Joint Review Panel Announces Completion of EIS Review on Marathon Palladium-Copper Project
Joint Review Panel Announces Completion of EIS Review on Marathon
Palladium-Copper Project
TORONTO, Dec. 08, 2021 (GLOBE NEWSWIRE) -- Generation Mining Limited (TSX: GENM; OTCQB: GENMF) (“Gen Mining”
or the “Company”) is pleased to announce that the federal-provincial Joint Review Panel (the “Panel”) has completed its review
of the Company’s Environmental Impact Statement (EIS) Addendum on the Marathon Palladium-Copper project in
Northwestern Ontario (the “Marathon Project”). The Panel has determined that the information provided is sufficient to proceed
to a public hearing.
The next major development in the process will be virtual public hearings, scheduled for February 15th, 2022, which are
anticipated to take place over a 30-day period. Upon completion of the hearings, the Panel will have three months to complete
its Panel Report. The Panel Report will be then reviewed by the federal and provincial Ministers of Environment who will make
the joint decision on the approval of the Marathon Project.
“This is a major milestone in the development of the Marathon Project,” stated Jamie Levy, President and CEO of the
Company. “The Company is looking forward to hearing from all participants on their views on the potential environmental and
socioeconomic effects of the Marathon Palladium-Copper project.”
The process allows for members of the public, Indigenous groups, government and other organisations intending to participate
in the public hearing to register by contacting the Panel Secretariat at: marathonminereview-examenminemarathon@iaac-
aeic.gc.ca no later than January 16th, 2022. Additional details of the Panel process can be found on the Government of
Canada website for the Marathon Palladium Project - Canada.ca (iaac-aeic.gc.ca) (https://iaac-
aeic.gc.ca/050/evaluations/proj/54755)
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 undeveloped 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.
The Feasibility Study in respect of the Marathon Project estimated that at US$1725/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. 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 Panel, virtual public hearings, the report from the Panel, the decisions by Ministers of the
Environment, and the timing relating to any any the foregoing, or the Company advancing the Marathon Project to bring it into
production. 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, 2020, 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.