Generation Mining announces changes to the management team

TORONTO, April 19, 2022 (GLOBE NEWSWIRE) — 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 Zijin Mining Group), most recently as Acting Chief Financial Officer, where he was instrumental in the development and operation of the mine $250 million Aurora Gold, including finalizing feasibility. project study and financing. He was previously CFO at Rockcliff Metals Corp. and earned his CPA, CA, as Director of Audit at PricewaterhouseCoopers.

In addition, Rod Thomas left his position as Vice President of Exploration. Mr. Thomas will remain on the Board of Directors.

“We welcome Chris to the team we have assembled to build the Marathon Palladium and Copper project,” said Jamie Levy, President and CEO. “I would like to thank Rod and Patty for their contributions to Generation Mining. They have been here from the start and were instrumental in working with myself and the board during Marathon’s acquisition in 2019 from Sibanye-Stillwater, and bringing the project to our stage of development. current.

Qualified person
The scientific and technical content of this press release has been reviewed, verified and approved by Drew Anwyll, P.Eng., M.Eng, Chief Operating Officer of the Company and a Qualified Person as defined by NI 43- Canadian Securities Administrators. 101 – Disclosure standards for mining projects.

About the company
Gen Mining is focused on the development of the Marathon project, a significant deposit of platinum group metal minerals in northwestern Ontario. The Company released the results of the feasibility study on March 3, 2021 and released the NI43-101 technical report dated March 25, 2021. The Marathon property covers a land package of approximately 22,000 hectares, or 220 square kilometers . Gen Mining holds a 100% interest in the Marathon project.

The Marathon Project Feasibility Study estimated that at US$1,725/oz of palladium and US$3.20/lb of copper, the net present value of Marathon (at a 6% discount rate) is approximately CA$1.07 billion with an ROI of 2.3 years and a 30% rate of return. Initial capital costs were estimated at C$665 million, net of equipment financing and operating costs and revenues prior to completion. The mine would produce approximately 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 see the detailed feasibility study dated March 25, 2021, filed under the company’s profile on SEDAR.com.

For more information, please contact:
Jamie Levy
President and CEO
Officer
(416) 640-2934
(416) 567-2440
jlevy@genmining.com

Forward-looking information
This press 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 future performance of the Company. 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 planned”, “budget”, “expected”, “estimates”, “continues “, “forecasts”, “Projects”, “plans”, “intends”, “anticipates”, “targets” or “believes”, or variations or negatives of these words and expressions or declare that certain actions , events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be realized, including statements relating to the planned development of the Marathon project; the timing and amount of financing required to execute the Company’s exploration, development and business plans related to the Marathon Project; and financial returns from the Marathon project. All forward-looking statements, including those contained herein, are qualified by this cautionary statement.

Although the Company believes that the expectations expressed in these statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results or developments may differ materially from those indicated in the statements. Certain factors could cause actual results to differ materially from those indicated in the forward-looking information. These include raw material price volatility, the continued availability of capital and financing, uncertainties related to the interpretation of geological data, cost increases, environmental compliance, and changes in legislation and environmental regulations, the Company’s relationships with First Nations communities, exploration success and general economics, market or trading conditions, and risk factors set forth 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 factors that could affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained in this press release speak only as of the date of this press 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 investment costs; operating results; the mine development and production schedule and related costs; supply and demand, and the level and volatility of commodity prices; the timing of receipt of regulatory and governmental approvals for development projects and other transactions; the accuracy of mineral reserve and mineral resource estimates, production estimates and capital and operating cost estimates; and the general commercial and economic conditions.

Investors are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking information. For further information on the Company, investors are encouraged to consult 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, except as required by law.

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