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Toronto, Ontario – April 19. 2022 – Generation Mining Limited (TSX: GENM; OTCQB: GENMF) (“Gen Mining” or the “Company”) is pleased to announce the appointment of Christopher Stackhouse as Vice-President, Finance. Mr. Stackhouse replaces Patricia Mannard, who has retired. Mr. Stackhouse spent 7 years with Guyana Goldfields Inc. (now part of the Zijin Mining Group), most recently as interim CFO, where he was instrumental in the development and operation of the US$250 million Aurora Gold Mine, including finalization of the feasibility study and project financing. He was formerly CFO at Rockcliff Metals Corp., and obtained his CPA, CA, as an Audit Manager with PricewaterhouseCoopers.
Additionally, Rod Thomas has stepped down as Vice President Exploration. Mr. Thomas will remain on the board of directors.
“We welcome Chris to the team we have been assembling to build the Marathon Palladium and Copper Project,” says Jamie Levy, President and CEO. “I wish to thank Rod and Patty for their contributions to Generation Mining. They have been here since the beginning and were instrumental in working with myself and the board through the acquisition of Marathon in 2019 from Sibanye-Stillwater, and taking the project to our present development stage.”
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.
About the Company
Gen Mining’s focus is the development of the Marathon Project, a large platinum group metal mineral 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%. Up front 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. For more information, please review the detailed Feasibility Study dated March 25, 2021, filed under the Company’s profile at SEDAR.com.
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President and Chief Executive
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