Generation Mining joins the management team and delivers
TORONTO, Aug 25, 2021 (GLOBE NEWSWIRE) – Generation Mining Limited (TSX: GENM; OTCQB: GENMF) (“Gen Mining” or the “Company”) is pleased to announce the addition of a new senior member to the direction and delivered concentrate samples to several selected smelters that have expressed interest in purchasing Cu-PGM concentrates to be produced at the Marathon palladium-copper project in northwestern Ontario.
Jean-Paul Deco joined the company after working as the head of Glencore’s Canadian copper business and has extensive global experience in mining, smelting, refining, trading and capital markets operations. Before Canada, Jean-Paul held various financial and commercial positions within several Glencore subsidiaries. He is a Chartered Accountant (SA) and completed an internship at KPMG Inc before joining Glencore.
Jamie Levy, President and CEO, said, “We are very pleased to have Jean-Paul join our team to help us continue to build meaningful relationships and negotiate mutually beneficial levies and related agreements. His experience as Head of Glencore’s Canadian operations within such a large trading, mining and fusion company, gives us the depth of experience we will need to navigate this critical aspect of our development. .
Jean-Paul Deco commented: “I have been following Generation’s excellent work on the Palladium-Copper Marathon project for several years and I am delighted to join the team and get to work to help in the next steps of this project. exceptional.
Representative concentrate samples have been delivered at the request of several smelters. These were produced in bench scale and pilot plant metallurgical tests at SGS-Lakefield earlier this year. The analysis of the mixed concentrate sample is in the table below:
|Elements in the concentrate||Mix of North Pit and South Pit|
|PD||g / t||85.9|
|pt||g / t||22|
|At||g / t||9.84|
|Ag||g / t||74|
|Rhesus||g / t||1.54|
|Hg||g / t||not detected|
The metallurgical testing program and pilot plant were managed by Haggarty Technical Services, whose president, Steve Haggarty, said: “This concentrate should be welcomed by metal traders as it provides an additional source of copper, of palladium, platinum, gold and silver. The concentrate is clean, with minimal levels of impurities, and would be an attractive feed source for a number of foundries ”.
The scientific and technical content of this press release has been reviewed, verified and approved by Drew Anwyll, P.Eng., M.Eng, Chief Operating Officer of the Company, and a Qualified Person as defined by the Canadian Standard 43- Canadian Securities Administrators. 101 – Disclosure standards for mining projects.
About the company
Gen Mining’s goal is the development of the Marathon Project, a major undeveloped platinum group metal mining deposit in northwestern Ontario. The Company released the results of the feasibility study on March 3, 2021 and released technical report NI43-101 dated March 25, 2021. The Marathon property covers approximately 22,000 hectares, or 220 square kilometers. Gen Mining currently owns an 82.6% stake in the Marathon Project, with the remaining stake held by Sibanye-Stillwater.
The feasibility study estimated that at US $ 1,725 / oz of palladium and US $ 3.20 / lb of copper, the net present value of Marathon (at a 6% discount rate) is approximately 1 .7 billion Canadian dollars with a return on investment of 2.3 years and an internal rate of return of 30%. . Initial investment costs were estimated at C $ 665 million. The mine would produce approximately 245,000 ounces of palladium equivalent per year over a 13-year life at an all-in sustaining cost of US $ 809 per ounce of palladium equivalent. For more information, please see the detailed feasibility study dated March 25, 2021, filed under the Company’s profile on SEDAR.com.
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President and CEO
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 about 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”, “planned”, “estimates”, “continues” “,” Foresees “,” plans “,” predicts “,” intends to “,” anticipates “,” targets “or” believes “, or variations or negative aspects of these words and expressions or declares that certain actions, events or results “may”, “could”, “would”, “should”, “could” or “will” be taken, occur or be carried out, including statements relating to the progress of the Marathon project for bring the project into production 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 of the statements. Certain factors could cause actual results to differ materially from those of forward-looking information. These include commodity price volatility, continued availability of capital and financing, uncertainties in interpreting geological data, cost increases, environmental compliance, and changes in legislation. and environmental regulations, the Company’s relations with First Nations communities, exploration successes and commercial conditions, as well as the risk factors set out in the Company’s annual information form for the year ended. December 31, 2020 and in the continuous disclosure documents filed by the Company on SEDAR at www.sedar.com. Readers are cautioned that the above list of factors is not exhaustive of factors that may affect forward-looking statements. Therefore, 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 funding for the operations of the Company; operating and investment costs; results of operations; the mine development and production schedule and associated costs; supply and demand, as well as the level and volatility of commodity prices; the timing of receipt of regulatory and government 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 these 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 referred to the public documents filed by the Company 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.