Generation Mining and Sibanye Gold Limited Extend Period of Exclusivity
TORONTO, June 14, 2019 (GLOBE NEWSWIRE) -- Further to its press release dated April 17, 2019, Generation Mining Limited (CSE:GENM) (“Gen Mining” or the “Company”) announces that the exclusivity period for Gen Mining to acquire a majority interest in the Marathon Platinum Group Metals Property in Ontario (the “Property”) from Sibanye Gold Limited (“Sibanye”) has been extended to June 28, 2019. On April 17, 2019, pursuant to a binding letter of intent between Gen Mining and Sibanye the Company was granted exclusivity as an initial step toward a definitive transaction which would result in Gen Mining acquiring up to an 80% interest in the Property. The parties have agreed to extend the exclusivity period from June 15, 2019 to June 28, 2019 in order to continue to work toward the execution and delivery of the definitive agreement. For more information on the proposed transaction, please refer to Gen Mining news release of April 17, 2019, available at under Gen Mining’s profile at www.sedar.com.
Richard Stewart, Executive Vice President of Business development of Sibanye commented: “We are pleased to provide the necessary extension to Gen Mining which enables the expected finalization of the definitive agreement.”
Jamie Levy, President and CEO of Generation Mining commented: “Our due diligence has confirmed our value proposition of the Marathon Project. We look forward to completing the transaction and commencing our exploration program over the summer.”
About Generation Mining Limited
Generation Mining Limited is a base metal exploration and development company with various property interests throughout Canada. Its primary business objective is to explore and further develop these properties, and to continue to increase its portfolio of base and precious metal property assets through acquisition.
For further information please contact:
President and Chief Executive Officer
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.