G Mining Ventures exports first doré bars, Brazil
G Mining Ventures Corp. [TSX-GMIN; OTCQX-GMINF] has completed its first exports of doré bars from G Mining’s 100%-owned Tocantinzinho gold project in the state of Para, Brazil, to a refinery in Switzerland. The project remains on time and budget for commercial production in the second half of 2024. All dollar amounts are in U.S. dollars unless stated otherwise.
Louis-Pierre Gignac, president and CEO, commented: “Our first shipments of gold mark another milestone for TZ and the state of Para in particular as this shipment represents the first export from a large-scale, modern gold mining operation in the state. With construction officially completed, we kept lost-time injury to only one in more than 5.6 million person-hours worked. I want to congratulate the team on a tremendous safety record. I am excited as TZ progresses smoothly toward commercial production in the second half of 2024.”
The start of production coincides with an environment of record-high gold prices, where every ounce sold by G Mining was in excess of $2,400 per ounce, significantly above budget.
The construction team has been demobilized as it has handed over the project to the operations team.
Mine-to-mill reconciliation remains on target with the mine plan from the feasibility study dated Feb. 9, 2022.
The commissioning of all areas of the process plant is complete with plant feed reaching a peak of 10,000 tonnes per day during the second half of July. Gold production for July was 4,232 ounces with an average gold recovery of 85.1%. The focus now is on continued ramp-up of the process plant to full production and target recoveries, forecast to be reached in the second half of 2024.
The project remains on track and budget for commercial production in the second half of 2024.
Coming key milestones include: Q3 2024: Oko West PEA (preliminary economic assessment); Q4 2024: exploration results from both TZ and Oko West; and H2 2024: commercial production at Tocantinzinho.
G Mining is currently anchored by the Tocantinzinho gold project in Brazil and the Oko West project in Guyana, both mining-friendly and prospective jurisdictions.