G Mining Ventures Corp. (GMIN), a burgeoning name in the precious metals industry, has recently provided an encouraging update on its flagship Tocantinzinho Gold Project (TZ) in Pará, Brazil. As gold prices soar to nearly $2,400/oz, GMIN’s project stands at an impressive 93% completion rate, with expectations to commence commercial production in the latter half of 2024.
Project Highlights:
Health & Safety: GMIN boasts an exemplary safety record, with a Lost Time Incident Frequency Rate (LTIFR) of 0.04 and a Total Recordable Incident Frequency Rate (TRIFR) of 0.31, surpassing industry averages.
Budget: The project’s financials remain robust, with $447 million spent to date and an additional $11 million in commitments, aligning with the 2022 feasibility study.
Construction: Construction efforts are 95% complete, with mill installation nearing mechanical completion and a productivity factor of 1.14.
Mining: Pre-production mining has exceeded expectations, with 12.4 million tonnes of material excavated, including 1.5 million tonnes of ore stockpiled.
Powerline: A 193-km transmission line now connects TZ to the national grid, ensuring a reliable and cost-effective power supply.
Operational Readiness and Human Resources: GMIN has successfully recruited all necessary operations personnel, with ongoing training and procurement of consumables. The current workforce stands at 1,507, with a peak of 2,220 in August 2023.
Detailed Project Update:
Construction: The mine maintenance facility is operational, and several process plant support facilities are complete.
Pre-Production Mining: Excavation and grade reconciliation have yielded positive results, with unplanned ore discovered outside the reserves model.
Operational Readiness: Recruitment and training are in full swing, with a focus on optimizing plant start-up and maintenance.
Project Development Timeline: The Gantt chart accompanying this update illustrates a well-orchestrated timeline, with key phases such as Financing, Detailed Engineering, and Construction marked in distinct colors. The chart showcases the project’s adherence to its schedule, with commercial production set to commence in H2-2024.
Upcoming Milestones:
June 3, 2024: Record Date for GMIN’s Annual General and Special Shareholders Meeting.
July 9, 2024: GMIN’s Annual General and Special Shareholders Meeting.
Q2-2024: Commencement of process plant commissioning.
H2-2024: Start of commercial production.
GMIN’s commitment to operational excellence and strategic growth is evident in the meticulous execution of the Tocantinzinho Project. With the project on schedule and within budget, GMIN is well-positioned to capitalize on the rising gold market and establish itself as a mid-tier precious metals producer.
Virtual Site Tour and Feasibility Study Presentation: GMIN has embraced transparency by offering stakeholders a virtual site tour and a detailed 3D presentation of the feasibility study. These digital resources provide an immersive experience of the site’s progress and are a testament to GMIN’s commitment to stakeholder engagement. The 3D presentation of the Project Feasibility Study can be accessed through the VRIFY Presentation titled ‘Feasibility Study 3D’. For additional information and presentations, please visit the official website of G Mining Ventures Corp. at www.gminingventures.com.
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