Mining
Tuesday, January 30th, 2024 6:06 pm EDT
Key Points
- G Mining Ventures Corp. has drawn approximately $42 million from its $75 million senior secured term loan with an affiliate of Franco-Nevada Corp.
- The $250 million gold stream, previously announced in July 2022, has been fully drawn.
- The funds will be used for the development and construction of G Mining’s 100%-owned Tocantinzinho gold project in Brazil, and the project is on track and on budget for commercial production in H2 2024.
G Mining Ventures Corp. has drawn approximately $42-million on its $75-million senior secured term loan with an affiliate of Franco-Nevada Corp., as previously announced in July, 2022. The $250-million gold stream, also announced in July, 2022, has been fully drawn. The proceeds of the term loan will be used to continue the development and construction of G Mining’s 100-per-cent-owned Tocantinzinho gold project (TZ), currently under construction in the state of Para, Brazil. The project remains on track and on budget for commercial production in H2 2024. All amounts are in U.S. dollars unless stated otherwise.
In connection with the draw on the term loan, G Mining provided evidence to Franco-Nevada that it has sufficient financing to fully satisfy the remaining project costs required to achieve commercial production and project completion.
Louis-Pierre Gignac, president and chief executive officer, commented: “This is yet another significant milestone which demonstrates that the GMIN team has systematically derisked the development and construction of Tocantinzinho, and has met the extensive list of obligations to access this funding from Franco-Nevada. We hope that our fellow shareholders also take comfort that TZ remains on track and on 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 on-line. A 3-D presentation of the project feasibility study is also available. Both presentations can be accessed by visiting G Mining’s website.
About G Mining Ventures Corp.
G Mining Ventures 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. G Mining is well positioned to grow into the next mid-tier precious metals producer by leveraging strong access to capital and proven development expertise. G Mining is currently anchored by its flagship Tocantinzinho gold project in mining-friendly and prospective state of Para, Brazil.
We seek Safe Harbor.
