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THE BAJA POST
NEWSROOM
SOURCE: PR NEWSMEDIA
G Mining Ventures Corp. («GMIN» or the «Corporation«) (TSX: GMIN) (OTCQX: GMINF) is pleased to announce that it has completed its first gold pour at GMIN’s 100%-owned Tocantinzinho Gold Project («TZ» or the «Project«) in the State of Pará, Brazil. The first pour yielded approximately 440 ounces of gold, and the Project remains on time and budget for commercial production in the second half of 2024. Once in commercial production, TZ will become Brazil’s third-largest primary gold mine.
Louis-Pierre Gignac, President & Chief Executive Officer, commented: «I am delighted to announce that TZ has achieved the significant milestone of the first gold pour, less than two years after the formal construction decision. The team successfully constructed TZ on time and in line with the original budget while maintaining an outstanding safety record. This milestone is a testament to the strength of our self-perform approach and demonstrates our competitive advantage. I sincerely thank our employees and contractors for their remarkable efforts in achieving this milestone. I look forward to ramping up the operation to commercial production in the second half of 2024. We are excited about TZ’s future and its significant role in Brazil’s gold mining industry.»
Construction of TZ was launched in September 2022, following the completion of a Definitive Feasibility Study («DFS«) dated February 09, 2022 (filed under GMIN’s profile on Sedar, entitled «Feasibility Study – NI 43-101 Technical Report, Tocantinzinho Gold Project.»), which confirmed TZ’s potential to be a cornerstone asset for GMIN. The DFS contemplates a 10.5-year mine life with an average annual gold production of 175,000 ounces with an initial capital cost of $458 million. The DFS displayed robust economics at a $2,000/oz gold price assumption, including an after-tax NPV5% of $1.0 billion and an after-tax IRR of 34%. Since the start of hot commissioning on June 11, 2024, approximately 77 thousand tonnes of ore have been processed through the TZ process plant, with all circuits operating as expected. At the end of June, approximately 2.6 million tonnes («Mt«) of ore have been stockpiled, with 2.1 Mt grading 0.80 g/t Au in the low-grade stockpile and 0.6 Mt grading 1.31 g/t Au in the high-grade stockpile.
