TSXV: GMIN
OTCQX:
GMINF
All amounts are in USD unless stated
otherwise
- Project remains on track and on budget for commercial
production in H2-2024
- Total project progress of 51% with construction 46%
complete
- Updated virtual site tour available through VRIFY platform
BROSSARD, QC, Sept. 12,
2023 /CNW/ - G Mining Ventures
Corp. ("GMIN" or the "Corporation") (TSXV:
GMIN) (OTCQX: GMINF) 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. On the one year
anniversary since the Corporation made a formal construction
decision (announced on September 12,
2022), the Project is 51% complete and remains on track and
on budget for commercial production in H2-2024.
Recent Highlights (All updates are dated as of
August 31st, 2023, unless
stated otherwise.)
- Health & Safety – A total of 2,800,142 man-hours
have been worked on the Project to date with no Lost Time
Incidents, including a Total Recordable Incident Rate (TRIFR) of
0.36.
- Budget – Total spend to date of $281 million with open commitments of
$82 million for a total committed to
date of $363 million (79% of project
total) and are tracking in line with the Feasibility Study (defined
hereafter).
- Schedule –Total Project is currently 51% complete and
trending on time for commercial production in H2-24. Procurement
and detailed engineering are effectively complete.
- Construction Progress – Construction is 46% complete,
with work initiated on almost all Project areas.
- Pre-production Mining – Pre-production mining activities
have reached 33 thousand tonnes ("kt") per day ("pd")
and have been operating on a 24/7 basis since the start of night
shifts in May. A total of 4.8 million tonnes ("Mt") of
material has been excavated from the starter pit.
- Powerline – Since initiating works in December 2022, construction of the 193-km 138 kV
transmission line from Novo Progresso to TZ is advancing quickly.
Total progress has reached 78% and is trending on schedule and on
budget for completion in early H1-24.
- Operational Readiness – Operational readiness activities
are underway with the construction and pre-production mining teams
poised to transition into commissioning and operations.
- Human Resources – 2,220 employees and contractors are
currently employed by the Project with 95% of the workforce
comprised of local Brazilians.
- Exploration – Carlos
Bertoni, former CEO of Reunion Gold Corporation (RGD.V) has
been engaged as Technical Advisor to the GMIN exploration
team.
Tocantinzinho Project Update
|
Area
|
Progress to Date (at
August 31, 2023 unless otherwise noted)
|
|
Health &
Safety
|
- Total of 2,800,142 man-hours have been
worked to date with no Lost Time
Incidents.
- Total Recordable Incident Rate (TRIFR) of 0.36, trending well relative to
global
industry average of 0.8.
|
|
Budget
|
- Project remains on budget and is fully
funded through completion and ramp-up to
commercial production.
- Project commitments
total $363 million (79% of project total),
including
expenditures of $281 million (61% of project
total).
- Budget is tracking
in line with the Feasibility Study dated February
09,
2022 (filed under GMIN's profile on Sedar,
entitled "Feasibility Study – NI
43-101 Technical
Report, Tocantinzinho Gold
Project.").
- Procurement is
effectively complete with all purchase orders and
construction
contracts in place.
|
|
Schedule
|
- Total Project progress is 51% and remains
on schedule for commercial production
in H2-24.
- The construction
and commissioning of the grinding circuit is on the Project
critical path.
- Semi-autogenous grinding ("SAG") and ball mill components have been through
fabrication and QA/QC
inspections, with shipping to Brazil
currently taking place
as per Project schedule.
|
|
Construction
Progress
|
- Total construction is 46% complete with
detailed engineering effectively
complete.
- Site infrastructure
substantially complete.
- The following
ancillary facilities have been constructed and commissioned:
- Dorms, permanent
kitchen and all related facilities, potable water
treatment plant and sewage treatment plant, initial truck shop,
warehouse,
administration office, mill workshop, mill office, fuel storage,
aggregate
plant and 13.8kV site distribution lines
- The following
ancillary facilities are continuing to progress:
- Reagent storage
buildings, assay lab, permanent truck shop.
- Process plant
construction 18% complete:
- Primary crusher
installation complete, and mechanical stabilized earth wall
erection initiated.
- Coarse ore
stockpile concrete tunnel construction in progress.
- SAG mill and ball
mill foundations and pedestals complete with sole plate
installation initiated.
- CIL tanks
substantially assembled and are undergoing
hydro-testing.
- Detox and process
water tanks assembled and are undergoing welding.
- Fusing of tailings
and return water pipelines in progress.
- Flotation Tailings
Storage Facility construction well advanced:
- On track for
completion in early Q1-24.
- Main dam reaching
final elevation imminently.
- Filter installation
initiated.
- Spillway construction and rock fill activity planned for
H2-23.
- CIL Tailings
Storage Facility construction advanced:
- On track for
completion in early Q4-23.
- Floor excavation ongoing and underdrains
are being installed.
- Liner materials to
be fully received by end of Q3-23.
|
|
Pre-Production
Mining
|
- Owner operated mining operations started
in November 2022, with 4.8 Mt of
material excavated from the starter pit to date.
- Night shift
commenced in May resulting in 24/7 mining.
- Grade control team hired and awaiting results
from samples representing the first 1 Mt of ore.
- All mining
equipment needed for pre-production period has been received
at site.
- Pre-production fleet has had excellent
availability and achieved a mining rate of
33 ktpd.
- A second CAT 6030 shovel and a Sandvik
DI650i blasthole drill are in the process
of being commissioned.
- Priority for mined
material continues to be producing aggregate material and
supplying waste rock for construction of roads, and the tailings
storage facility.
