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.
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| 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
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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
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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
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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
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Disclosure
At the time of writing the author does not hold shares in G Mining Ventures
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