G Mining Ventures Provides Tocantinzinho Project Update on Anniversary of Construction Decision
G Mining Ventures Provides Tocantinzinho Project Update on
Anniversary of Construction Decision
TSXV
: GMIN
OTCQX
: GMINF
All amounts are in USD unless stated otherwise
Project remains on track and on budget for commercial production in H2-2024
Total project progress of 51% with construction 46% complete
Updated virtual site tour available through VRIFY platform
BROSSARD, QC
,
Sept. 12, 2023
/CNW/ -
G Mining Ventures Corp.
("
GMIN
" or the "
Corporation
") (TSXV: GMIN) (OTCQX: GMINF) is pleased to
provide an update on progress made at GMIN's 100% owned Tocantinzinho Gold Project ("
TZ
" or the "
Project
") currently under construction in the State of
Pará,
Brazil
. On the one year anniversary since the Corporation made a formal construction decision (
announced on
September 12, 2022
), the Project is
51% complete and remains on track and on budget for commercial production in H2-2024.
Recent Highlights
(All updates are dated as of
August 31
st
, 2023, unless stated otherwise.)
Health & Safety
– A total of 2,800,142 man-hours have been worked on the Project to date with no Lost Time Incidents, including a Total Recordable
Incident Rate (TRIFR) of 0.36.
Budget –
Total spend to date of
$281 million
with open commitments of
$82 million
for a total committed to date of
$363 million
(79% of project total)
and are tracking in line with the Feasibility Study (defined hereafter).
Schedule
–Total Project is currently 51% complete and trending on time for commercial production in H2-24. Procurement and detailed engineering are
effectively complete.
Construction Progress
– Construction is 46% complete, with work initiated on almost all Project areas.
Pre-production Mining
– Pre-production mining activities have reached 33 thousand tonnes ("
kt
") per day ("
pd
") and have been operating on a 24/7
basis since the start of night shifts in May. A total of 4.8 million tonnes ("
Mt
") of material has been excavated from the starter pit.
Powerline
– Since initiating works in
December 2022
, construction of the 193-km 138 kV transmission line from Novo Progresso to TZ is advancing
quickly. Total progress has reached 78% and is trending on schedule and on budget for completion in early H1-24.
Operational Readiness
– Operational readiness activities are underway with the construction and pre-production mining teams poised to transition into
commissioning and operations.
Human Resources
– 2,220 employees and contractors are currently employed by the Project with 95% of the workforce comprised of local Brazilians.
Exploration
–
Carlos Bertoni
, former CEO of Reunion Gold Corporation (RGD.V) has been engaged as Technical Advisor to the GMIN exploration
team.
Tocantinzinho Project Update
Area
Progress to Date (at August 31, 2023 unless otherwise noted)
Health & Safety
Total of 2,800,142 man-hours have been worked to date with no Lost Time
Incidents.
Total Recordable
Incident Rate (
TRIFR
) of 0.36, trending well relative to global
industry average of 0.8.
Budget
Project remains on budget and is fully funded through completion and ramp-up to
commercial production.
Project
commitments total $363 million (79% of project total), including
expenditures of $281 million (61% of project total).
Budget
is tracking in line with the Feasibility Study dated February 09,
2022 (filed under GMIN's
profile on
Sedar
, entitled "Feasibility Study – NI
43-101 Technical Report, Tocantinzinho
Gold Project.").
Procurement
is effectively complete with all purchase orders and construction
contracts in place.
Schedule
Total Project progress is 51% and remains on schedule for commercial production
in H2-24.
The
construction and commissioning of the grinding circuit is on the Project
critical path.
Semi-autogenous
grinding ("
SAG
") and ball mill components have been through
fabrication and
QA
/
QC
inspections, with shipping to Brazil currently taking place
as per Project schedule.
Construction
Progress
Total construction is 46% complete with detailed engineering effectively
complete.
Site infrastructure substantially complete.
The following ancillary facilities have been constructed and commissioned:
Dorms
, permanent kitchen and all related facilities, potable water
treatment plant and sewage treatment plant, initial truck shop, warehouse,
administration office, mill workshop, mill office, fuel storage, aggregate
plant and 13.8kV site distribution lines
The following ancillary facilities are continuing to progress:
Reagent
storage buildings, assay lab, permanent truck shop.
Process plant construction 18% complete:
Primary
crusher installation complete, and mechanical stabilized earth wall
erection initiated.
Coarse
ore stockpile concrete tunnel construction in progress.
SAG
mill and ball mill foundations and pedestals complete with sole plate
installation initiated.
CIL
tanks substantially assembled and are undergoing hydro-testing.
Detox
and process water tanks assembled and are undergoing welding.
Fusing
of tailings and return water pipelines in progress.
Flotation Tailings Storage Facility construction well advanced:
On
track for completion in early Q1-24.
Main
dam reaching final elevation imminently.
Filter
installation initiated.
Spillway
construction and rock fill activity planned for H2-23.
CIL Tailings Storage Facility construction advanced:
On
track for completion in early Q4-23.
Floor excavation ongoing and underdrains
are being installed.
Liner
materials to be fully received by end of Q3-23.
Pre-Production
Mining
Owner operated mining operations started in November 2022, with 4.8 Mt of
material excavated from the starter pit to date.
Night
shift commenced in May resulting in 24/7 mining.
Grade control team hired and awaiting results from samples representing the first 1 Mt
of ore.
All mining equipment needed for pre-production period has been received at site.
