Chief Executive Officer (416) 640-2934 (O) (416) 567-2440 (M)
jlevy@genmining.com
Ann Wilkinson Vice President, Investor Relations (416) 640-3954
(O) (416) 357-5511 (M) awilkinson@genmining.com
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