- Tocantinzinho reaches commercial production on time and on
budget in less than two years
- Tocantinzinho engineered to have a 10.5-year mine life with an
average annual gold production of 174,700 ounces, and an average
annual gold production of 196,200 for the first five full
years
- Nameplate throughput expected by Q1 2025
- Share price outperformed GDXJ by +120% since the construction
decision in September 2022
BROSSARD, QC, Sept. 3,
2024 /PRNewswire/ - G Mining Ventures Corp.
("GMIN" or the "Corporation") (TSX: GMIN) (OTCQX:
GMINF) is pleased to announce that it has reached commercial
production on time and on budget at its 100%-owned Tocantinzinho
Gold Mine ("TZ" or the "Mine") located in the State
of Pará, Brazil. Commercial
production is defined as a period of 30 consecutive days of
operations during which the mill operated at a minimum of 60% of
nameplate throughput of 12,890 tonnes per day ("tpd").
During August 2024, the mill operated
at 76% of nameplate throughput, processing a total of 304,312 ore
tonnes (9,817 tpd) at a recovery rate of 88%.
Louis-Pierre Gignac, President
& Chief Executive Officer, commented: "I am
proud to announce this momentous achievement of starting commercial
production at the Tocantinzinho Gold Mine. We have delivered TZ on
time and on budget, with an industry-leading safety record. This
achievement is the culmination of 5.8 million person-hours focused
on building, testing and ramping up production at Brazil's newest major gold mine. I would like
to recognize the immense efforts of our dedicated team, who have
invested their talent, expertise, and passion in reaching this
transformational milestone. With this accomplishment behind us, we
remain committed to enhancing plant performance and
achieving our production and cost KPIs."
The plant's ramp-up continues to progress in line with internal
production schedules, with all major equipment demonstrating the
capability to operate at or above design levels. After the initial
pour announced in July 2024, GMIN has
focused on ramping production to test the processing circuits'
ability to handle nameplate loads while improving recovery toward a
life of mine average of 90%. The Corporation plans to ramp up
production through H2-24, targeting nameplate throughput by Q1
2025.
TZ is engineered to have a 10.5-year mine life with an average
annual gold production of 174,700 ounces and 196,200 ounces for the
first five full years, capitalizing on the record-high gold price
environment. The Corporation plans to provide annual guidance for
TZ in January 2025.
Virtual Site Tour and Feasibility Study Presentation
Updated satellite imagery and 360 photography showing the site
progress is available through the corporate presentation at:
https://vrify.com/decks/14338. A 3D presentation of the
Project Feasibility Study is available at: Feasibility Study 3D
VRIFY Presentation. Both presentations can be accessed by
visiting GMIN's website at https://www.gmin.gold.
Timetable and Next Steps
Upcoming key milestones include:
- September 2024: Preliminary
Economic Assessment on the Oko West Project
- Q4-2024: Exploration results from the Oko West Project
- Q4-2024: Exploration results from TZ
- Q1-2025: Nameplate capacity reached at TZ
Qualified Person
Louis-Pierre
Gignac, President & Chief Executive Officer of GMIN, a
QP as defined in NI 43-101, has reviewed the press release on
behalf of the Corporation and has approved the technical disclosure
contained in this press release.
About G Mining Ventures Corp.
G Mining Ventures Corp.
(TSX: GMIN) (OTCQX: GMINF) is a mining company engaged in the
acquisition, exploration and development of precious metal projects
to capitalize on the value uplift from successful mine development.
GMIN is well-positioned to grow into the next mid-tier precious
metals producer by leveraging strong access to capital and proven
development expertise. GMIN is currently anchored by the
Tocantinzinho Gold Mine in Brazil
and Oko West Project in Guyana,
both mining friendly and prospective jurisdictions.
Additional Information
For further information on GMIN, please visit the website at
www.gmin.gold
Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact,
contained in this press release constitute "forward-looking
information" and "forward-looking statements" within the meaning of
certain securities laws and are based on expectations and
projections as of the date of this press release. Forward-looking
statements contained in this press release include, without
limitation, those related to (i) the expected mine life and gold
production at TZ, (ii) the nameplate throughput expected by Q1
2025, (iii) the processing circuits' ability to handle nameplate
loads, and (iv) the improving recovery towards a mine average of
90%, (v) management's plan to provide annual guidance for TZ and,
more generally, (vi) the contents of the above sections entitled
"Timetable and Next Steps" and "About G Mining Ventures
Corp.".
Forward-looking statements are based on expectations,
estimates and projections as of the time of this press release.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by the
Corporation as of the time of such statements, are inherently
subject to significant business, economic and competitive
uncertainties and contingencies. These estimates and assumptions
may prove to be incorrect. Such assumptions include, without
limitation, those underlying the items listed in the above sections
entitled "Timetable and Next Steps" and "About G Mining Ventures
Corp.".
Many of these uncertainties and contingencies can directly or
indirectly affect, and could cause, actual results to differ
materially from those expressed or implied in any forward-looking
statements. There can be no assurance that, notably but without
limitation, (i) the Corporation will achieve all its operational
objectives as outlined in this release, (ii) TZ will reach
nameplate throughput by Q1 2025, or at all, (iii) the Corporation
will achieve its production and cost KPIs, and (iv) the Corporation
will use TZ as the flagship asset to grow GMIN into the next
mid-tier precious metals producer, as future events could differ
materially from what is currently anticipated by the
Corporation.
By their very nature, forward-looking statements involve
inherent risks and uncertainties, both general and specific, and
risks exist that estimates, forecasts, projections and other
forward-looking statements will not be achieved or that assumptions
do not reflect future experience. Forward-looking statements are
provided for the purpose of providing information about
management's expectations and plans relating to the future. Readers
are cautioned not to place undue reliance on these forward-looking
statements as a number of important risk factors and future events
could cause the actual outcomes to differ materially from the
beliefs, plans, objectives, expectations, anticipations, estimates,
assumptions and intentions expressed in such forward-looking
statements. All of the forward-looking statements made in this
press release are qualified by these cautionary statements and
those made in the Corporation's other filings with the securities
regulators of Canada including,
but not limited to, the cautionary statements made in the relevant
sections of the Corporation's (i) Annual Information Form dated
March 27, 2024, for the financial
year ended December 31, 2023, and
(ii) Management Discussion & Analysis. The Corporation cautions
that the foregoing list of factors that may affect future results
is not exhaustive, and new, unforeseeable risks may arise from time
to time. The Corporation disclaims any intention or obligation to
update or revise any forward-looking statements or to explain any
material difference between subsequent actual events and such
forward-looking statements, except to the extent required by
applicable law.
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SOURCE G Mining Ventures Corp