TSX: GMIN
OTCQX: GMINF
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
- 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
/CNW/ - 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.
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
performance.
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
(98% of project total).
o
Budget is tracking in line with the
Feasibility Study dated February 9, 2022
(filed under GMIN's profile on Sedar, entitled
"Feasibility Study – NI 43-
101 Technical Report, Tocantinzinho Gold
Project.").
|
|
Schedule
|
o Total
Project progress is 93% and remains on schedule for commercial
production
in H2-24.
|
|
Construction
Progress
|
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
for Phase 1:
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
geomembranes 50% complete.
|
|
Pre-Production
Mining
|
o 12.4 Mt of
material excavated from the starter pit to date, ahead of
schedule,
unaffected by rain events and now entering the dry
season.
o Owner-operated
mining operations started in September 2022, with pre-
production mining rate exceeding 50
ktpd.
o
Grade control assays performed in GMIN's
on-site laboratory, using blasthole
sampling.
o
Grade reconciliation has been positive,
with unplanned ore identified outside of
the Feasibility Study reserves model, in the andesite
unit and additional
mineralized saprolite.
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
primary loading units and production drills is
underway and expected to be fully
operational in June 2024.
|
|
Powerline
|
o 193-km 138
kV powerline from Novo Progresso to TZ and associated
substations
are commissioned and energized.
o
Drawing electricity from the national
grid at favourable rates, per the power
purchase agreement signed with CEMIG, large Brazilian
energy group, as
previously announced on June 1, 2023.
|
|
Operational
Readiness
|
o
Personnel is recruited in accordance with
the training and commissioning
requirements, using current construction personnel
when qualified and available.
o
The plant team is working together with
the commissioning team to optimise the
commissioning and start-up of the Plant and to
ensure that the plant team is
aware of all operational and maintenance
requirements and to take ownership of
the Plant once commissioning is
complete.
o
All plant employees are receiving plant
operational training sessions including
Flotation, Crusher and Stockpile, Gravity and
Intensive Leach, Pre-Leach
Thickener, CIL, and Detox operations. Reagents
Preparation and Flotation
training is ongoing.
o
The International Cyanide Management
Institute ("ICMI") Kick-off meeting was
held with committee members to start activities
in each area with the objective
to have Tocantinzinho compliant with the ICMI
Cyanide code.
|
|
Commissioning
|
o
Commissioning of the process plant is
progressing according to the plan with the
following areas commissioned and handed over to
operations: Transmission line,
main substation, primary crusher, ore reclaim, pebble
recirculation, pre-leach
thickener, CIL, detox, water reclaim, plant water and
air services, reagent
preparation, etc.
o
All balance of plant infrastructure is
commissioned and handed over to operations.
|
|
Human
Resources
|
o
1,507 employees and contractors are
currently employed by the Project with
94% of the workforce comprised of
Brazilians.
o
Majority of senior positions (Managers
and Senior staff) have been filled during
construction with only the Process Plant positions
being recent additions.
|
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 3, 2024: Record Date
for GMIN's Annual General and Special Shareholders
Meeting
- July 9, 2024: GMIN's Annual
General and Special Shareholders Meeting (for the approval of
transaction with Reunion Gold Corporation and annual corporate
matters)
- Q2-24: Process plant commissioning commence
- H2-24: Commercial production
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
