TORONTO, March 18, 2020 (GLOBE NEWSWIRE) -- Generation Mining Limited (CSE:GENM) (“Gen Mining”, “Generation”, or the “Company”) is pleased to announce the appointment of Drew Anwyll, M.Eng, P.Eng, as Chief Operating Officer. Mr. Anwyll’s mandate will be to initiate and oversee the execution of a Definitive Feasibility Study planned for 2020 and the restarting of permitting at the Marathon Palladium Project in Northern Ontario.
Mr. Anwyll is a professional mining engineer with extensive experience in Northern Ontario and around the globe. He has worked in roles ranging from contributing to the start-up and operation of one of the largest open pit gold mines in the world to president of a junior exploration company.
Mr. Anwyll has worked extensively with Detour Gold, Barrick Gold, and Placer Dome along with various other junior and intermediate mining companies both within Canada and internationally. He is broadly regarded as being technically strong with extensive operating experience in both open pit and underground operations. Mr. Anwyll has contributed to or directly lead the start-up, commissioning and operation of multiple mines.
Most recently, Mr. Anwyll was Senior Vice-President – Technical Services, Interim COO and Vice-President Operations | Mine General Manager at Detour Gold’s large open pit gold mine in Northern Ontario. He held these positions during the critical construction, commissioning and start-up of one of the largest gold mines in Canada. Detour Gold was purchased in early 2020 for $4.9 billion.
“The addition of Drew to our operating team fills a critical position at an important time in Generation Mining’s drive towards production at our Marathon Palladium project,” commented Jamie Levy, President and Chief Executive Officer of Gen Mining. “Drew’s credentials are an indication of the quality of our project.”
The Company’s board of directors has approved the grant of incentive stock options to a certain officer of the company, to purchase 750,000 common shares in the capital stock of the Company. The grant is subject to a five-year term at an exercise price of $0.45 per share.
About Generation Mining
Generation Mining Limited is focused on advancing the Marathon Deposit, the largest undeveloped platinum group metal Mineral Resource in North America. Gen Mining acquired a 51% interest in the Marathon Property from Sibayne Stillwater on July 10, 2019, and can increase its interest to 80% by spending $10 million over a period of four years. More than $4 million of this has already been spent. A Preliminary Economic Assessment on the project was announced on January 6, 2020, and estimated the project could produce an average of 194,000 palladium equivalent ounces over a 14-year mine life, for a pre-production capital expenditure of $431 million. At 2-year trailing metal prices, the project would have an internal rate of return of 30% and a net present value of $871 million (100% basis), and a 2.5-year payback. The Company’s common shares trade on the Canadian Securities Exchange (“CSE”) under the symbol GENM.
For further information please contact:
Jamie Levy
President and Chief Executive
Officer
(416) 640-2934
(416) 567-2440
jlevy@genmining.com
Forward-Looking Information
This news release includes certain information that may be deemed “forward-looking information” under applicable securities laws. All statements in this release, other than statements of historical facts, that address acquisition of the Property and future work thereon, Mineral Resource and Reserve potential, exploration activities and events or developments that the Company expects is forward-looking information. Although the Company believes 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 the results of the Company’s due diligence investigations, market prices, exploration successes, continued availability of capital and financing, and general economic, market or business 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 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.