Generation Mining Adds to Management Team and Delivers Concentrate Samples
Generation Mining Limited (TSX: GENM; OTCQB: GENMF) (“Gen Mining” or the “Company”) announced the addition of a new senior member to the management team, and that it has delivered concentrate samples to multiple select smelters that have indicated an interest in purchasing Cu-PGM concentrates that would be produced at the Marathon palladium-copper project in Northwestern Ontario.
Jean-Paul Deco has joined the Company having previously worked as the head of Glencore’s Canadian copper business and has extensive global experience across mining, smelting, refining operations, trading as well as capital markets. Prior to Canada, Jean-Paul worked in various lead financial and commercial roles within multiple Glencore subsidiaries. He is a qualified Chartered Accountant (SA) and articled with KPMG Inc prior to joining Glencore.
Jamie Levy President and CEO, commented, "We are very excited to have Jean-Paul join our team to assist us in continuing to build relevant relationships and negotiating mutually beneficial offtake and related agreements. His experience as the head of Glencore’s Canadian Business within such a large trading, mining and smelting company, gives us the depth of experience we will need to navigate this critical aspect of our development.”
Jean-Paul Deco commented, “I’ve been following Generation’s excellent work on the Marathon palladium-copper project for a number of years and am excited to join the team and get to work on assisting in the next steps of this exceptional project.”
Representative concentrate samples were delivered after requests from multiple smelters. These were produced during metallurgical bench scale and pilot plant testing at SGS-Lakefield earlier this year. The analysis of the blended concentrate sample is in the table below:
The metallurgical test program and pilot plant was managed by Haggarty Technical Services, whose President, Steve Haggarty stated, “This concentrate should be well received by metal marketers as it provides an additional source of copper, palladium, platinum, gold and silver. The concentrate is clean, with minimal impurity levels, and would be an attractive feed source for a number of smelters”.
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 miner 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 currently owns an 82.6% interest in the Marathon Project, with the remaining interest owned by Sibanye-Stillwater.
The Feasibility Study 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
jlevy@genmining.com
Tags: Northern Ontario / Green Mining / Metals / All Articles