Generation Mining earns 80% of Marathon Palladium Project
Generation Mining Limited is pleased to announce that it has completed all the requirements to earn an 80% interest in the Marathon Palladium-Copper project.
Gen Mining acquired a 51% interest in the project from Sibanye-Stillwater Limited in July, 2019 including an option to increase its interest to 80% by completing a Preliminary Economic Assessment (“PEA”) and spending all joint venture expenditures aggregating $10 million within a period of four years (“the Sole Funding Period”). With the completion of the PEA and the spending of the $10 million, Gen Mining has now been transferred the additional 29% interest in the Project and the Sole Funding Period has terminated. As a result Gen Mining and Sibanye Stillwater will be required to fund future expenditures on a pro rata basis (80% funded by Gen Mining and 20% funded by Sibanye) in order to maintain their respective interests in the Project, subject to standard dilution provisions.
Jamie Levy, President and CEO of Gen Mining stated “This is a major milestone in the development the Marathon Palladium-Copper Project. In the 16 months since we acquired the property, the Company’s management team has delivered, on time and on budget, on all major initiatives in the development of this project, which included completing a Preliminary Economic Assessment, commencing the Environmental Assessment approval process, and initiating a Feasibility Study. Our next major milestones will be the release of our Feasibility Study in Q1, 2021 and continuing the environmental approval process.”
About Generation Mining Limited
Gen Mining’s focus is the development of the Marathon Palladium Project, the largest undeveloped platinum group metal Mineral Resource in North America. The Marathon property covers a land package of approximately 22,000 hectares, or 220 square kilometres. Upon completion of the Feasibility, Study Sibanye Stillwater has certain back-in rights that can bring its interest in the property back to 51 per cent (see the company's press release of July 11, 2019, for more details).
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