G Mining Ventures Declares Commercial Production at Tocantinzinho Gold Mine
Rhea-AI Summary
G Mining Ventures Corp. (TSX: GMIN) (OTCQX: GMINF) has announced commercial production at its 100%-owned Tocantinzinho Gold Mine in Brazil, achieved on time and on budget in less than two years. The mine is engineered for a 10.5-year life with average annual gold production of 174,700 ounces, increasing to 196,200 ounces for the first five full years. Commercial production was defined as 30 consecutive days of operations with the mill at minimum 60% of 12,890 tonnes per day nameplate capacity. In August 2024, the mill operated at 76% capacity, processing 304,312 ore tonnes at 88% recovery. GMIN aims to reach nameplate throughput by Q1 2025, capitalizing on record-high gold prices. The company plans to provide annual guidance for Tocantinzinho in January 2025.
Positive
- Commercial production achieved on time and on budget at Tocantinzinho Gold Mine
- 10.5-year mine life with average annual gold production of 174,700 ounces
- First five full years expected to produce an average of 196,200 ounces annually
- Mill operated at 76% of nameplate capacity in August 2024, exceeding 60% commercial production threshold
- Share price outperformed GDXJ by +120% since construction decision in September 2022
Negative
- None.
News Market Reaction
On the day this news was published, GMINF declined 3.86%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
- Tocantinzinho reaches commercial production on time and on budget in less than two years
- 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
- Nameplate throughput expected by Q1 2025
- 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
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
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.
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.gmin.gold.
Timetable and Next Steps
Upcoming key milestones include:
- September 2024: Preliminary Economic Assessment on the Oko West Project
- Q4-2024: Exploration results from the Oko West Project
- Q4-2024: Exploration results from TZ
- Q1-2025: Nameplate capacity reached at TZ
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 the Tocantinzinho Gold Mine in
Additional Information
For further information on GMIN, please visit the website at www.gmin.gold
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 expected mine life and gold production at TZ, (ii) the nameplate throughput expected by Q1 2025, (iii) the processing circuits' ability to handle nameplate loads, and (iv) the improving recovery towards a mine average of
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 underlying the items listed in the above sections entitled "Timetable and Next Steps" and "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, (i) the Corporation will achieve all its operational objectives as outlined in this release, (ii) TZ will reach nameplate throughput by Q1 2025, or at all, (iii) the Corporation will achieve its production and cost KPIs, and (iv) the Corporation will use TZ as the flagship asset to grow GMIN 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
View original content to download multimedia:https://www.prnewswire.com/news-releases/g-mining-ventures-declares-commercial-production-at-tocantinzinho-gold-mine-302236257.html
SOURCE G Mining Ventures Corp
FAQ
When did G Mining Ventures (GMINF) declare commercial production at Tocantinzinho Gold Mine?
What is the expected average annual gold production for Tocantinzinho (GMINF) over its mine life?
What was G Mining Ventures' (GMINF) mill throughput in August 2024 at Tocantinzinho?
When does G Mining Ventures (GMINF) expect to reach nameplate capacity at Tocantinzinho?
