TSX: GMIN
OTCQX: GMINF
All amounts are in USD unless stated
otherwise
BROSSARD, QC, April 23,
2024 /PRNewswire/ - G Mining Ventures
Corp. ("GMIN" or the "Corporation") (TSX:
GMIN) (OTCQX: GMINF) is pleased to announce that it has drawn the
remaining approximately $33 million
on its $75 million senior secured
term loan with an affiliate of Franco-Nevada Corporation
("Franco-Nevada"), as
previously announced in July 2022.
The proceeds of the term loan will be used to continue the
development and construction of GMIN's 100% owned Tocantinzinho
Gold Project ("TZ" or the "Project"), currently under
construction in the State of Pará, Brazil. The Project remains on track and on
budget for commercial production in H2-2024.
In connection with the draw on the term loan, GMIN provided
evidence to Franco-Nevada that it has sufficient funding to fully
satisfy the remaining Project costs required to achieve commercial
production and Project completion, as was the case for the first
draw of approximately $42 million
previously announced on January 30,
2024.
Louis-Pierre Gignac, President
& Chief Executive Officer, commented: "As our
supportive financial partner, Franco-Nevada, is satisfied that we
have met the conditions to access this funding, I hope this gives
comfort to our shareholders that TZ construction is nearing the
finish line, and 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.
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 being on track and on
budget for commercial production in H2-2024; (ii) GMIN having
sufficient funding to fully satisfy the remaining Project costs
required to achieve commercial production; and (iii) more
generally, the section entitled "About G Mining Ventures
Corp." as well as the Chief Executive Officer's comments, as
quoted.
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 and those underlying the statements in the
"About G Mining Ventures Corp." section.
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) keep its expenditures and
schedule in line to bring the Project into commercial production
within budget in the second half of 2024, or at any time
thereafter, or (ii) leverage capital and expertise to grow into the
next mid-tier precious metals producer, as future events could
differ materially from what is currently anticipated by the
Corporation.
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
