Generation Mining Limited (TSX: GENM) (OTCQB: GENMF) (“Gen
Mining” or the “Company”) announces that Biigtigong
Nishnaabeg (“BN”) has approved a Community Benefits
Agreement (“CBA”) in respect of the Marathon Palladium
Copper Project (the “Project”) owned by the Company’s
wholly-owned subsidiary, Generation PGM Inc. (“Generation
PGM”).
The CBA between Generation PGM and BN, which was ratified
through a BN membership vote completed on November 12, 2022,
describes the benefits the BN community will receive from the
Project and details how the Project’s impacts on the community will
be mitigated. It includes commitments from the Company regarding
environmental management, employment, training and education,
business opportunities, social and cultural support, and financial
participation.
Commenting on the CBA Jamie Levy, the President and CEO said,
“We are pleased to have reached an agreement with BN as we advance
the Marathon Palladium Copper Project to construction and
production. We will work closely with them to ensure benefits
accrue to BN in the form of employment and training opportunities,
financial participation, and business and contracting
opportunities, all while maintaining a shared focus on
environmental protections for the Biigtig Zibi (Pic River) and
other areas that may be impacted by the Project.”
Chief Duncan Michano of BN said, “This is a very significant
milestone in our relationship with the Company. The Project is on
the Exclusive Aboriginal title territory of Biigtigong Nishnaabeg,
and the CBA reflects the strong partnership between Generation PGM
and Biigtigong Nishnaabeg. We encourage other companies who seek to
work on our territory to follow the Generation PGM example in
consulting with us at all stages of project development. This
Project has the support of myself and our Band Council, as well as
our community which approved the CBA through a recently completed
ratification vote, and we look forward to working with Generation
PGM as they develop the Project and bring it into operation.”
The next steps in the Project are to receive the Federal and
Provincial decisions on the environmental assessment (the
“EA”) which are expected by November 30, 2022. Following the
EA decisions, the Company will apply for the required permits and
implement the follow-up programs and monitoring measures which were
identified as part of the EA process. The Company is planning to
commence construction in 2023 once regulatory permits and approvals
are received.
About the Company
Gen Mining’s focus is the development of the 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 published the NI43-101 Technical Report dated March 25,
2021. 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.
The Feasibility Study in respect of the Marathon Project
estimated that at US$1,725/oz palladium, and US$3.20/lb copper,
Marathon’s Net Present Value (at 6% discount rate) is approximately
C$1.07 billion with a payback of 2.3 years and an Internal Rate of
Return of 30%. Upfront capital costs were estimated at C$665
million, net of equipment financing and pre-completion operating
costs and revenues. The mine would produce an estimated 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.
Over the 13-year mine life the Marathon Project is estimated to
produce 1,905,000 ounces of palladium, 467 million lbs of copper,
537,000 ounces of platinum, 151,000 ounces of gold and 2,823,000
ounces of silver. For more information, please review the detailed
Feasibility Study dated March 25, 2021, filed under the Company’s
profile at SEDAR.com.
On August 2, 2022, the Joint Review Panel issued its
Environmental Impact Statement Report to the Federal and Provincial
Ministers of the Environment. Final Ministerial decisions in the
Environmental Assessment process are expected to be delivered on or
before November 30, 2022. Upon receipt of favourable decisions from
the Ministers and the required permits, the Company anticipates
starting construction late in the first quarter of 2023.
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 anticipated timing for
ministerial approvals and permitting, and commencement of
construction of the Marathon Project; the timing and amount of
funding required to execute the Company’s development and business
plans related to the Marathon Project; and mineral production
estimates and the 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 commodity price volatility, continued
availability of capital and financing, uncertainties involved in
interpreting geological data, increases in costs, 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, 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 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.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20221114005416/en/
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) 640-2954
(O) (416) 357-5511 (M) awilkinson@genmining.com
Generation Mining (TSX:GENM)
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から 11 2024 まで 12 2024
Generation Mining (TSX:GENM)
過去 株価チャート
から 12 2023 まで 12 2024
