- Closes acquisition of the CentroGold Project in Brazil's prospective Gurupi Gold Belt from
BHP
- CentroGold contains 1.7 million ounces of indicated and 0.6
million ounces of inferred JORC-compliant gold resource that is
open for expansion in all directions and at depth
- District-scale land package comprises 47 tenements covering
~1,900 km2 and offers potential for multiple new discoveries
- Accretive transaction adds to GMIN's project pipeline with no
upfront cost
- Appointment of Vincent Benoit,
Managing Partner and Chief Investment Officer of La Mancha, to its
Board of Directors
BROSSARD, QC, Dec. 20,
2024 /CNW/ - G Mining Ventures Corp.
("GMIN" or the "Corporation") (TSX: GMIN) (OTCQX:
GMINF) is pleased to announce that the acquisition of tenements in
the Gurupi Gold Belt from wholly owned subsidiaries of BHP Group
Limited ("BHP") (ASX: BHP, NYSE: BHP, LSE: BHP, JSE: BHG)
has closed. The acquisition gives GMIN an 100% interest in the
tenements, including the CentroGold
Project ("CentroGold" or the "Project"). In
consideration for the acquisition, GMIN will grant BHP a 1.0% NSR
royalty on the first 1 million ounces of gold produced at the
tenements and a 1.5% NSR royalty on gold production thereafter (the
"Transaction"). Details of the Project and Transaction were
previously announced in GMIN's news release dated September 9, 2024.
CentroGold is located in the state of Maranhão, located in
northern Brazil, and comprises 47
tenements encompassing ~1,900 square kilometers. The Project hosts
multiple identified gold targets along a +80 km mineralized trend,
including the Blanket, Contact and Chega Tudo open pit deposits,
which currently host 2.3 million ounces of JORC-compliant gold
resources and remain open for expansion. In July 2019, Oz Minerals Limited, which was later
acquired by BHP in 2023, released a pre-feasibility study on the
Blanket and Contact deposits. The pre-feasibility study envisioned
a 10-year mine life with an average annual gold production of
100,000 to 120,000 ounces per year, with 190,000 to 210,000 ounces
of gold per year in the first two years of production.
GMIN plans to update the Project's JORC-compliant gold resource
to meet National Instrument 43-101 – Standards of Disclosure for
Mineral Projects ("NI 43-101") in Q1 2025.
Board Appointment
The Corporation is pleased to announce the appointment of
Vincent Benoit, Managing Partner and
Chief Investment Officer of La Mancha Capital Advisory LLP ("La
Mancha"), to its Board of Directors, effective December 20, 2024. The GMIN Board of Directors is
now comprised of 11 members.
Vincent Benoit has over 30 years
of corporate finance, business development and M&A experience
in the mining, telecom, and energy sectors. Vincent identified the
opportunity to buy La Mancha and joined the company as Head of
Strategy & Business Development in 2012. Between 2013 and 2015,
he led La Mancha's portfolio restructuring and contributed to
enhancing its mines' performance in Australia and Africa. Mr. Benoit identified and executed the
combinations with Evolution Mining Limited (ASX:EVN) and Endeavour
Mining plc (TSX:EDV) ("Endeavour"), positioning La Mancha as a
leading private investor in the gold mining sector. From 2016 to
2019, Mr. Benoit was chief financial officer and executive vice
president of Corporate Development at Endeavour, where he reshaped the strategy,
improved the mine portfolio quality, and enhanced the balance sheet
to fund organic growth. Endeavour's market capitalization was
quadrupled by the time he left at the end of 2019. In early 2020,
he re-joined La Mancha to oversee investments and fundraising.
Previously, Vincent was at Orange (2006-2012), where he served
as EVP M&A. He led the development of the group's footprint in
Africa and Europe and formed strategic partnerships with
key European telecom players. Prior to this, Vincent held various
finance positions, including those with Orano (ex-Areva), Bull
Information Systems, and PwC.
Vincent holds an MSc from Kedge Business School and is a
Chartered Accountant.
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 Mine in Brazil and Oko West Project in Guyana, both mining friendly and prospective
jurisdictions.
Additional
Information
For further information on GMIN,
please visit the website at
www.gmin.gold.
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) ; an gold resource at
CentroGold remaining open for expansion in all directions and at
depth; (ii) the acquired land package offering potential for
multiple new discoveries; (iii) the Transaction being accretive for
GMIN's project pipeline; (iv) the Project's 10-year mine life and
production profile, as anticipated in its pre-feasibility study;
(v) GMIN's plan to update the Project's JORC-compliant gold
resource to meet NI 43-101 requirements; and (vi) more
generally, Mr. Benoit's future contribution as a GMIN director as
well as the section entitled "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 PEA and those
underlying the items listed in the above section entitled "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, (i) GMIN will achieve its stated objectives for the
Project, or (ii) the Project will prove accretive to GMIN's
project pipeline, or (iii) the 2.3 million ounces of JORC-compliant
gold resources will meet the NI 43-101 requirements, or (iv) the
Project's current resources will be expanded in all directions and
at depth, (v) the Project will have a 10-year mine life or will be
mined at all, or (vi) GMIN will use TZ and Oko West to grow 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 (i) Annual Information Form of G Mining TZ
Corp. (then known as G Mining Ventures Corp.) dated March 27, 2024, for the financial year ended
December 31, 2023, (ii) Annual
Information Form of Reunion Gold dated April
25, 2024, for the financial year ended December 31, 2023, and (iii) 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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