G Mining Ventures Declares Commercial Production at Tocantinzinho Gold Mine
- 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
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
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
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 theOko West Project - Q4-2024: Exploration results from the
Oko West Project - Q4-2024: Exploration results from TZ
- Q1-2025: Nameplate capacity reached at TZ
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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 90%, (v) management's plan to provide annual guidance for TZ and, more generally, (vi) the contents of the above sections entitled "Timetable and Next Steps" and "About
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
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
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