Generation Mining Limited (TSX:GENM) (OTCQB: GENMF) (“Gen
Mining” or the “Company”) is pleased to announce that the Company
has received the Endangered Species Act permit (“ESA permit”)
issued by the Ministry of the Environment, Conservation and Parks
(“MECP”) for Caribou (Boreal population) (“caribou”) and Little
Brown Myotis, Northern Myotis and Tri-coloured Bats (“SAR bats”).
This permit includes conditions intended to minimize impacts to
caribou and SAR bats, as well as to create an overall benefit for
these species at risk.
The ESA permit conditions for caribou include off-site
restoration of habitat, research initiatives, caribou population
monitoring, and stewardship collaboration with Biigtigong
Nishnaabeg (“BN”) and other Indigenous communities. The ESA permit
conditions related to SAR bats include construction of a bat
hibernaculum, installation of roosting structures and monitoring.
In the preparation of the ESA permit application relating to
caribou and SAR bats, GenPGM has worked closely with BN,
extensively with MECP, Species at Risk department and the Senior
MECP officials to develop these permit conditions.
Ruben Wallin, P.Eng, Vice President of Sustainability said, “We
would like to thank BN for sharing their traditional knowledge of
these species as well as their caribou stewardship plan which
contributed to the development of the permit. We would also like to
thank MECP for their leadership and hard work on the permit.
Chief Duncan Michano of Biigtigong Nishnaabeg stated, “In the
preparation of its Endangered Species Act permit application,
GenPGM has worked closely with Biigtigong Nishnaabeg and has
incorporated Biigtigong Nishnaabeg’s input into the permit
application. Additionally, the permit application also incorporates
key elements of Biigtigong Nishnaabeg’s Caribou Stewardship Plan.
Biigtigong Nishnaabeg’s plan is designed to establish a secure and
self-sustaining population of Boreal caribou in the area centered
on the northeast portion of Lake Superior – the area encompassed by
the Project and Biigtigong Nishnaabeg’s exclusive Aboriginal Title
Area.”
Jamie Levy, President and Chief Executive Officer said, “We are
happy to have this permit in hand. We would like to thank Chief
Michano and the BN leadership for their support and guidance with
respect to the ESA permit. In addition, we appreciate Minister
Piccini and the staff at MECP who made this application a priority
and provided leadership and technical expertise in the development
of the permit. This is evidence of the Company, MECP and Biigitgong
Nishnaabeg working together for a common goal of ensuring species
at risk are protected as part of the development of the critical
minerals industry in Ontario.
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 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/20230830613840/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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