Originally shared on Gmining.com

All amounts are in USD unless stated otherwise

• Project remains on schedule and on budget for commercial production in H2-2024
• Total project progress of 93% with construction 95% complete o Total spend of $447 million (98% of project total)
• Industry leading safety record, with LTIFR of 0.04 after 5.2 million person-hours worked
• 1.5 Mt of ore at 0.85 g/t stockpiled to date ahead of schedule
• Site energized on the national grid with all balance of plant infrastructure commissioned; process plant commissioning in focus and progressing according to the plan and schedule

BROSSARD, QC, May 27, 2024 – 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.)

• Health & Safety – Industry leading safety record of Lost Time Incident Frequency Rate (“LTIFR”) of 0.04, and Total Recordable Incident Frequency Rate (“TRIFR”) of 0.31 after a total of 5,174,356 person-hours worked.
• Budget – Total spend to date of $447 million with open commitments of $11 million for a total committed to date of $458 million and are tracking in line with the Feasibility Study (defined hereafter).
• Schedule –Total Project is currently 93% complete and trending on time for commercial production in H2-24.
• Construction Progress – Construction is 95% complete, with favourable project-to-date productivity factor of 1.14. Mill installation is imminently mechanically complete.
• Pre-production Mining – Pre-production mining continues to progress above budget, having excavated 12.4 million tonnes (“Mt”) of material from the starter pit, including 1.5 Mt of ore to the stockpile.
• Powerline – 193-km 138 kV transmission line from Novo Progresso to TZ and associated substations are complete and energized.
• Operational Readiness – All operations personnel hired, training ongoing, consumables/inventory parts procured.
• Human Resources – 1,507 employees and contractors are currently employed by the Project, after peaking at 2,220 in August 2023. Reductions are mainly in earthworks, civil, structural, architectural and site services.
• Site Drone Footage – Recent aerial drone footage of the site can be found here.

For a full project and timeline update of Tocantinzinho, go to the report: