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G Mining Ventures to Acquire Tocantinzinho Gold Project From Eldorado Gold
All amounts are in USD unless stated otherwise GMIN to acquire the construction ready Tocantinzinho Gold Project in northern Brazil Eldorado to become a 19.9% c
About this update from G Mining Ventures Corp
[{"type":"text","content":" All amounts are in USD unless stated otherwise GMIN to acquire the construction ready Tocantinzinho Gold Project in northern Brazil Eldorado to become a 19.9% cornerstone shareholder of GMIN Tocantinzinho is a permitted, high-grade gold project with a 10-year reserve life and an estimated annual production of 187,000 ounces for the first 8 years Leadership team to leverage four successful mine builds in South America, including recently for Newmont Corporation (Merian) and Lundin Gold Inc. (Fruta del Norte) GMIN will undertake an equity financing that will be led by Sprott Capital Partners and BMO Capital Markets GMIN is building a new intermediate gold producer; Tocantinzinho is Step 1 BROSSARD, Québec, Aug. 09, 2021 (GLOBE NEWSWIRE) -- G Mining Ventures Corp. (“GMIN” or the “Corporation”) is pleased to announce the signing of a definitive agreement (the “Agreement”) dated August 9, 2021 with Eldorado Gold Corporation (“Eldorado”) to acquire the Tocantinzinho Gold Project (“Tocantinzinho” or the “Project”), an open pit gold deposit containing 1.8 million ounces of gold reserves located in northern Brazil (the “Acquisition”). Following the arms length Acquisition, Eldorado will become a 19.9% shareholder of GMIN. Louis-Pierre Gignac, President & Chief Executive Officer of GMIN, commented: “Tocantinzinho has all the key attributes GMIN was looking for in an initial acquisition, with clear visibility towards near-term construction and commercial production. This is the first step towards our vision of becoming a leading intermediate gold producer. With over C$40 million of cash on the balance sheet, and additional access to $200 million from Sprotti, we are well positioned to advance our “Buy, Build, Operate” strategy that includes the acquisition of additional advanced-stage development projects and operating mines. We look forward to having Eldorado as a cornerstone investor and appreciate their confidence in our ability to create and unlock value by carrying out the next phases of the Project.” George Burns, President & Chief Executive Officer of Eldorado, commented: “This transaction provides Eldorado with immediate value for Tocantinzinho, while also retaining meaningful exposure to future value creation through our equity stake in GMIN. Tocantinzinho will be a cornerstone asset for GMIN, a team with a strong track r...