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G Mining Ventures Announces First Gold Pour at Tocantinzinho Project

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G Mining Ventures Announces First Gold Pour at Tocantinzinho Project

 

 

 

 

 

  • 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

 

G Mining Ventures Corp. (TSX: GMIN) (OTCQX: GMINF) is pleased to announce that it has completed its first gold pour at GMIN’s 100%-owned Tocantinzinho Gold 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 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 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.

 

Project Development Timeline

 

The Project remains on track and 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:

  • 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. 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.

 

 


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)

 

Posted July 9, 2024

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