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Share Name | Share Symbol | Market | Type |
---|---|---|---|
G Mining Ventures Corp | TSX:GMIN | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 0.93% | 2.17 | 2.16 | 2.17 | 2.19 | 2.12 | 2.14 | 272,571 | 17:15:20 |
TSX: GMIN
OTCQX: GMINF
All amounts are in USD unless stated otherwise
BROSSARD, QC, May 27, 2024 /PRNewswire/ - G Mining Ventures Corp. ("GMIN" or the "Corporation") (TSX: 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. With the spot gold price trading close to $2,400/oz (LBMA Gold Price as at May 21, 2024), the Project is 93% complete and remains on track and on budget for commercial production in H2-2024.
Recent Highlights (All updates are dated as of April 30th, 2024, unless stated otherwise.)
Tocantinzinho Project Update
Area | Progress to Date (at April 30, 2024 unless otherwise noted) |
Health & Safety | o Total of 5,174,356 person-hours worked with industry leading Health and Safety o LTIFR of 0.04. o TRIFR of 0.31, compared to global industry average of 0.80.
|
Budget | o Project remains on budget and on schedule. o Project commitments total $458 million, including expenditures of $447 million o Budget is tracking in line with the Feasibility Study dated February 9, 2022 |
Schedule | o Total Project progress is 93% and remains on schedule for commercial production |
Construction | o Total construction is 95% complete. o The Mine Maintenance Facility is complete and in use. o Mill installation is progressing well, with imminent mechanical completion. o The following support facilities for the Process Plant are completed: o Assay Laboratory o Reagent Storage Buildings o Mill Office o Process Workshop o Process Security Gate o Control Room o Primary crusher o Ore Reclaim system o Pre-Leach Thickener o Industrial Water o Gland Water o Flotation Tailings Storage Facility main dam reached final elevation of 150 metres o Spillway excavation and geocell channel complete. o Downstream rockfill of the spillway complete. o Placement of the downstream filter material complete. o Piezometer installation 50% complete. o Carbon-in-Leach ("CIL") Tailings Storage Facility construction complete: o Completed liner. o Leak detection system installed. o Revegetation of the external slopes with hydroseeding and |
Pre-Production | o 12.4 Mt of material excavated from the starter pit to date, ahead of schedule, o Owner-operated mining operations started in September 2022, with pre- o Grade control assays performed in GMIN's on-site laboratory, using blasthole o Grade reconciliation has been positive, with unplanned ore identified outside of o A total of 1.5Mt of ore has been stockpiled, grading 0.85 g/t. o Mine dispatch system (MS4M) implementation including high precision for |
Powerline | o 193-km 138 kV powerline from Novo Progresso to TZ and associated substations o Drawing electricity from the national grid at favourable rates, per the power |
Operational | o Personnel is recruited in accordance with the training and commissioning o The plant team is working together with the commissioning team to optimise the o All plant employees are receiving plant operational training sessions including o The International Cyanide Management Institute ("ICMI") Kick-off meeting was |
Commissioning | o Commissioning of the process plant is progressing according to the plan with the o All balance of plant infrastructure is commissioned and handed over to operations. |
Human | o 1,507 employees and contractors are currently employed by the Project with o Majority of senior positions (Managers and Senior staff) have been filled during |
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:
Update Photos
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; (ii) the Project's commitments tracking in line with the Feasibility Study; (iii) the pre-production mining activities progressing ahead of schedule, with positive grade reconciliation; (iv) the commissioning activities progressing in accordance with plan; (v) the operational readiness being well advanced; 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) maintain an industry leading health and safety record, (iii) keep its expenditures and schedule in line with the Feasibility Study, (iv) carry its next steps as per the above timetable and effect the transition to commercial production as contemplated, (v) complete mill installation and, more generally, commissioning and operational readiness as planned, (vi) bring the Project into commercial production in the H2-2024, or at all, (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 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
Copyright 2024 PR Newswire
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