G Mining Ventures (TSX: GMIN)
Provided an update on progress made at GMIN’s 100% owned Tocantinzinho Gold Project currently under construction in the State of Pará, Brazil.
With the spot gold price trading at $2,356/oz, the Project is 87% complete and remains on track and on budget for commercial production in H2-2024.
.
.
G Mining Ventures | TSX: GMIN |
Stage | Development + Exploration |
Metals | Gold |
Market cap | C$1 billion @ C$2.24 |
Location | Tapajos, Para State, Brazil |
G Mining Ventures Provides Tocantinzinho Project Update
.
BROSSARD, QC, April 11, 2024 – G Mining Ventures Corp.(TSX: GMIN) (OTCQX: GMINF) (“GMIN” or the “Corporation”) 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.
Highlights
(All amounts are in USD unless stated otherwise)
o Project remains on schedule and on budget for commercial production in H2-2024
o Total project progress of 87% with construction 89% complete
o Total spending to date of $433 million (95% of project total)
o Updated virtual site tour available through VRIFY platform
.
Recent Highlights (All updates are dated as of March 31st, 2024, unless stated otherwise.)
o 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.
o 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).
o Schedule –Total Project is currently 87% complete and trending on time for commercial production
in H2-24. Detailed engineering, procurement and powerline are complete.
o Construction Progress – Construction is 89% complete, with Balance of Plant and infrastructures completed and commissioned.
o 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.
o Powerline – 193-km 138 kV transmission line from Novo Progresso to TZ and associated substations are complete and soon to be energized.
o Operational Readiness – Commissioning activities commencing in April starting with primary crusher and ore reclaim system.
o 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
.To read the full news release, please click HERE
The live gold price can be found HERE
,=======
If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com
=======
.
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 does not hold shares in G Mining Ventures
.