G Mining Ventures Receives Operating Licenses for Tocantinzinho

Rhea-AI Summary

G Mining Ventures (TSX: GMIN, OTCQX: GMINF) has received the final Operating Licenses for its Tocantinzinho Gold Project in Brazil, marking the last permitting milestone for commercial operation. The project remains on time and budget for commercial production in H2-2024. The licenses, issued by the Pará State Environmental Agency, authorize full capacity operations for mining, processing plant, tailings facilities, and the new airstrip.

Key upcoming milestones include:

• Q3-24: Oko West Project's Preliminary Economic Assessment
• Q4-24: Exploration results from Tocantinzinho and Oko West
• H2-24: Commercial production at Tocantinzinho

GMIN aims to become a mid-tier precious metals producer, leveraging its development expertise and access to capital.

Positive

• Received final Operating Licenses for Tocantinzinho Gold Project, completing all regulatory approvals
• Project remains on time and budget for commercial production in H2-2024
• Licenses authorize full capacity operations for mining, processing plant, tailings facilities, and new airstrip

Negative

• None.

News Market Reaction

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-0.48% News Effect

On the day this news was published, GMINF declined 0.48%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

TSX: GMIN
OTCQX: GMINF

All amounts are in USD unless stated otherwise

• The receipt of the Operating Licenses marks the last remaining permitting milestone for commercial operation
• Tocantinzinho remains on track to commercial production in H2-24

BROSSARD, QC, Aug. 28, 2024 /PRNewswire/ - G Mining Ventures Corp. ("GMIN" or the "Corporation") (TSX: GMIN) (OTCQX: GMINF) is pleased to announce that it has received the Operational Licenses for GMIN's 100%-owned Tocantinzinho Gold Project ("TZ" or the "Project") in the State of Pará, Brazil – the last remaining permitting milestone for commercial operation. The Project remains on time and budget for commercial production in the second half of 2024.

The Licences received from the Pará State Environmental Agency, Secretaria de Estado de Meio Ambiente e Sustentabilidade ("SEMAS"), include the Operating Licence for mining, processing plant, tailings facilities and the new airstrip. Receipt of these licenses marks the successful completion of all project construction activities and authorizes the mine to commence operations at full capacity.

Louis-Pierre Gignac, President & Chief Executive Officer, commented: "This final step in the regulatory approval process for TZ is a testament to Brazil's mining-friendly business environment, its well-structured permitting process and our team's commitment to excellence in everything we do. I am thrilled by the achievement of this major milestone and continue to be excited as I witness the steady progress being made in commissioning the plant allowing us to achieve commercial production in the very near term."

Project Development Timeline

The Project remains on track and 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/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.gminingventures.com.

Timetable and Next Steps

Upcoming key milestones include:

• Q3-24: Oko West Project's Preliminary Economic Assessment
• Q4-24 Exploration results from both TZ and Oko West
• H2-24: Commercial production at TZ

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. (TSX: 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 the Tocantinzinho Gold Project in Brazil and Oko West Project in Guyana, both mining friendly and prospective jurisdictions.

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 schedule and on budget for commercial production in H2-2024; (ii) the quoted expectations of GMIN's President & Chief Executive Officer; and (iii) 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 TZ Project's Feasibility Study and those underlying the items listed on the above sections entitled "Timetable and Next Steps" and "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) carry its next steps as per the above timetable, to bring the Project into commercial production in H2-2024, or at all, (ii) grow TZ into Brazil's third-largest primary gold mine, or (iii) use TZ and Oko West 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 Brazil and/or Guyana will remain mining friendly and prospective jurisdictions. 

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 March 27, 2024, for the financial year ended December 31, 2023, 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

FAQ

What major milestone did G Mining Ventures (GMINF) achieve for its Tocantinzinho Gold Project?

G Mining Ventures received the final Operating Licenses for its Tocantinzinho Gold Project in Brazil, marking the last permitting milestone needed for commercial operation.

When is G Mining Ventures (GMINF) expecting to start commercial production at Tocantinzinho?

G Mining Ventures is on track for commercial production at the Tocantinzinho Gold Project in the second half of 2024 (H2-2024).

What upcoming milestones has G Mining Ventures (GMINF) announced for 2024?

G Mining Ventures announced the following milestones for 2024: Oko West Project's Preliminary Economic Assessment in Q3, exploration results from Tocantinzinho and Oko West in Q4, and commercial production at Tocantinzinho in H2.