Major Milestone Reached in Path to
Production
Generation Mining Limited (TSX: GENM) (OTCQB: GENMF)
(“Gen Mining” or the “Company”) is pleased to
announce that the Marathon Palladium Copper Project (the
“Marathon Project”) was approved by the joint Federal and
Provincial Environmental Assessment process. The Company will now
proceed to obtain the necessary permits for construction and
operation. The Honourable Steven Guilbeault, Federal Minister of
Environment and Climate Change, and The Honourable David Piccini,
Ontario Minister of the Environment, Conservation and Parks, each
announced today that the Company’s Marathon Project may proceed,
subject to conditions set out in the federal decision statement
(the “Decision Statement”) and the provincial approval order
(the “Approval Order”), respectively.
The Marathon Project involves the construction, operation,
decommissioning, and remediation of three open pits to produce
copper concentrate, consisting primarily of copper, palladium and
platinum, critical minerals, an onsite ore processing facility, a
115 kV transmission line, an access road, a mine rock storage area,
a process solids management facility, and a water management
system, amongst other infrastructure.
The processing plant will operate at approximately 9.2 million
tonnes of ore per year and produce approximately 87,000 tonnes of
copper-concentrate annually. The concentrate will be delivered to a
third-party facility for further downstream processing into refined
critical minerals. Based on current mineral reserves, over its
planned 13-year mine life the Marathon Project concentrate is
expected to produce 1,905,000 ounces of palladium, 467 million lbs.
of copper, 537,000 ounces of platinum, 151,000 ounces of gold and
2,823,000 ounces of silver in payable metals.
Commenting on today’s announcements, Jamie Levy, President and
CEO said, “This is a great day for Generation Mining Shareholders
and critical minerals production in Canada. These government
decisions validate the work done to date to develop the Marathon
Project as a sustainable, environmentally sensitive, low-cost
producer of critical metals that are needed to support emissions
controls and the transition to a greener economy. The receipt of
the Decision Statement and Approval Order, respectively, are
significant milestones as we advance the Marathon Project into
production. This provides much needed certainty about the future
and development of this strategic asset.”
“We would like to thank Biigtigong Nishnaabeg and the Town of
Marathon for their support, along with the representatives of other
regional municipalities and Indigenous communities, the public, the
responsible federal and provincial government agencies, and our
team of employees and advisors for their significant contributions
to the Joint Review Panel Environmental Assessment process. We are
extremely proud to be the first mine in Ontario to be approved
through this process. Receipt of the Decision Statement and
Approval Order enables us to apply for the permits necessary for
the construction and operation of the Marathon Project.”
The Decision Statement and Approval Order were made following a
thorough, multi-year, joint federal and provincial environmental
assessment process, with input received from Indigenous groups, the
public, federal government departments including the Ministry of
Environment Canada and Climate Change, Fisheries and Oceans Canada,
Natural Resources Canada and Transport Canada, and provincial
government departments including Ministry of Northern Development,
Mines, Natural Resources and Forestry, the Ministry of Environment,
Conservation and Parks, the Ministry of Transportation, the
Ministry of Labour, and the Technical Standards and Safety
Authority.
Gen Mining continues to work on de-risking and optimizing the
Marathon Project, making significant progress on detailed
engineering and financing. The Decision Statement and Approval
Order included conditions on such matters as ongoing consultation,
follow-up programs, reporting, information sharing, fish and fish
habitat, migratory birds, wildlife, greenhouse gas emissions,
health and socio-economic conditions of Indigenous peoples, the
current use of lands and resources for traditional purposes, and
reclamation, amongst other things. The Company is reviewing the
conditions in the Decision Statement and Approval Order to
determine any impacts on the project schedule. The Company will
continue to work expeditiously to satisfy any pre-construction
condition(s) and ensure compliance with all of the conditions
needed to advance construction and operations in a timely manner,
as it progresses towards a final investment decision.
About the Company
Gen Mining’s focus is the development of the Marathon Project, a
large undeveloped palladium-copper deposit in Northwestern Ontario.
The Company released the results of the Project 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 kilometers. Gen Mining
owns a 100% interest in the Marathon Project. For more information,
please review the detailed Feasibility Study dated March 25, 2021,
filed under the Company’s profile at SEDAR.com.
The Company anticipates submitting the permit applications as
soon as practicable in order to start preliminary construction
activities late in the first quarter of 2023 or as soon as possible
thereafter.
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 related to the anticipated timing for
permitting and commencement of construction of the Marathon
Project, as well as the ore, waste and concentrate production
estimates and the operating life of the mine. 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
capital and other costs due to inflation and scope changes,
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, 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, 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/20221130006119/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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