Generation Mining Strengthens Management Team as it Moves the Marathon Project Towards Permitting and Development
Generation Mining Strengthens
Management Team as it Moves the
Marathon Project Towards Permitting
and Development
Toronto, Ontario – May 11, 202 2 – Generation Mining Limited (TSX: GENM; OTCQB:
GENMF) (“Gen Mining” or the “Company”) is pleased to announce senior management additions:
Vice President of Geology
Mr. Mauro Bassotti joins Gen Mining and brings over 24 years diverse international and
domestic experience with open pit and underground mines in gold, copper and other base metals.
Mauro has extensive leadership experience in brownfield and capital drilling, all aspects of
operational geological site functions, and technical services. Mauro has successfully delivered
projects from exploration drilling to delineation drilling, identifying additional indicated mineral
resources and inferred mineral resources at a number of projects.
Most recently Mauro was Senior Director Geology of Ma’aden Mining; Gold and Base Metals in
Riyadh, KSA, where he was responsible for the Corporate Guidance and direction of the
Geological group. Previously, Mauro was the Director Resources and Reserves for Detour Gold
based Toronto, with operations in Cochrane Ontario. Mauro was responsible for the resources
and reserves component of the life of mine plan, and the technical services function. Mauro also
has gained international experience with New Gold, Barrick Gold, and Placer Dome, across Asia
Pacific, Africa, Australia, and Canada. Mauro has been recognized as the Qualified Person
under N143-101 and other reporting requirements. Mauro graduated from James Cook
University with a BSc. and a BSc Hon. in 1998.
John McBride, our previous Exploration Manager, has resigned from the Company to pursue
other endeavours. John has agreed to continue to support the Marathon Project on a consulting
basis. The Company would like to express its sincere thanks for John’s contributions to the
Marathon Project.
VP Investor Relations
Gen Mining has appointed Ann Wilkinson as Vice President, Investor Relations. Ann has over
20 years’ experience in the mining industry in both investor relations and other management
roles, bringing diverse expertise in investor and stakeholder relations domestically and
internationally in Chile, Dominican Republic, Brazil, and Honduras. Ann has successfully
devised and executed investor relations initiatives on both strategic and tactical levels for
existing and prospective investors and raising significant capital for various projects. She is well
recognized within the investment community.
Prior to joining GenMining, Ann was the VP Investor Relations and Corporate Affairs with Gold
Resource Corporation, and VP Investor Relations roles with TMAC Resources Inc., GoldQuest
Mining Corp., Colossus Minerals Inc., and Breakwater Resources Ltd. Ann has a BA in
Economics from Western University, and a Business Foundations Specialization from University
of Pennsylvania.
Technical Services Manager
Daniel Janusauskas has been appointed Technical Services Manager for Gen Mining. Daniel’s
most recent experience was with Baffinland Iron Mines in Nunavut as Technical Services
Superintendent where he supervised Engineering, Geology, Survey, and Production Technology
teams. Previous mining experience with Detour Gold Inc., as a Strategic Mine Engineer,
contributing to the life-of-mine planning, and co-authoring the 2015-2018 NI-43-101 Reports
and Mineral Resource and Reserve Estimates. He has additional experience with BBA Inc.
Mining and Metals as a Junior Engineer. Daniel has a BSc with Distinction from McGill
University.
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 Instrumen t 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 Feasibi lity
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 securiti es 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 Marat hon
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 statem ents. 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 li st 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 financi ng 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 enc ouraged 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.