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Generation Mining to Begin Feasibility Study in Q2
TORONTO, April 07, 2020 (GLOBE NEWSWIRE) -- Generation Mining Limited (CSE:GENM) (“Gen Mining”, “Generation”, or the “Company”) is pleased to announce that it h
About this update from Generation Mining Ltd.
[{"type":"text","content":" TORONTO, April 07, 2020 (GLOBE NEWSWIRE) -- Generation Mining Limited (CSE:GENM) (“Gen Mining”, “Generation”, or the “Company”) is pleased to announce that it has begun the process of interviewing consultants to undertake a Feasibility Study on the Marathon Palladium Project located in Northwestern Ontario. At the same time the Company has been undertaking a number of short-term trade-off studies as part of the preparatory phase of the study. It is expected that the full DFS will be underway in the current quarter and is expected to take about 7-9 months to complete. This work began immediately upon the appointment of Drew Anywll, P.Eng. as Chief Operating Officer last month. “Fortunately for Generation Mining, the current phases of work involve no field work and we are able to continue full speed ahead despite the lockdown due to the coronavirus. All of the things we are doing now are deskwork,” said Jamie Levy, adding that “the only special measures we have taken during the lockdown is to close our head office and site office and have everyone work from home.” The process to begin the DFS involves selecting firms for the various segments of the study, including Mineral Resources, Mining & Reserves, Plant Design, Metallurgy, Infrastructure, Geotechnical, Water Balance, Environmental, Capital and Operating Costs and Economic Analysis. Generation Mining has opted to undertake the DFS rather than prepare a Preliminary Feasibility Study as there have been two previous Feasibility Studies which were undertaken in 2010 and 2014 at significantly lower palladium prices. Accordingly, the technical and financial aspects of most of the various components of these studies either stand, or need only to be supplemented and/or updated rather than redone. Generation is well-funded for the next phases of work, including the DFS and the restart of the permitting process, with approximately $14 million in working capital. In January 2020, the Company released the results of a Preliminary Economic Assessment on the Marathon Project, with the following highlights: The Project would produce an average of 194,000 palladium equivalent ounces per year over a 14-year mine life (including credits for copper, platinum, gold and silver). Constituent metals that make up 194,000 palladium equivalent ounces per year are 8,680 ounces (oz) gold...