Generation Mining Limited (TSX: GENM; OTCQB: GENMF) (“Gen
Mining” or the “Company”) announces that the Joint
Review Panel (“JRP” or “Panel”) established to
conduct an environmental assessment of the Company’s Marathon
Palladium Copper Project (the ‘Marathon Project”) near
Marathon, Ontario has delivered its report (the “Report”).
The Reports sets out recommendations for the Company, and the
federal and provincial governments, to mitigate or minimize any
adverse effects of the Marathon Project.
The completion of the Panel report is a significant milestone in
the Environmental Assessment process. This Report has been
submitted to the offices of both the Federal Minister of
Environment and Climate Change and the Ontario Minister of the
Environment. The ministerial decisions are expected to follow
within 120 days.
Jamie Levy, President and Chief Executive Officer of Gen Mining
stated, “We are pleased to see the JRP complete its work and
deliver its Report. This is a critical step in bringing the
Marathon Project into production. We will carefully review the
Panel’s recommendations and look forward to working with the
affected stakeholders to continue advancing the Marathon Project
while we await final government decisions. We acknowledge the
diligence with which the Panel and participants, in particular
Biigtigong Nishnaabeg First Nation and the Indigenous communities,
reviewed the environmental and socio-economic impacts of the
Marathon Project throughout the JRP process. We look forward to
receiving positive decisions from the federal and provincial
governments in due course.”
Gen PGM is proposing to construct, operate and decommission an
open pit palladium mine approximately 10 km from Marathon, Ontario.
The Project would include three open pits, an ore processing plant,
tailings and mine rock storage facilities, site access roads, a
transmission line, explosives facilities, water management
structures, ancillary mine infrastructure and associated
activities. The rate of production would be approximately 25,200
tonnes of ore per day with a proposed operating mine life of
approximately 12.7 years.
The JRP was composed of three experts appointed by the federal
Minister of Environment and Climate Change and the Ontario Minister
of the Environment based on their knowledge, experience and
expertise related to the environmental assessment of a proposed
project. The role of the JRP was to review and assess, in an
impartial and objective manner, the proposed project. The JRP for
the Project reviewed the public record of the Project, including
the environmental impact statement (EIS 2012), amendments to the
EIS (EIS Addendum) and any supporting documents, such as the
updated baseline studies (Baseline Studies 2020) submitted by the
Proponent. The Panel posed extensive technical information requests
throughout the process in addition to allowing for numerous
opportunities for the public and government officials to express
their views throughout the environmental assessment.
About the Company
Gen Mining’s focus is the development of the Marathon Project, a
large platinum group metal mineral deposit in Northwestern Ontario.
The Company released the results of the Feasibility Study on March
3, 2021 and published the NI43-101 Technical Report dated March 25,
2021. 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.
The Feasibility Study in respect of the Marathon Project
estimated that at US$1,725/oz palladium, and US$3.20/lb copper,
Marathon’s Net Present Value (at 6% discount rate) is approximately
C$1.07 billion with a payback of 2.3 years and an Internal Rate of
Return of 30%. Estimated upfront capital costs were C$665 million,
net of equipment financing and pre-completion operating costs and
revenues. The mine would produce an estimated 245,000 palladium
equivalent ounces per year over a 13-year mine life at an All-In
Sustaining Cost of US$809 per palladium-equivalent ounce. For more
information, please review the detailed Feasibility Study dated
March 25, 2021, filed under the Company’s profile at SEDAR.com.
Qualified Person
The scientific and technical content of this news release was
reviewed, verified, and approved by Drew Anwyll, P.Eng., M.Eng,
Chief Operating Officer of the Company, and 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 relating to the anticipated timing for
ministerial approvals; the timing and amount of funding required to
execute the Company’s development and business plans related to the
Marathon Project; and the 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 commodity price volatility, continued
availability of capital and financing, uncertainties involved in
interpreting geological data, increases in costs, 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, 2021, 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.
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/20220803005392/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) 640-2954
(O) (416) 357-5511 (M) awilkinson@genmining.com
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