Business
G Mining Ventures Ramping up Operations Towards Commercial Production at Tocantinzinho and First Export of Doré
All amounts are in USD unless stated otherwise First gold exports from Tocantinzinho sold above $2,400/oz Commercial production and subsequent ramp-up to namepl
About this update from G Mining Ventures Corp
[{"type":"text","content":" All amounts are in USD unless stated otherwise First gold exports from Tocantinzinho sold above $2,400/oz Commercial production and subsequent ramp-up to nameplate plant capacity of 4.7 million tonnes per annum expected to be achieved in H2-24 BROSSARD, QC, Aug. 14, 2024 /CNW/ - G Mining Ventures Corp. (\"GMIN\" or the \"Corporation\") (TSX: GMIN) (OTCQX: GMINF) is pleased to announce that it has completed its first exports of doré bars from GMIN's 100%-owned Tocantinzinho Gold Project (\"TZ\" or the \"Project\") in the State of Pará, Brazil, to a refinery in Switzerland. The Project remains on time and budget for commercial production in the second half of 2024. Louis-Pierre Gignac, President & Chief Executive Officer, 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 GMIN was in excess of $2,400 per ounce, significantly above budget. The construction team has been demobilized, as they have handed over the Project to the operations team. Production Update Mine to mill reconciliation remains on target with the Mine Plan from the Feasibility Study dated February 09, 2022 (filed under GMIN's profile on SEDAR+ at www.sedarplus.ca, entitled \"Feasibility Study – NI 43-101 Technical Report, Tocantinzinho Gold Project.\"). The commissioning of all areas of the process plant is complete with plant feed reaching a peak of 10 thousand tonnes (\"kt\") per day (\"pd\") during the second half of July. Gold production for July was 4,232 ounces with an average gold recovery of 85.1%. Focus now is on continued ramp up of the process plant to full production and target recoveries, forecast to be reached in H2 2024. Project Development Timeline The Project remains on track and budget for commercial production in H2-2024. Virtual Site Tour and Feasibility Study Presentation Updated satell...