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 o Dry and Wet Commissioning well advanced; Hot Commissioning with ore commencing
- Total project progress of 97% with construction essentially complete
- 2.0 Mt of ore stockpiled to date ahead of schedule; building of crushed ore stockpile starting
BROSSARD, QC, June 11, 2024 – G Mining Ventures Corp. (“GMIN” or the “Corporation”) (TSX: GMIN, OTCQX: GMINF) is pleased to provide an update on commissioning progress at GMIN’s 100%-owned Tocantinzinho Gold Project (“TZ” or the “Project”) in the State of Pará, Brazil. TZ is engineered to produce approximately 175,000 ounces of gold annually over its initial 10.5-year mine life and is on track and on budget for commercial production in H2-2024.
Ore was introduced into the grinding circuit on June 10 after GMIN received the hot commissioning permit from the Pará State Environmental Agency, SEMAS. The commissioning permits allow for the mining and processing of ore, disposal of tailings as well as the selling and exporting of gold.
Louis-Pierre Gignac, President & Chief Executive Officer, proudly acknowledged the role of the dedicated team of employees and contractors in the Project’s success. He commented: “Less than two years after the formal construction decision, TZ is on track to commence gold production imminently, as planned. This is a testament to the outstanding achievement of our team in executing our proven self-perform approach. Once at a steady state, TZ is poised to become Brazil’s third-largest primary gold mine. As we eagerly anticipate commercial production at TZ in the second half of 2024, I look forward to growing G Mining Ventures Corp. using TZ as its cornerstone asset.”
Approximately 2.0 million tonnes (“Mt”) of ore have been stockpiled, with 1.5 Mt grading 0.77 g/t Au in the low-grade stockpile, and 0.5 Mt grading 1.29 g/t Au in the high-grade stockpile. Hot commissioning activities will initially use the low-grade stockpiled ore and progressively feed higher-grade ore as production ramps up toward a planned throughput of 4.7 Mt per year, and mining progresses toward the higher-grade hard rock.
The total Project progress is an impressive 97% complete as of May 31, 2024. Construction has been successfully finished, with only minor works remaining at the gravity, ADR, carbon regeneration, and gold room. Pre-commissioning and commissioning of the plant began earlier this year, marking a significant milestone for the Corporation. As of May, the entire system has been water tested. The primary crusher, ore reclaim system, grinding, and wet circuits have been tested, and all systems are performing as expected, fueling anticipation for the upcoming commercial production.
Update Photo
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:
- June 13, 2024: Mailing and filing of joint management information circular, and related materials, for GMIN’s Annual General and Special Shareholders Meeting for the approval of transaction with Reunion Gold Corporation and annual corporate matters
- July 9, 2024: GMIN’s Annual General and Special Shareholders Meeting
- 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.