G Mining Ventures (TSX: GMIN)
Has reached commercial production on time and on budget at its 100%-owned Tocantinzinho Gold Mine located in the State of Pará, Brazil.
Commercial production is defined as a period of 30 consecutive days of operations during which the mill operated at a minimum of 60% of nameplate throughput of 12,890 tonnes per day.
.
.
.
| G Mining Ventures | TSX: GMIN |
| Stage | Development + Exploration |
| Metals | Gold |
| Market cap | C$1.8 billion @ C$8.41 |
| Location | Tapajos, Para State, Brazil |
| Website | www.gminingventures.com |
.
Comment
The team that achieved four mine builds on time and on budget for other mining companies before deciding to run their own mine has achieved their target once again!
They are experienced in this part of the world ,having now built five mines in the region, and will now turn their focus to their next development project on the same shield, Oko West, in Guyana.
It always pays to follow good management that have achieved before, and I feel they are poised to become a mid-tier gold producer in the medium term once Oko West commences production.
G Mining Ventures Declares Commercial Production at Tocantinzinho Gold Mine
.
BROSSARD, QC, September 3, 2024 – G Mining Ventures Corp. (“GMIN” or the “Corporation”) (TSX: GMIN, OTCQX: GMINF) is pleased to announce that it has reached commercial production on time and on budget at its 100%-owned Tocantinzinho Gold Mine (“TZ” or the “Mine”) located in the State of Pará, Brazil.
Commercial production is defined as a period of 30 consecutive days of operations during which the mill operated at a minimum of 60% of nameplate throughput of 12,890 tonnes per day (“tpd”). During August 2024, the mill operated at 76% of nameplate throughput, processing a total of 304,312 ore tonnes (9,817 tpd) at a recovery rate of 88%.
.
Highlights
o Tocantinzinho reaches commercial production on time and on budget in less than two years
o Tocantinzinho engineered to have a 10.5-year mine life with an average annual gold production of 174,700 ounces, and an average annual gold production of 196,200 for the first five full years
o Nameplate throughput expected by Q1 2025
o Share price outperformed GDXJ by +120% since the construction decision in September 2022
.
.
Louis-Pierre Gignac, President & Chief Executive Officer, commented:
“I am proud to announce this momentous achievement of starting commercial production at the Tocantinzinho Gold Mine.
“We have delivered TZ on time and on budget, with an industry-leading safety record. This achievement is the culmination of 5.8 million person-hours focused on building, testing and ramping up production at Brazil’s newest major gold mine.
|”I would like to recognize the immense efforts of our dedicated team, who have invested their talent, expertise, and passion in reaching this transformational milestone.
“With this accomplishment behind us, we remain committed to enhancing plant performance and achieving our production and cost KPIs.”
.
The plant’s ramp-up continues to progress in line with internal production schedules, with all major equipment demonstrating the capability to operate at or above design levels.
After the initial pour announced in July 2024, GMIN has focused on ramping production to test the processing circuits’ ability to handle nameplate loads while improving recovery toward a life of mine average of 90%.
The Corporation plans to ramp up production through H2-24, targeting nameplate throughput by Q1 2025.
TZ is engineered to have a 10.5-year mine life with an average annual gold production of 174,700 ounces and 196,200 ounces for the first five full years, capitalizing on the record-high gold price environment.
The Corporation plans to provide annual guidance for TZ in January 2025.
.
To read the full news release, please click HERE
.
.
The live gold price can be found HERE
.
=======
.
City Investors Circle is based in the financial district in the City of London
We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.
Our audience is selected and invited individually to ensure interest and relevance for the presenting company.
Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.
We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.
If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com
.
=======
,
This website is not sponsored, we are truly independent, and will always remain so.
Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.
All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.
These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.
.
Disclosure
At the time of writing the author holds shares in G Mining Ventures.
.