G Mining Ventures Announces First Gold Pour at Tocantinzinho Project
G Mining Ventures Announces First Gold Pour at
Tocantinzinho Project
TSX
: GMIN
OTCQX
: GMINF
All amounts are in USD unless stated otherwise
First gold pour at Tocantinzinho achieved on time and budget, only 22 months after the formal construction decision
Commercial production and subsequent ramp-up to nameplate plant capacity of 4.7 million tonnes
per annum
expected to be
achieved in H2-24
Over 2.6 Mt of ore, containing over 78,000 gold ounces, mined and stockpiled ahead of the processing plant ramp-up
BROSSARD, QC
,
July 9, 2024
/CNW/ -
G Mining
Ventures Corp.
("
GMIN
" or the "
Corporation
") (TSX: GMIN) (OTCQX:
GMINF) is pleased to announce that it has completed its first gold pour at GMIN's 100%-owned Tocantinzinho Gold Project ("
TZ
"
or the "
Project
") in the State of Pará,
Brazil
.
The first pour yielded approximately 440 ounces of gold, and the Project
remains on time and budget for commercial production in the second half of 2024.
Once in commercial production, TZ will
become
Brazil's
third-largest primary gold mine.
Louis-Pierre Gignac
, President & Chief Executive Officer
, commented: "
I am delighted to announce that TZ has achieved
the significant milestone of the first gold pour, less than two years after the formal construction decision. The team successfully
constructed TZ on time and in line with the original budget while maintaining an outstanding safety record. This milestone is a
testament to the strength of our self-perform approach and demonstrates our competitive advantage. I sincerely thank our
employees and contractors for their remarkable efforts in achieving this milestone. I look forward to ramping up the operation
to commercial production in the second half of 2024. We are excited about TZ's future and its significant role in
Brazil's
gold
mining industry."
Construction of TZ was launched in
September 2022
, following the completion of a Definitive Feasibility Study ("
DFS
") dated
February 09, 2022
(filed under GMIN's profile on Sedar, entitled "Feasibility Study – NI 43-101 Technical Report, Tocantinzinho
Gold Project."), which confirmed TZ's potential to be a cornerstone asset for GMIN. The DFS contemplates a 10.5-year mine life
with an average annual gold production of 175,000 ounces with an initial capital cost of
$458 million
.
The DFS displayed robust
economics at a
$2,000
/oz gold price assumption, including an after-tax NPV5% of
$1.0 billion
and an after-tax IRR of
34%.
Since the start of hot commissioning on
June 11, 2024
, approximately 77 thousand tonnes of ore have been processed through
the TZ process plant, with all circuits operating as expected. At the end of June, approximately 2.6 million tonnes ("
Mt
") of ore
have been stockpiled, with 2.1 Mt grading 0.80 g/t Au in the low-grade stockpile and 0.6 Mt grading 1.31 g/t Au in the high-grade
stockpile.
Figure 1 – First Gold Doré Bars Poured at the Tocantinzinho Mine (CNW Group/G Mining Ventures Corp)
Figure 2 – Vincent-Luc Authier, Construction Manager at TZ with the First Gold Bar Poured at the Mine (CNW Group/G Mining
Ventures Corp)
Project Development Timeline
The Project remains on track and budget for commercial production in H2-2024.
TZ Project Development Timeline (CNW Group/G Mining Ventures Corp)
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:
July 9, 2024
: GMIN's Annual General and Special Shareholders Meeting for the approval of transaction with Reunion Gold
Corporation and annual corporate matters
July 15, 2024
: Anticipated closing of the transaction with Reunion Gold Corporation
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.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 Project remaining on schedule and on budget for commercial production in H2-2024 (with subsequent
ramp-up to nameplate plant capacity also to be achieved in H2-2024); (ii) the Project's expected economics as set out in the
DFS; (iii) the anticipated annual production of 175,000 ounces of gold over a 10.5-year mine of life; (iv) the Project becoming
Brazil's
third-largest primary gold mine; (v) the anticipated closing of the transaction with Reunion Gold on
July 15, 2024
; (vi)
the quoted expectations of GMIN's President & Chief Executive Officer; and
(vii) 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 DFS 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 TZ, (ii) keep its expenditures and schedule in line
with the DFS, (iii) 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, (iv) grow TZ into
Brazil's
third-largest primary gold mine, (v)
use TZ to grow GMIN into the next intermediate producer, or (vi) complete its transaction with Reunion Gold Corporation, as
currently contemplated or at all, as future events could differ materially from what is currently anticipated by the Corporation. In
addition, there can be no assurance 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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For further information:
Jessie Liu-Ernsting, Vice President, Investor Relations and Communications, 647.728.4176,
CO: G Mining Ventures Corp
CNW 09:06e 09-JUL-24