Generation Mining Limited (TSX:GENM, OTCQB: GENMF) ("Gen Mining"
or the "Company") announces a change in the Company’s management
team with the departure of Mr. Drew Anwyll, Chief Operating Officer
of the Company, effective February 28, 2025. His duties will be
assumed by existing members of Gen Mining’s technical team.
Jamie Levy, President and CEO commented “Drew has been with
Generation Mining since March 2020 and played a key role in
advancing the Company’s Marathon Project through feasibility
studies and the environmental impact assessment process. Over the
past 5 years he has been supported by a strong team of
professionals who will continue to advance the Marathon Project
through permitting and development activities, including Paul
Murphy, VP Projects, and Ruben Wallin, VP Sustainability. On behalf
of the entire Company, I want to thank Drew for his contributions
and wish him well in his future endeavours.”
Mr. Murphy has deep experience building mines. He is a civil
engineer with 35 years of experience in construction and
engineering. Previously he held senior positions with G Mining
Services, was Vice-President Projects at Centerra Gold, and served
as General Manager of Engineering and Construction at IAMGOLD. Mr.
Wallin is an engineer who has held senior positions at Placer Dome,
De Beers Canada, Barrick, and Osisko, and was formerly
Vice-President Environment and Sustainability for Detour Gold.
About Generation Mining Limited
Gen Mining’s focus is the development of the Marathon Project, a
large undeveloped copper-palladium deposit in Northwestern Ontario,
Canada. On May 31, 2024, the Company filed an Amended Feasibility
Study Update for the Marathon Project with an effective date of
December 31, 2022 (the “Feasibility Study”).
The Feasibility Study estimates 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 filed under the Company’s profile at
www.sedarplus.ca or on the Company’s website at
https://genmining.com/projects/feasibility-study/.
The Marathon Property covers a land package of approximately
26,000 hectares, or 260 square kilometres. Gen Mining owns a 100%
interest in the Marathon Project.
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 life of mine; mineral
production estimates, payback period, and financial returns from
the Marathon Project.
Although the Company believes that the expectations expressed in
such forward-looking 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. In particular, there can
be no assurance that the life of mine; mineral production
estimates, payback period, and financial returns from the Marathon
Project will achieve the anticipated results described herein.
There are other factors that could also 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 prices of
palladium, copper 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, global conflicts,
including the wars in Ukraine and Israel, the project schedule for
the Marathon Project, key inputs, staffing and contractors,
continued availability of capital and financing, uncertainties
involved in interpreting geological data and the accuracy of
mineral reserve and resource estimates, environmental compliance
and changes in environmental legislation and regulation, the
Company’s relationships with Indigenous communities, results from
planned exploration and drilling activities, local access
conditions for drilling, 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, 2023, and
in the continuous disclosure documents filed by the Company on
SEDAR+ at www.sedarplus.ca.
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 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. For more information on the Company, investors are encouraged
to review the Company’s public filings on SEDAR+ at
www.sedarplus.ca.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250213073468/en/
For further information please contact: Jamie Levy
President and Chief Executive Officer (416) 640-2934 (O) (416)
567-2440 (M) jlevy@genmining.com
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