Pre-production fleet has had excellent availability and achieved a mining rate of
33 ktpd
.
A second CAT 6030 shovel and a Sandvik
DI650i
blasthole
drill are in the process
of being commissioned.
Priority
for mined material continues to be producing aggregate material and
supplying waste rock for construction of roads, and the tailings storage facility.
Stockpiling of the 2.4 Mt
of ore for commissioning activities, representing 6
months of feed, will commence in Q4-23.
Powerline
Progress has reached 78% and is trending on budget and schedule for completion
in H1-24.
Out
of a total of 483 transmission towers:
456 foundations have been poured (94%);
428 towers have been assembled (89%);
349 towers have been lifted (72%); and
Stringing
activities commenced in Q2-23.
The
Novo
Progresso substation is progressing
on schedule
:
Civil
works were completed and demobilized at substation bay;
Main
equipment was delivered on site; and
Assembly
team mobilized and started installation activities.
Operational
Readiness
Key operations personnel are in place, and will participate in commissioning along
with the construction team. Recruitment of process plant team has been initiated
and to be staffed well in advance of commissioning activities.
Training has been initiated in the areas of mine operations (e.g. mobile equipment
operation, drilling and blasting), technical services and maintenance.
Business readiness is progressing in the areas of general management, human
resources, supply chain, information technology, health & safety, ESG, security,
camp & site services, and finance & accounting.
Key personnel are in place and have begun implementing management systems
and processes.
Human
Resources
2,220 employees and contractors are currently employed by the Project with
95% of the workforce comprised of local Brazilians.
Exploration
Carlos Bertoni, former CEO of Reunion Gold Corporation (RGD.V) has been
engaged as Technical Advisor to collaborate with the current GMIN exploration
team on the 996km
2
land package around the Project and its belt in the Tapajós
region of Brazil.
Mr. Bertoni
is a seasoned mining industry executive whose professional
experience spans over 40 years with diverse groups such as Cominco
, Rio
Tinto
, Golden Star Resources,
SNC
Lavalin
,
Minières
du
Nord
and most
recently Reunion Gold, exploring and developing mineral projects in a
variety of geological settings in Canada, South America and Africa.
At Golden Star, Mr. Bertoni
managed the exploration of all its key projects
in the Guiana Shield, including Omai
,
Rosebel
, Paul
Isnard
(
Montagne
d
´Or),
Yaou
, and
Dorlin
.
Most recently, Mr. Bertoni
led Reunion Gold's
Oko
West Project, one of
the most exciting discoveries of recent years, which is currently
undergoing mineral resource estimate and Preliminary Economic
Assessment.
Comprehensive
regional exploration soil sampling program is underway
collecting >15,000 soil samples on three high priority targets, to be concluded by
2023 yearend.
Program
is 66% complete with soil sampling assays pending.
Regional
airborne geophysics campaign has been initiated to collect
electromagnetic and magnetic data on substantially the entire land package.
Project Development Timeline
The Project remains on track and on budget for commercial production in H2-2024.
(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/14169
. 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:
Completion of the powerline construction in Q1-24
Process plant commissioning commence in Q2-24
First gold pour in Q2-24; and
Commercial production in H2-24.
Update Photos
Figure 1 – TZ Site Construction Overview (CNW Group/G Mining Ventures Corp)
Figure 2 – Mine Infrastructure Area and Process Plant Progress (CNW Group/G Mining Ventures Corp)
Figure 3 – Mining: Starter Pit (CNW Group/G Mining Ventures Corp)
Figure 4 – Flotation Tailings Storage Facility (CNW Group/G Mining Ventures Corp)
Figure 5 – CIL Tailings Storage Facility (CNW Group/G Mining Ventures Corp)
Figure 6 – Permanent Camp (CNW Group/G Mining Ventures Corp)
Figure 7 – Primary Crusher Assembly (CNW Group/G Mining Ventures Corp)
Figure 8 – Grinding Mill Shell Fabrication (CNW Group/G Mining Ventures Corp)
Figure 9 – Process Plant Construction (CNW Group/G Mining Ventures Corp)
Figure 10 – Novo Progresso Substation (CNW Group/G Mining Ventures Corp)
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. (TSXV: 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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this press release.
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 track and on budget for
commercial production in H2-2024; (ii) the Project commitments to track in line with the Feasibility Study; (iii) the power transmission line to be completed
in early H1-2024; (iv) the cyanide tailing storage facility to be completed in Q4-2023 and the flotation tailing storage facility to be completed in Q1-2024;
(v) the stockpiling of ore for commissioning activities to commence in Q4-2023; 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 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, the Corporation will (i) continue to progress on
all fronts at the Project, to carry the self-perform approach with similar success as proven in the past and to continue taking care of the health and safety
of all its stakeholders (with no Lost Time Incidents), (ii) keep its expenditures and schedule in line with the Feasibility Study, (iii) carry its next steps as per
the above timetable and effect the transition to commercial production as contemplated, (iv) complete the transmission line in H1-2024 and bring the
Project into commercial production in the H2-2024, or at all, (v) advance TZ into one of the largest operating gold mines in
Brazil
, or (vi) use TZ 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 (y) the Corporation's comprehensive regional exploration soil sampling program, its regional airborne campaign and its other
exploration activities will generate positive results and led to the addition of mineral resources; and (z) 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
April 28, 2023
, for the financial year ended
December 31, 2022
, 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
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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 06:30e 12-SEP-23