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G Mining Ventures Corp says its Tocantinzinho Project is on track for commercial production in 2H 2024

Published: 07:59 22 Nov 2022 EST

G Mining Ventures Corp -
G Mining has completed about 43% of the project’s detailed engineering

G Mining Ventures Corp (TSX-V:GMIN, OTCQX:GMINF) has announced that its 100%-owned Tocantinzinho (TZ) Gold Project currently under construction in the state of Pará in Brazil remains on track and on budget for commercial production in the second half of 2024.

"Since making the formal construction decision in September, we have continued to make excellent progress on all fronts on our TZ project,” G Mining president and CEO Louis-Pierre Gignac said in a progress update.

“The execution of the project plan with our proven self-perform approach is going as planned in terms of both schedule and budget, and we continue to target commercial production at TZ in the second half of 2024. We are excited to see the positive impact we are making in the local communities and look forward to providing regular updates through 2023 and beyond," he added.

READ: G Mining Ventures has golden future: seven analysts agree Tocantinzinho project shows promise

G Mining said it has completed about 43% of the project’s detailed engineering. Notable advancements to date include:

  • Procurement of major equipment for the process plant has been completed.
  • Permanent camp drawings issued for all disciplines and construction is well underway.
  • Process plant design review on the piping and instrumentation diagrams is complete
  • Significant progress has been made on the transmission line execution strategy, with construction slated to begin before year-end.

Procurement and delivery

Overall project procurement has progressed to 73% completion. Commitments to date amount to $160 million or 34% of the total, with expenditures and schedule tracking in line with the Feasibility Study dated February 9, 2022.

Some of the equipment delivered and commissioned include four CAT 777E Haul Trucks, one CAT 6030 Hydraulic Mining Excavator, and one Sandvik Leopard Di650 Drill Rig.

On the expansion of the exploration camp, the company said 10 additional sleepers have been completed, expanding the capacity to 370 beds. Construction is currently focused on the permanent camp in order to increase capacity to 1,200 sleepers by year-end.

The following milestones have been achieved in construction work:

  • 83% of earthworks and 50% of foundations completed for installation of the permanent camp.
  • Mine waste dump access road completed.
  • All four bridges on the main access road completed, with the remaining upgrade work ongoing.
  • Concrete batch plant construction completed.

Coming up

  • Results from the remaining infill and exploration drilling program in 4Q 2022.
  • Completion of detailed engineering through 1H 2023.
  • Issuance of inaugural ESG report in 2023.
  • Commercial production in 2H 2024.

G Mining Ventures 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. The company is well-positioned to become the next mid-tier precious metals producer by leveraging strong access to capital and proven development expertise.

It is currently anchored by its flagship Tocantinzinho Project in the mining-friendly and prospective state of Pará in Brazil, where 582 employees and contractors are employed, 94% of whom are local Brazilians.

Contact the author at jon.hopkins@proactiveinvestors.com

G Mining says drilling at Brazil asset shows mineralization extending below...

G Mining Ventures Corp (TSX-V:GMIN, OTCQX:GMINF) CEO Louis-Pierre Gignac takes Proactive's Stephen Gunnion through results from latest drilling at its flagship Tocantinzinho project in Brazil, which confirms the presence of high-grade zones within the main deposit, with mineralization now...

on 10/24/2022