Generation Mining Announces Changes to Management Team
Generation Mining Announces Changes to Management Team
TORONTO, 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.”
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.
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.
For further information please contact:
Jamie Levy
President and Chief Executive
Officer
(416) 640-2934
(416) 567-2440
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 relating to the anticipated development of the Marathon Project; the timing and amount of funding
required to execute the Company’s exploration, development and business plans related to the Marathon Project; 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.