Toronto - Generation Mining Limited (TSX: GENM) (OTCQB: GENMF) ('Gen Mining' or the 'Company') is pleased to update on the continued progress of the Feasibility Study currently underway for the Marathon Palladium project in northwestern Ontario (the 'Marathon Project').
About the Company
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. Gen Mining acquired a 51% interest in the Marathon Project from Sibanye Stillwater on July 10, 2019 and can increase its interest to 80% by spending $10 million over a period of four years. The 80% ownership is expected to be realized later in Q4 2020. As at the end of Q3 2020, approximately $8.7 million of the $10 million has been spent. Sibanye Stillwater has certain back-in rights that allow it to increase its interest in the Marathon Project back up to 51% in certain circumstances and subject to certain conditions after such time as Gen Mining has earned its 80% interest.
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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 the ability of the Company and Sibanye Stillwater to vary their respective participating interests in the Marathon Project, Mineral Resource and Reserve potential, exploration activities and events or developments that the Company expects are forward-looking information. 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, among other factors, market prices, exploration and development 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.