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September 8, 2022
Generation Mining Limited (TSX: GENM) (OTCQB: GENMF) (“Gen Mining” or the “Company”) announces that Jamie Levy, President and Chief Executive Officer will be presenting at the Precious Metals Summit being held in Beaver Creek, Colorado on Tuesday, September 13, 2022 at 13:45 MT. The webcast will be available on Gen Mining’s website at https://genmining.com/investors/events/ on the day of the presentation.
Additionally, Kerry Knoll, Chairman has prepared a presentation for the H.C. Wainwright & Co 24th Annual Global Investment Conference being held in New York, New York from September 12-14, 2022. The webcast will be available on Gen Mining’s website at https://genmining.com/investors/events/ from 7:00 ET on Monday, September 12, 2022 or may be accessed at https://journey.ct.events/view/c90ec70c-3259-43fe-9c67-fd507666aa64 .
Finally, Mr. Knoll will be presenting at the Gold Forum Americas hosted by the Denver Gold Group being held in Colorado Springs, Colorado on Monday, September 19, 2022 at 16:10 MT. The webcast will be available on Gen Mining’s website at https://genmining.com/investors/events/ on the day of the presentation or may be accessed through https://www.denvergold.org/company-live-session/gfa22/455/ .
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.
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.
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