Generation receives conditional approval from the Toronto Stock Exchange and files an amended technical report Canadian Stock Exchange: GENM.CN

TORONTO, July 07, 2020 (GLOBE NEWSWIRE) – Generation Mining Limited (CSE: GENM) (OTCQX: GENMF) (Mining generation where the Company) is pleased to announce that it has received conditional approval from the Toronto Stock Exchange (TSX) for the listing of its ordinary shares under the same GENM stock symbol. Haywood Securities Inc. acted as limited partner of the Company in connection with the listing on the TSX. Listing is subject to the Company’s compliance with the standard listing conditions required by the TSX, including the delisting of the Company’s common shares from the Canadian Securities Exchange. The Company intends to fulfill the listing conditions as soon as possible and will provide a further update to confirm the date on which its common shares will begin trading on the TSX.

As one of the conditions for listing on the TSX, the TSX requested additional details on the 2019 exploration drilling program. These details are contained in an amended preliminary economic valuation technical report entitled Modified technical report, updated mineral resource estimate and preliminary economic assessment of the Marathon deposit, Thunder Bay Mining District Northwestern Ontario Canada dated July 6, 2020 (effective date January 6, 2020) (the Modified technical report), which has been filed on SEDAR under the issuer profile of the Company. The amended technical report does not contain any significant modification to the original technical report filed on February 19, 2020 and to the mineral resource estimates, the economics of the project, the conclusions and recommendations and the effective date of January 6, 2020 provided in the technical report filed on February 19, 2020, 2020 remains unchanged. The amended technical report was prepared by P&E Mining Consultants Inc. (P&E) and was prepared in accordance with NI 43-101 of the Canadian Securities Administrators Disclosure standards for mining projects ((NI 43-101).

Receiving conditional approval from the TSX marks an important milestone for Gen Mining, as it indicates how much we have grown in the past twelve months, said Jamie Levy, the company’s CEO. Listing on the TSX will allow the company to reach a wide range of retail and institutional shareholders, including those who may have been prevented from purchasing our shares, improve trading liquidity and better position the company. to execute the development of its Palladium project.

A copy of the amended technical report is available on SEDAR (www.sedar.com) and on the company’s website (www.genmining.com)

Eugene Puritch, P.Eng., FEC, CET., President and Senior Mining Engineer at P&E, and Rod Thomas, Geo., Vice President, Exploration and Company Director are each qualified for this purpose. NI 43-101 and has reviewed and approved the scientific and technical information contained in this press release.

About the company

Gen Minings focuses on the development of the Marathon deposit, the largest undeveloped metallic mineral resource of the platinum group in North America. The Marathon property covers a parcel of land of approximately 22,000 hectares, or 220 square kilometers. Gen Mining acquired a 51% interest in the Sibanye Stillwater Marathon property on July 10, 2019 and can increase its interest to 80% by spending $ 10 million over a four-year period. By the end of the first quarter of 2020, approximately $ 4 million of the $ 10 million had been spent. Sibanye Stillwater has certain reserve rights which allow it to increase its interest in the Marathon property up to 51% in certain circumstances and under certain conditions after Gen Mining has acquired its 80% interest (see press release from July 11, 2019 for more details).

For further information, please contact:

Jamie Levy
President and CEO
(416) 640-2934
(416) 567-2440
[email protected]

Forward-looking information

This press release contains certain information that may be considered forward-looking information under applicable securities laws. All statements contained in this news release, other than statements of historical fact, that relate to the listing of the Company’s common shares on the TSX, the Company’s compliance with the conditions of listing on the TSX, the delisting of common shares of the Canadian Stock Exchange, the ability of the Company and Sibanye Stillwater to modify their respective interests in the Marathon property, mineral resources and potential reserves, exploration activities and events or developments which , according to the company, constitute forward-looking information. Although the Company believes that the expectations expressed in these statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results or developments may differ significantly from those of the statements. Certain factors could cause actual results to differ materially from those of forward-looking information. These include, among others, the results of the Company’s due diligence investigations, market prices, exploration successes, continued availability of capital and financing, and general economic, market or commercial conditions .

Investors are cautioned that these statements are not guarantees of future performance and that 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 consult the Company’s public documents 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, unless required by law.