TORONTO (GLOBE NEWSWIRE, May 19, 2022) — Generation Mining Limited (GenMiningOder the Company) (TSX:GENM OTCQB:GENMF) is pleased to announce that the Public Hearings conducted by the Joint Review Panel (the Panel) on the Environmental Impact Statement (EIS) of the Companys Marathon Palladium-Copper Project (ProjectToday’s conclusion is )
The Panel was established as the Project required environmental approvals from both provincial and federal governments. The Company filed an EIS with the Panel early in 2021. It then responded to written information requests from Panel.
The Panel hearings began on March 14, 2022. The Company was required to outline and explain key elements of Project as described in EIS and answer questions. Participation was possible from government agencies, nongovernmental organizations, local and regional communities, as well as Indigenous groups. The Panel hearing process was attended by the Town of Marathon and the Biigtigong Naabeg First Nation, which are the most proximal communities.
Drew Anwyll was the Chief Operating Officer of the Company and chair of the Panel hearings. He stated that the Joint Review Panel process is one of the most rigorous environmental review processes in Canada. The Panel and more than 50 other participants reviewed the Projects EIS and other evidence. We were pleased with the review and provided expert evidence to support our belief that the time is right for the Project. Our EIS concludes that there are no significant adverse environmental effects from the Project. The Project will also be a benefit to the local communities and the region. Once it is fully operational, the Project will produce crucial minerals in a sustainable and stable jurisdiction, which will be beneficial to the surrounding communities, Ontario, Canada, and Canada.
The Company would like thank all those and groups that participated in the hearings. It would especially like to recognize the two communities closest the Project: the Town and Marathon, who were strong supporters of it, and the Biigtigong Nishnaabeg First Nation community, who consistently balanced the potential benefits of the Project for their community with the protection of their exclusive Aboriginal title lands.
The Panel will release a recommendation document within 90 days after the hearings have been completed. The report will contain the Panel’s conclusions and recommendations regarding the Projects EIS. This report will form Canada’s Minister on Environment and Climate Change and Ontarios Minister on Environment, Conservation and Parks recommendations about whether the project should be approved. After the report has been published, the federal- and provincial Ministers will issue the final approval decision regarding the Project’s environmental evaluation within 120 days. This approval is required for the Project to move forward. If the Project is approved, it’s expected that the key permits can be moved to allow the pre-construction to start in the first quarter of 2023.
Drew Anwyll, Chief Operating Officer will give a brief presentation and be available to answer questions tomorrow Friday, May 20, 2022 at 9:30 AM Eastern Time (US & Canada). Register here https://my.6ix.com/rCEm6Ct8.
About the Company
GenMining’s main focus is on the development of its 100%-owned Marathon Project in Northwestern Ontario. This large undeveloped palladium/copper deposit is still undeveloped. The Company published the NI43101 Technical Report dated February 25, 2021, and released the Feasibility Study’s results on March 3, 2021. Marathon covers approximately 22,000 hectares or 220 km2.
The Feasibility Study on the Marathon Palladium Copper Project determined that at US$1725/oz Palladium, and US$3.20/lb Copper Marathons Net present value (at 6% Discount Rate) is C$1.07 billion. This includes a payback time of 2.3 year and an Internal Rate Of Return of 30 percent. The upfront capital costs, including equipment financing and pre-completion operating expenses and revenues, were estimated at C$665 millions. Over a 13-year mine lifespan, the mine would produce approximately 245,000 palladium equivalents ounces per annum at an All In Sustaining cost of US$809 for each palladium-equivalent-ounce. Please refer to the Feasibility Study, dated March 25, 2021 and filed under the Company’s profile. www.sedar.com.
Qualified Person
Drew Anwyll P.Eng. and M.Eng. Chief Operating Officer of Company and Qualified Person according to Canadian Securities Administrators National Instance 43-101 – Standards Of Disclosure for Mineral Projects, reviewed and verified the scientific and technical content of this press release and approved it.
For more information, please contact:
Jamie Levy
President and Chief Executive Officer
(416) 640-2934 (O)
(416) 567-2440 (M)
[email protected]
Ann Wilkinson
Vice President, Investor Relations
(416) 640-3954 (O)
(416) 357-5511 (M)
[email protected]
Forward-Looking Information
This news release contains forward-looking information as well as forward-looking statements as per applicable securities laws. These statements are collectively referred to as “forward-looking statement”. Forward-looking statements are based on current expectations and beliefs regarding future events and the Company’s future performance. Forward-looking statements are any statements other than statements of historical facts. Forward-looking statements are often identified by words such as “plans”,” “expects”,” “budget”,”scheduled”,”estimates”,”continues”,”forecasts”,”Projects”,”predicts”,”intends”,”anticipates”,”targets”, or “believes”, and statements regarding the timing of permits and approvals, the timing of pre-construction activities, and the amount of funding necessary to complete the Company’s exploration, development, and financial returns from the Marathon Project. This cautionary statement is included with all forward-looking statements.
The Company believes that these expectations are based on reasonable assumptions. However, future performance or developments may differ from those stated in these statements. There are many factors that could cause actual results not to be as expected. These factors include commodity price volatility, continued availability capital and financing, uncertainties in interpreting geological information, increases in costs and environmental compliance and changes to environmental legislation and regulation. The Company’s relationships with First Nations communities, exploration success, general economic, market, or business conditions as well as the risk factors listed in the Company’s annual information form for 2021 and continuous disclosure documents filed by it on SEDAR at www.sedar.com. The following factors could have an impact on forward-looking statements. Forward-looking statements should not be relied upon by readers. The forward-looking statements contained within this news release are made only as of this date or on the dates or dates that are specified in such statements.
Forward-looking statements may be based on a variety of assumptions that could prove to be incorrect. These include assumptions regarding: financing availability for Company operations; operating and capital cost; results of operations; mine development and production schedules and associated costs; supply and demand for, as well as the volatility of commodity prices; timing for regulatory and governmental approvals for other operations; accuracy of Mineral Reserves and Mineral Resource Estimates; production estimates and capital and operational cost estimates; and general economic and business conditions.
Investors are reminded that forward-looking information is not a guarantee of future performance. Actual results or developments may differ from those projected. Investors are encouraged at www.sedar.com to review the Company’s public filings. The Company disclaims any obligation or intention to update or revise forward-looking information, regardless of whether it is due to new information or future events, except as required by law.
