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G Mining Ventures Corp. (TSX: GMIN, OTCQX: GMINF) is thrilled to announce that it has achieved commercial production at its 100%-owned Tocantinzinho Gold Mine located in the State of Pará, Brazil. The Corporation has reached this milestone on time and within budget.
Commercial production is defined as a period of 30 consecutive days during which the mill operates at a minimum of 60% of its nameplate throughput capacity of 12,890 tonnes per day (tpd). In August 2024, the mill exceeded this threshold, operating at 76% of nameplate throughput by processing 304,312 ore tonnes (9,817 tpd) with a recovery rate of 88%.
Progress and Ramp-Up
The ramp-up of the plant is progressing as scheduled, with all major equipment performing at or above design levels. Following the initial pour announced in July 2024, G Mining Ventures has been focused on increasing production and testing the processing circuits' ability to handle nameplate loads while improving recovery rates toward a life-of-mine average of 90%. The Corporation aims to achieve full nameplate throughput by Q1 2025, with continued ramp-up planned through the second half of 2024.
Mine Life and Production Targets
The Tocantinzinho Gold Mine is engineered for a 10.5-year mine life, with an average annual gold production of 174,700 ounces. The first five years are projected to see an average production of 196,200 ounces per year, capitalizing on the current record-high gold price environment. G Mining Ventures plans to provide annual guidance for the Tocantinzinho Gold Mine in January 2025.
Upcoming Milestones
Key upcoming milestones for the Corporation include:
- September 2024: Preliminary Economic Assessment on the Oko West Project
- Q4 2024: Exploration results from the Oko West Project
- Q4 2024: Exploration results from Tocantinzinho
- Q1 2025: Achievement of nameplate capacity at Tocantinzinho
G Mining Ventures Corp. continues to focus on advancing its projects and maximizing shareholder value through successful production and exploration efforts.
