G Mining Ventures Provides Corporate Update Closes acquisition of the CentroGold Project in Brazil's prospective Gurupi Gold Belt from BHP CentroGold contains 1.7 million ounces of indicated and 0.6 million ounces of inferred JORC-
G Mining Ventures Provides Corporate Update
Closes acquisition of the CentroGold Project in
Brazil's
prospective Gurupi Gold Belt from BHP
CentroGold contains 1.7 million ounces of indicated and 0.6 million ounces of inferred JORC-
compliant gold resource that is open for expansion in all directions and at depth
District-scale land package comprises 47 tenements covering ~1,900 km2 and offers potential for
multiple new discoveries
Accretive transaction adds to GMIN's project pipeline with no upfront cost
Appointment of
Vincent Benoit
, Managing Partner and Chief Investment Officer of La Mancha, to its
Board of Directors
BROSSARD, QC
,
Dec. 20, 2024
/CNW/ -
G Mining Ventures Corp.
("
GMIN
" or the "
Corporation
")
(TSX: GMIN) (OTCQX: GMINF) is pleased to announce that the acquisition of tenements in the Gurupi
Gold Belt from wholly owned subsidiaries of BHP Group Limited ("
BHP
") (ASX: BHP, NYSE: BHP, LSE:
BHP, JSE: BHG) has closed. The acquisition gives GMIN an 100% interest in the tenements, including the
CentroGold Project ("
CentroGold
" or the "
Project
"). In consideration for the acquisition, GMIN will grant
BHP a 1.0% NSR royalty on the first 1 million ounces of gold produced at the tenements and a 1.5% NSR
royalty on gold production thereafter (the "
Transaction
"). Details of the Project and Transaction were
previously announced in GMIN's
news release dated
September 9, 2024
.
CentroGold is located in the state of Maranhão, located in northern
Brazil
, and comprises 47 tenements
encompassing ~1,900 square kilometers. The Project hosts multiple identified gold targets along a +80 km
mineralized trend, including the Blanket, Contact and Chega Tudo open pit deposits, which currently host
2.3 million ounces of JORC-compliant gold resources and remain open for expansion. In
July 2019
, Oz
Minerals Limited, which was later acquired by BHP in 2023, released a pre-feasibility study on the Blanket
and Contact deposits. The pre-feasibility study envisioned a 10-year mine life with an average annual gold
production of 100,000 to 120,000 ounces per year, with 190,000 to 210,000 ounces of gold per year in
the first two years of production.
GMIN plans to update the Project's JORC-compliant gold resource to meet National Instrument 43-101 –
Standards of Disclosure for Mineral Projects ("
NI 43-101
") in Q1 2025.
Board Appointment
The Corporation is pleased to announce the appointment of
Vincent Benoit
, Managing Partner and Chief
Investment Officer of La Mancha Capital Advisory LLP ("
La Mancha
"), to its Board of Directors, effective
December 20, 2024
. The GMIN Board of Directors is now comprised of 11 members.
Vincent Benoit
has over 30 years of corporate finance, business development and M&A experience in the
mining, telecom, and energy sectors. Vincent identified the opportunity to buy La Mancha and joined the
company as Head of Strategy & Business Development in 2012. Between 2013 and 2015, he led La
Mancha's portfolio restructuring and contributed to enhancing its mines' performance in
Australia
and
Africa
. Mr. Benoit identified and executed the combinations with Evolution Mining Limited (ASX:EVN) and
Endeavour Mining plc (TSX:EDV) ("
Endeavour
"), positioning La Mancha as a leading private investor in
the gold mining sector. From 2016 to 2019, Mr. Benoit was chief financial officer and executive vice
president of Corporate Development at
Endeavour
, where he reshaped the strategy, improved the mine
portfolio quality, and enhanced the balance sheet to fund organic growth.
Endeavour's
market
capitalization was quadrupled by the time he left at the end of 2019. In early 2020, he re-joined La
Mancha to oversee investments and fundraising.
Previously, Vincent was at Orange (2006-2012), where he served as EVP M&A. He led the development
of the group's footprint in
Africa
and
Europe
and formed strategic partnerships with key European telecom
players. Prior to this, Vincent held various finance positions, including those with Orano (ex-Areva), Bull
Information Systems, and PwC.
Vincent holds an MSc from Kedge Business School and is a Chartered Accountant.
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) ; an
gold
resource at CentroGold remaining open for expansion in all directions and at depth; (ii) the acquired
land package offering potential for multiple new discoveries; (iii) the Transaction being accretive for
GMIN's project pipeline; (iv) the Project's 10-year mine life and production profile, as anticipated in its
pre-feasibility study; (v) GMIN's plan to update the Project's JORC-compliant gold resource to meet NI
43-101 requirements; and
(vi) more generally, Mr. Benoit's future contribution as a GMIN director as
well as the section entitled "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 PEA and
those underlying the items listed in the above section entitled "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) GMIN will achieve its stated objectives for the
Project, or (ii)
the Project will prove accretive to GMIN's project pipeline, or (iii) the 2.3 million ounces of
JORC-compliant gold resources will meet the NI 43-101 requirements, or (iv) the Project's current
resources will be expanded in all directions and at depth, (v) the Project will have a 10-year mine life or
will be mined at all, or (vi) GMIN will
use TZ and
Oko West
to grow 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 (i) Annual Information Form of G Mining TZ
Corp. (then known as G Mining Ventures Corp.) dated
March 27, 2024
, for the financial year ended
December 31, 2023
, (ii) Annual Information Form of Reunion Gold dated
April 25, 2024
, for the financial
year ended
December 31, 2023
, and (iii)
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, [email protected]
CO: G Mining Ventures Corp
CNW 09:39e 20-DEC-24