Toronto, Ontario – Feb 5, 2020 – Generation Mining Limited (CSE:GENM) (“Gen Mining”, “Generation”, or the “Company”) is pleased to announce that its Board of Directors (the “Board”) has appointed Brian Jennings, CPA, CA, BSc to the position of Chief Financial Officer. Mr. Jennings has been a member of the Board and Chairman of the Audit Committee of the Company since May 9, 2018. Due to his appointment as Chief Financial Officer, and in order to enhance the independence of the Board, Mr. Jennings has resigned from the Board.
Mr. Jennings is a Chartered Accountant and geologist with 30 years of experience working as a senior financial executive and corporate restructuring professional. Mr. Jennings has served as the Chief Financial Officer of several public junior mining and technology companies during his career. He also spent nine years with Ernst & Young, where he was Vice-President Corporate Restructuring, and where he was involved in several high-profile assignments including Hollinger Inc., Philip Services Corp., and Sydney Steel Corporation.
To fill the vacancy from Mr. Jennings’ resignation as a director, Mr. Cashel Meagher has been appointed to the Company’s Board as an independent director. He is Senior Vice President and Chief Operating Officer of Hudbay Minerals Inc. (“Hudbay”), overseeing operations, development and exploration in North and South America. Prior to being appointed to his current role in January 2016, Mr. Meagher was Vice President, South America Business Unit and oversaw the development and operations of the Constancia mine in Peru, a significant producer and seller into the copper concentrate market. He was also Vice President of Exploration for Hudbay and held roles in technical services. Prior to joining Hudbay in 2008, Mr. Meagher held management positions with Vale Inco in exploration, technical services, business analysis and mine operations. Mr. Meagher holds a Joint Advance Major in Geology and Chemistry from Saint Francis Xavier University and is a Professional Geoscientist registered with the Association of Professional Geoscientists of Ontario.
Jamie Levy, President and Chief Executive Officer of Gen Mining commented, “We are excited to be introducing Cashel Meagher to the Board of Directors, further validating the Marathon Palladium Project. We look forward to working with Mr. Meagher and leveraging his experience in the development and operation of large-scale mineral projects globally, with specific emphasis on his experience producing and marketing copper concentrates rich in precious metals.”
The Company’s Board also approved the grant of incentive stock options to certain directors and officers of the Company, to purchase up to an aggregate of 500,000 common shares in the capital stock of the Company. Grants are subject to a five-year term at an exercise price of $0.65 per share.
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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 acquisition of the Property and future work thereon, Mineral Resource and Reserve potential, exploration activities and events or developments that the Company expects is forward-looking information. Although the Company believes 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 the results of the Company’s due diligence investigations, market prices, exploration 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.