TSX: GMIN
OTCQX: GMINF
All amounts are in USD unless stated
otherwise
- Project remains on schedule and on budget for commercial
production in H2-2024
- Dry and Wet Commissioning well advanced; Hot Commissioning with
ore commencing
- Total project progress of 97% with construction essentially
complete
- 2.0 Mt of ore stockpiled to date ahead of schedule;
building of crushed ore stockpile starting
BROSSARD, QC, June 11,
2024 /PRNewswire/ - G Mining Ventures
Corp. ("GMIN" or the "Corporation") (TSX: GMIN)
(OTCQX: GMINF) is pleased to provide an update on commissioning
progress at GMIN's 100%-owned Tocantinzinho Gold Project
("TZ" or the "Project") in the State of Pará,
Brazil. TZ is engineered to
produce approximately 175,000 ounces of gold annually over its
initial 10.5-year mine life and is on track and on budget for
commercial production in H2-2024.
Ore was introduced into the grinding circuit on June 10 after GMIN received the hot commissioning
permit from the Pará State Environmental Agency, SEMAS. The
commissioning permits allow for the mining and processing of ore,
disposal of tailings as well as the selling and exporting of
gold.
Louis-Pierre Gignac, President
& Chief Executive Officer, proudly acknowledged the role of
the dedicated team of employees and contractors in the Project's
success. He commented: "Less than two years after the formal
construction decision, TZ is on track to commence gold production
imminently, as planned. This is a testament to the outstanding
achievement of our team in executing our proven self-perform
approach. Once at a steady state, TZ is poised to become
Brazil's third-largest primary
gold mine. As we eagerly anticipate commercial production at TZ in
the second half of 2024, I look forward to growing G Mining
Ventures Corp. using TZ as its cornerstone asset."
Approximately 2.0 million tonnes ("Mt") of ore have been
stockpiled, with 1.5 Mt grading 0.77 g/t in the low-grade
stockpile, and 0.5 Mt grading 1.29 g/t in the high-grade stockpile.
Hot commissioning activities will initially use the low-grade
stockpiled ore and progressively feed higher-grade ore as
production ramps up toward a planned throughput of 4.7 Mt per year,
and mining progresses toward the higher-grade hard rock.
The total Project progress is an impressive 97% complete as of
May 31, 2024. Construction has been
successfully finished, with only minor works remaining at the
gravity, ADR, carbon regeneration, and gold room. Pre-commissioning
and commissioning of the plant began earlier this year, marking a
significant milestone for the Corporation. As of May, the entire
system has been water tested. The primary crusher, ore reclaim
system, grinding, and wet circuits have been tested, and all
systems are performing as expected, fueling anticipation for the
upcoming commercial production.
Update Photo
Figure 1 – Ore Feed to SAG Mill
Project Development Timeline
The Project remains on track and on 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:
- June 13, 2024: Mailing and filing
of joint management information circular, and related materials,
for GMIN's Annual General and Special Shareholders Meeting for
the approval of transaction with Reunion Gold Corporation and
annual corporate matters
- July 9, 2024: GMIN's Annual
General and Special Shareholders Meeting
- H2-24: Commercial production
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 its flagship Tocantinzinho Gold Project in
mining friendly and prospective State of Pará, Brazil.
Additional Information
For further information on GMIN, please visit the website at
www.gminingventures.com.
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 imminent
commencement of production); (ii) the Project's commissioning being
well advanced; (iii) the anticipated throughput of 4.7 Mt per year
and 175,000 ounces of gold of annual production; (iv) the Project
becoming Brazil's third-largest
primary gold mine; (v) the Corporation's Annual General and Special
Meeting of Shareholders to be held on July
9, 2024 (and the mailing/filing of the management
information circular on June 13,
2024; and (vi) 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) continue to progress on all
fronts at the Project, (ii) keep its expenditures and schedule in
line with the Project Feasibility Study, (iii) carry its next steps
as per the above timetable and effect the transition to commercial
production as contemplated, (iv) complete commissioning as planned,
(v) bring the Project into commercial production in the H2-2024, or
at all, (vi) grow TZ into Brazil's
third=largest primary gold mine, (vii) use TZ to grow GMIN into the
next intermediate producer, or (viii) complete its transaction with
Reunion Gold Corporation, as currently contemplated or at all
(notably, that the shareholders of both parties will approve it),
as future events could differ materially from what is currently
anticipated by the Corporation. In addition, there can be no
assurance that GMIN shareholders will vote in favor of the
transaction with Reunion Gold transaction or that the State
of Pará, in Brazil, will remain a
mining friendly and prospective jurisdiction.
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
