Generation Mining announces the end of the public hearings
TORONTO, May 19, 2022 (GLOBE NEWSWIRE) — Generation Mining Limited (“GenMining“or the”Company”) (TSX:GENM OTCQB:GENMF) is pleased to announce that the public hearings conducted by the Joint Review Panel (the “Sign”) on the environmental impact study (“EIS”) of the Company’s Marathon Palladium-Copper Project (“Project”) concluded today.
The panel was established because the project requires environmental assessment approvals from the federal and provincial governments. The Company filed its EIA with the Commission in early 2021 and subsequently responded to the Commission’s written requests for information.
Panel hearings began on March 14, 2022. The hearing process required the Company to describe and explain key elements of the Project as described in the EIS and answer questions from participants. The process allowed for the participation of government agencies, non-governmental organizations, local and regional communities and indigenous groups. For example, the Biigtigong Nishnaabeg First Nation and the Town of Marathon, the two closest communities, participated extensively in the Commission’s hearing process.
Drew Anwyll, the company’s chief operating officer and panel chair at the panel hearings, said, “The Joint Review Panel process is among the highest standards in environmental assessment. in Canada. The project’s EIA and other evidence was rigorously reviewed by the panel and more than 50 participants. We welcomed this review and provided expert evidence which we believe demonstrates that the time for the project has come. Our EIA concludes that the project can be carried out without significant adverse environmental effects. The project will also contribute to the prosperity of local communities and the region. Once in production, the project will produce critical minerals from a sustainable and geopolitically stable jurisdiction for the benefit of local communities, Ontario and Canada.
The Company would like to thank all of the individuals and groups who participated in the hearings and would particularly like to thank the two communities closest to the Project: the Town of Marathon, who were strong supporters of the Project, and the Biigtigong Nishnaabeg First Nation community who cohesively balanced the potential project benefits to their community and the environmental protection of their claimed exclusive Aboriginal title lands.
Once the hearings are complete, the commission will complete and issue a recommendation report within 90 days. The report will document the Panel’s conclusion and recommendations on the EIA of the Project. This will constitute the recommendation to the Minister of Environment and Climate Change of Canada and the Minister of Environment, Conservation and Parks of Ontario, as to whether the project should proceed. Once the report is released, the federal and provincial ministers will issue the final environmental assessment approval decision for the project within 120 days, which is necessary for the project to move forward. If the project is approved, key permits are expected to progress to allow pre-construction to begin in the first quarter of 2023.
Drew Anwyll, Chief Operating Officer, will make a brief presentation and will be available to answer questions tomorrow Friday, May 20, 2022 at 9:30 a.m. EST (US and Canada). To register for the event, click here https://my.6ix.com/rCEm6Ct8.
About the company
GenMining is focused on developing its 100% owned Marathon Project, a large undeveloped palladium-copper deposit in northwestern Ontario. The Company released the results of the feasibility study on March 3, 2021 and released 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 .
The Marathon Copper-Palladium Project Feasibility Study estimated that at US$1,725/oz of palladium and US$3.20/lb of copper, Marathon’s net present value (at a rate of discount of 6%) is approximately 1.07 billion Canadian dollars with a return on investment of 2.3 years and an Internal Rate of Return of 30%. Initial capital costs were estimated at C$665 million, net of equipment financing and operating costs and revenues prior to completion. The mine would produce approximately 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 see the Detailed Feasibility Study dated March 25, 2021, filed under the Company’s profile at www.sedar.com.
The scientific and technical content of this press release has been reviewed, verified and approved by Drew Anwyll, P.Eng., M.Eng, the Company’s Chief Operating Officer and a Qualified Person as defined by NI 43- Canadian Securities Administrators. 101 – Disclosure standards for mining projects.
For more information, please contact:
President and CEO
(416) 640-2934 (O)
(416) 567-2440 (M)
Vice President, Investor Relations
(416) 640-3954 (O)
(416) 357-5511 (M)
This press 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 future performance of the Company. 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 planned”, “budget”, “expected”, “estimates”, “continues “, “forecasts”, “Projects”, “plans”, “intends”, “anticipates”, “targets” or “believes”, or variations or negatives of these words and expressions or declare that certain actions , events or results “may”, “could”, “should”, “should”, “could” or “will” be taken, occur or be achieved, including statements relating to the timing of permits and approvals, the timing of commencement of pre-construction activities, the amount of financing required to execute the Company’s exploration, development and business plans related to the Marathon project; and financial returns from the Marathon project. All forward-looking statements, including those contained herein, are qualified by this cautionary statement.
Although the Company believes that the expectations expressed in these statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results or developments may differ materially from those indicated in the statements. Certain factors could cause actual results to differ materially from those indicated in the forward-looking information. These include raw material price volatility, the continued availability of capital and financing, uncertainties related to the interpretation of geological data, cost increases, environmental compliance, and changes in legislation and environmental regulations, the Company’s relationships with First Nations communities, exploration success and general economics, market or trading conditions, and risk factors set forth 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 factors that could affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained in this press release speak only as of the date of this press release or 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 investment costs; operating results; the mine development and production schedule and related costs; supply and demand, and the level and volatility of commodity prices; the timing of receipt of regulatory and governmental approvals for development projects and other transactions; the accuracy of mineral reserve and mineral resource estimates, production estimates and capital and operating cost estimates; and the general commercial and economic conditions.
Investors are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking information. For further information on the Company, investors are encouraged to consult 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, except as required by law.