All amounts are in USD unless stated
otherwise
TSX: GMIN
OTCQX: GMINF
- Project remains on schedule and on budget for commercial
production in H2-2024
- Total project progress of 87% with construction 89%
complete
- Total spending to date of $433
million (95% of project total)
- Updated virtual site tour available through VRIFY
platform
BROSSARD, QC, April 11,
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 at $2,356/oz (LBMA
Gold Price PM as at April 9, 2024),
the Project is 87% complete and remains on track and on budget for
commercial production in H2-2024.
Recent Highlights (All updates are dated as of
March 31st, 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 0.32
after a total of 4,941,128 person-hours worked.
- Budget – Total spend to date of $433 million with open commitments of
$16 million for a total committed to
date of $449 million (98% of project
total) and are tracking in line with the Feasibility Study (defined
hereafter).
- Schedule –Total Project is currently 87% complete and
trending on time for commercial production in H2-24. Detailed
engineering, procurement and powerline are complete.
- Construction Progress – Construction is 89% complete,
with Balance of Plant and infrastructures completed and
commissioned.
- Pre-production Mining – Pre-production mining activities
have exceeded 50 thousand tonnes ("kt") per day
("pd") and have been operating on a 24/7 basis since
May 2023. A total of 11.4 million
tonnes ("Mt") of material has been excavated from the
starter pit.
- Powerline – 193-km 138 kV transmission line from Novo
Progresso to TZ and associated substations are complete and soon to
be energized.
- Operational Readiness – Commissioning activities
commencing in April starting with primary crusher and ore reclaim
system.
- Human Resources – 1,680 employees and contractors are
currently employed by the Project with 94% of the workforce
comprised of Brazilians.
- Site Drone Footage – Recent aerial drone footage of the
side can be found here (https://youtu.be/sdelA8UKOEc )
Tocantinzinho Project Update
|
Area
|
Progress to Date (at
March 31, 2024 unless otherwise noted)
|
|
Health &
Safety
|
- Total of 4,941,128 person-hours worked
with industry leading Health and Safety
performance.
- LTIFR of
0.04.
- TRIFR of 0.32,
compared to global industry average of 0.80.
|
|
Budget
|
- Project remains on budget and on
schedule
- Project commitments
total $449 million (98% of project total), including expenditures
of $433 million (95% of project total).
- Budget is tracking
in line with the Feasibility Study dated February 09, 2022 (filed
under GMIN's profile on Sedar, entitled "Feasibility Study – NI
43-101 Technical Report, Tocantinzinho Gold Project.").
|
|
Schedule
|
- Total Project progress is 87% and remains
on schedule for commercial production in H2-24.
|
|
Construction
Progress
|
- Total construction is 89% complete with
detailed engineering and procurement complete.
- Balance of Plant
and infrastructures completed and commissioned, and all remaining
construction is in the areas related to the Processing
Plant.
- Plant construction
in final months with a focus on semi-autogenous mill ("SAG")
and ball mill assembly, especially mechanical, piping, electrical
and instrumentation.
- Process plant
construction status:
- Primary crusher and
ore reclaim tunnel construction complete with commissioning
activities starting in April.
- Gravity circuit
(gravity screens, Knelson concentrators, intensive leach reactor
and cyclone) installed with piping & electrical works
substantially complete. Construction completion in April and
commissioning activities planned in May.
- SAG & Ball Mill
installation progressing well with finalization of lube systems.
Ring gear, pinion and final alignment complete on Ball Mill and
ring gear installation in progress on SAG Mill. Construction
completion and the start of commissioning activities planned in
May.
- Flotation circuit
installed with piping & electrical works substantially
complete. Construction completion and commissioning activities
planned in May.
- Carbon-in-leach
("CIL") circuit complete and hydrotested. Commissioning
activities planned in April.
- Adsorption,
desorption and recovery plant and gold room construction in
progress. Construction completion and commissioning activities
planned in May.
- Flotation Tailings
Storage Facility construction ~100% complete:
- Main dam reached
final elevation of 150 metres for Phase 1.
- Spillway excavation
and geocell channel completed.
- Downstream rockfill
of the spillway 90% completed.
- Placement of the
downstream filter material 90% completed.
- Piezometer
installation underway.
- CIL Tailings
Storage Facility construction advanced:
- Completed and
lined.
- Leak detection
system installed.
- Revegetation of the
external slopes ongoing.
|
|
Pre-Production
Mining
|
- Owner operated mining operations started
in September 2022, with 11.4 Mt of material excavated from the
starter pit to date.
- Pre-production
mining rate has exceeded 50 ktpd, with rain events having minimal
impact on operations since all roads have been capped with
rock.
- Grade control
activities guiding ore mining via sampling and assaying of
blasthole cuttings. Assaying performed by on-site laboratory owned
by GMIN.
- A total of 1Mt of
ore has been stockpiled with positive reconciliation to date due to
ore identified outside of the Feasibility Study reserves
model:
- 140 kt grading 1.12
g/t in the high-grade stockpile, containing 5,041 oz of
gold
- 880 kt grading 0.77
g/t in the low-grade stockpile, containing 21,785 oz of
gold
|
|
Powerline
|
- Powerline and Novo Progresso and TZ
substations are complete and commissioned.
- Energization to
occur imminently.
- Power purchase
agreement signed with CEMIG, large Brazilian energy group, as
previously announced on June 1, 2023.
|
|
Operational
Readiness
|
- Procurement and
supply of required consumables and maintenance parts have been
defined and implemented. First fill of reagents will arrive in
April and May.
- Plant operations
and maintenance team staffing progressing according to plan and
available to participate in walkdown inspections and commissioning
activities.
- Training of Plant
operators is progressing well with focus on the application and
handling of cyanide and other reagents.
- Business readiness
is well advanced with key personnel, management systems and
processes in place
|
|
Human
Resources
|
- 1,680 employees and
contractors are currently employed by the Project with 94% of the
workforce comprised of Brazilians.
- Majority of senior
positions (Managers and Senior staff) have been filled during
construction with only the Process Plant positions being recent
additions.
- Recruitment and
training for the Process Plant is near term focus
|
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:
- Process plant commissioning commence in Q2-24
- Commercial production in H2-24.
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.
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 commitments tracking in line with the Feasibility
Study; (iii) the power transmission line to be energized imminently
(or in the near term); (iv) the commissioning activities in respect
of various process plant components being planned for, or starting
in April or, as applicable, May 2024;
(v) the operational readiness being well advanced; and (vi)
more generally, the horizontal bar chart entitled "Project
Development Timeline" as well as the section entitled "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 section entitled
"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) continue taking care of the health and
safety of all its stakeholders, (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) energize the
transmission line in the near term and bring the Project into
commercial production in the H2-2024, or at all, or (vi) use TZ to
grow GMIN into the next intermediate producer, 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