- Stockpiling of the 2.4 Mt of ore for commissioning activities, representing
6
months of feed, will commence in Q4-23.
|
|
Powerline
|
- Progress has reached 78% and is trending
on budget and schedule for completion
in H1-24.
- Out of a total of
483 transmission towers:
- 456 foundations have been poured (94%);
- 428 towers have been assembled (89%);
- 349 towers have been lifted (72%); and
- Stringing activities commenced in Q2-23.
- The
Novo Progresso substation is progressing
on schedule:
- Civil works were
completed and demobilized at substation bay;
- Main equipment was
delivered on site; and
- Assembly team
mobilized and started installation activities.
|
|
Operational
Readiness
|
- Key operations
personnel are in place, and will participate in commissioning
along
with the construction team. Recruitment of process plant team has
been initiated
and to be staffed well in advance of commissioning
activities.
- Training has been
initiated in the areas of mine operations (e.g. mobile
equipment
operation, drilling and blasting), technical services and
maintenance.
- Business readiness
is progressing in the areas of general management, human
resources, supply chain, information technology, health &
safety, ESG, security,
camp & site services, and finance & accounting.
- Key personnel are
in place and have begun implementing management systems
and processes.
|
|
Human
Resources
|
- 2,220 employees and
contractors are currently employed by the Project with
95% of the workforce comprised of local Brazilians.
|
|
Exploration
|
- Carlos Bertoni, former CEO of Reunion Gold
Corporation (RGD.V) has been
engaged as Technical Advisor to collaborate with the current GMIN
exploration
team on the 996km2 land package around the Project and
its belt in the Tapajós
region of Brazil.
- Mr. Bertoni is
a seasoned mining industry executive whose
professional
experience spans over 40 years with diverse
groups such as Cominco,
Rio
Tinto, Golden Star
Resources, SNC Lavalin,
Minières du Nord and
most
recently Reunion Gold, exploring and developing
mineral projects in a
variety of geological settings in Canada, South America and
Africa.
- At Golden Star, Mr. Bertoni managed the exploration of all its key
projects
in the Guiana Shield, including Omai, Rosebel,
Paul Isnard (Montagne
d´Or), Yaou, and Dorlin.
- Most recently, Mr. Bertoni led Reunion Gold's Oko West Project, one of
the most exciting
discoveries of recent years, which is currently
undergoing mineral resource estimate and Preliminary Economic
Assessment.
- Comprehensive regional exploration soil sampling program is
underway
collecting >15,000 soil samples on three high
priority targets, to be concluded by
2023 yearend.
- Program is 66%
complete with soil sampling assays pending.
- Regional airborne
geophysics campaign has been initiated to
collect
electromagnetic and magnetic data on
substantially the entire land package.
|
Project Development
Timeline
The Project remains on track and on budget for commercial
production in H2-2024.
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/14169. 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.gminingventures.com.
Timetable and Next Steps
Upcoming key milestones include:
- Completion of the powerline construction in Q1-24
- Process plant commissioning commence in Q2-24
- First gold pour in Q2-24; and
- Commercial production in H2-24.
Update Photos
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. (TSXV: 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 its flagship Tocantinzinho Gold Project in
mining friendly and prospective State of Pará, Brazil.
Additional Information
For further information on GMIN, please visit the website at
www.gminingventures.com
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
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 Project remaining on track and
on budget for commercial production in H2-2024; (ii) the Project
commitments to track in line with the Feasibility Study; (iii) the
power transmission line to be completed in early H1-2024; (iv) the
cyanide tailing storage facility to be completed in Q4-2023 and the
flotation tailing storage facility to be completed in Q1-2024; (v)
the stockpiling of ore for commissioning activities to commence in
Q4-2023; and (vi) more generally, the horizontal bar
chart entitled "Project Development Timeline" as well as the
sections entitled "Timetable and Next Steps" and "About G Mining
Ventures Corp.".
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 relating to the price of gold and currency
exchange rates, those outlined in the Feasibility Study and those
underlying the items listed on the above section entitled "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, the Corporation will (i) continue to progress on all
fronts at the Project, to carry the self-perform approach with
similar success as proven in the past and to continue taking care
of the health and safety of all its stakeholders (with no Lost Time
Incidents), (ii) keep its expenditures and schedule in line with
the Feasibility Study, (iii) carry its next steps as per the above
timetable and effect the transition to commercial production as
contemplated, (iv) complete the transmission line in H1-2024 and
bring the Project into commercial production in the H2-2024, or at
all, (v) advance TZ into one of the largest operating gold
mines in Brazil, or (vi) use TZ to
grow GMIN into the next intermediate producer, as future events
could differ materially from what is currently anticipated by the
Corporation. In addition, there can be no assurance that (y) the
Corporation's comprehensive regional exploration soil sampling
program, its regional airborne campaign and its other exploration
activities will generate positive results and led to the addition
of mineral resources; and (z) the State of Pará, in
Brazil, will remain a mining
friendly and prospective jurisdiction.
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 Canada including,
but not limited to, the cautionary statements made in the relevant
sections of the Corporation's (i) Annual Information Form dated
April 28, 2023, for the financial
year ended December 31, 2022, and
(ii) Management Discussion & Analysis. The Corporation cautions
that the foregoing list of factors that may affect future results
is not exhaustive, and new, unforeseeable risks may arise from time
to time. The Corporation disclaims any intention or obligation to
update or revise any forward-looking statements or to explain any
material difference between subsequent actual events and such
forward-looking statements, except to the extent required by
applicable law.
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SOURCE G Mining Ventures Corp
