GMV Minerals Inc. Announces Shareholder Update
280 - 1090 West Georgia Street
Vancouver, British Columbia. V6E 3V7
GMV MINERALS INC. ANNOUNCES SHAREHOLDER UPDATE
VANCOUVER, BC, April 24, 2023 – GMV Minerals Inc. (the “Company” or “GMV”) (TSX -V: GMV)
(OTCQB: “GMVMF”) is pleased to announce the following update:
The Company had a relatively quiet 2022 as it considered plans for an active drilling campaign in 2023 and it
has been speaking to existing shareholders and strategic investors concerning potential capital solutions for the
upcoming year.
The Company continues to be very encouraged by its core project known as the Mexican Hat gold deposit
located in SE Arizona. The most recent Preliminary Economic Assessment “PEA” (2020) reports 36.7 million
tonnes grading .58 gpt gold in a 688,000 ounce Inferred Mineral Resource. An open pit with a 1.87:1 strip ratio
was modeled to extract 32.6 million tonnes of this deposit recovering 525,000 ounces of gold over a 10-year
mine life. This is a low capital cost operation, full retail cost of US$67.8 million, which includes US$12 million
in contingency and US$13 million in sustaining capital. Heap leach testing demonstrates an exceptional
recovery of 88% of the gold from a two-stage crushing circuit.
Partial economics of the base case gold price variance is shown in an excerpt from the PEA (below). For ease
of reference, please review the entire PEA by visiting the Company’s website at www.gmvminerals.com.
Gold price Base Case
Variance -10% Base +10% +20% +30% +40%
US$/troy oz Gold 1,440.00 1,600.00 1,760.00 1,920.00 2,080.00 2,240.00
IRR (Pre-Tax) 27.6% 39.3% 49.7% 59.4% 68.6% 77.4%
NPV @ 5% (Pre-Tax) US$M 89.5 150.6 211.7 272.8 333.9 395.0
All technical detail is drawn from “NI 43-101 Technical Report Updated Preliminary Economic Assessment, Mexican Hat Project” by
Kuestermeyer, A., Pozder, S., Webb, D., Barr, J., Dyer, T., Barrios, F., Garcia, D., 2020.
As a result of the recent and steady increase in the price of g old, the Company is now advancing upon its
intention to continue developmental drilling at the project.
This drill pro gram will twin approximately thirty-five shallow holes drilled by past operators (approximately
90% completed by Placer Dome USA). This wide diameter diamond drill program intends to refine the internal
boundaries of the mineralization and provide geomechanical parameters which cannot be obtained from reverse
circulation drilling.
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The result from this work is expected to:
• Upgrade the mineral resource to higher categories within the Measure, Indicated and Inferred resources
classification.
• Provide geotechnical support for engineering designs on the pit.
• Provide opportunities to confirm hydrogeological properties of the rock.
• Provide samples for environmental testing to characterize both the ore and waste materials for
permitting requirements.
In addition, this phase of the drilling will be completed in parallel with a resumption of hydrogeological and
atmospheric testing being conducted by SRK Consulting (U.S.) Inc. and Westland Engineering &
Environmental Services, Inc. This work will enable the company to identify pertinent data to allow for the
Company to advance the project towards production.
Ian Klassen, President & CEO remarked “2023 is shaping up to be a turning point for the Company. When
the Mexican Hat’s NPV is compared with our current market capitalization of approximately US$10 million,
this represents a unique and compelling investment opportunity. I am confident that there are few, if any,
gold projects of similar size in the southwest USA that have as clear a path to production as the Mexican
Hat”.
In addition, the Company announces that, subject to TSX Venture Exchange approval, it has granted incentive
stock options to various directors, employees, advisors and consultants to purchase up to 2,050,000 common
shares exercisable for a period of five (5) years at a price of $0.20 per share.
Dr. D.R. Webb, Ph.D., P.Geo., P.Eng. is the Q.P. for this release within the meaning of NI 43 -101 and has
reviewed the technical content of this release and has approved its content.
About GMV Minerals Inc.
GMV Minerals Inc. is a publicly traded exploration company focused on developing precious metal assets in
Arizona. GMV, through its 100% owned subsidiary, has a 100% interest in a Mining Property Lease commonly
referred to as the Mexican Hat Property, located in Cochise County, Arizona, USA. The project was initially
explored by Placer Dome (USA) in the late 1980’s to early 1990’s. GMV is focused on developing the asset
and realizing the full mineral potential of the property through near term gold production. GMV. Recently
updated its National Instrument inferred mineral resource to 36 ,733,000 tonnes grading 0.58 g/t gold at a
0.2 g/t cut-off, containing 688,000 ounces of gold.
ON BEHALF OF THE BOARD OF DIRECTORS
________________________________________
Ian Klassen, President
For further information please contact:
GMV Minerals Inc.
Ian Klassen
Tel: (604) 899-0106
Email: [email protected]
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Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-
looking statements include estimates and statements that describe the Company’s future plans, objectives or goals,
including words to the effect that the Company or management expects a stated condition or result to occur. Forward -
looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”,
“would”, “will”, or “plan”. Since forw ard-looking statements are based on assumptions and address future events and
conditions, by their very nature they involve inherent risks and uncertainties as described in the Company's filings with
Canadian securities regulators. There can be no assuranc e that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new information, future events or otherwise, other than as required
by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as th at term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.