TSX: GMIN
OTCQX: GMINF
All amounts are in USD unless stated
otherwise
- First gold exports from Tocantinzinho sold above $2,400/oz
- Commercial production and subsequent ramp-up to nameplate plant
capacity of 4.7 million tonnes per annum expected to be
achieved in H2-24
BROSSARD, QC, Aug. 14,
2024 /PRNewswire/ - G Mining Ventures Corp.
("GMIN" or the "Corporation") (TSX: GMIN) (OTCQX:
GMINF) is pleased to announce that it has completed its first
exports of doré bars from GMIN's 100%-owned Tocantinzinho Gold
Project ("TZ" or the "Project") in the State of Pará,
Brazil, to a refinery in
Switzerland. The Project
remains on time and budget for commercial production in the second
half of 2024.
Louis-Pierre Gignac, President
& Chief Executive Officer, commented: "Our first
shipments of gold mark another milestone for TZ, and the State of
Para in particular, as this shipment represents the first export
from a large-scale, modern gold mining operation in the State. With
construction officially completed, we kept lost time injury to only
one in more than 5.6 million person-hours worked. I want to
congratulate the team on a tremendous safety record. I am excited
as TZ progresses smoothly toward commercial production in the
second half of 2024."
The start of production coincides with an environment of record
high gold prices, where every ounce sold by GMIN was in excess
of $2,400 per ounce,
significantly above budget.
The construction team has been demobilized, as they have handed
over the Project to the operations team.
Production Update
Mine to mill reconciliation remains on target with the Mine Plan
from the Feasibility Study dated February
09, 2022 (filed under GMIN's profile on SEDAR+ at
www.sedarplus.ca, entitled "Feasibility Study – NI 43-101 Technical
Report, Tocantinzinho Gold Project.").
The commissioning of all areas of the process plant is complete
with plant feed reaching a peak of 10 thousand tonnes
("kt") per day ("pd") during the second half of July.
Gold production for July was 4,232 ounces with an average gold
recovery of 85.1%. Focus now is on continued ramp up of the process
plant to full production and target recoveries, forecast to be
reached in H2 2024.
Project Development Timeline
The Project remains on track and budget for commercial
production in H2-2024.
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.gminingventures.com.
Timetable and Next Steps
Upcoming key milestones include:
- Q3-24: Oko West PEA
- Q4-24 Exploration results from both TZ and Oko West
- H2-24: Commercial production at Tocantinzinho
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 Project in Brazil and Oko West Project in Guyana, both mining friendly and prospective
jurisdictions.
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 Project remaining on
schedule and on budget for commercial production in H2-2024 (with
ramp-up to nameplate plant capacity also to be achieved in
H2-2024); (ii) the mine to mill reconciliation remaining on target
with the Feasibility Study; (iii) the Project becoming Brazil's third-largest primary gold mine; (iv)
the quoted expectations of GMIN's President & Chief Executive
Officer; and (v) more generally, the horizontal bar
chart entitled "Project Development Timeline" as well as the
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 relating to the price of gold and
currency exchange rates, those outlined in the Feasibility Study
and those underlying the items listed on 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, the Corporation will (i) carry its next steps as per
the above timetable and effect the transition to production as
contemplated, to bring the Project into commercial production in
H2-2024, or at all, (ii) grow TZ into Brazil's third-largest primary gold mine, or
(iii) use TZ and Oko West to grow
GMIN into the next intermediate producer, as future events could
differ materially from what is currently anticipated by the
Corporation. In addition, there can be no assurance that
Brazil and/or Guyana will remain mining friendly and
prospective jurisdictions.
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